Chariot keeps proving up Marcona

Chariot Resources (CHD-T) continues to make high grade intersects at its Marcona copper project in Peru and the market is rewarding it.

In Toronto on July 11 the Toronto-based company’s shares were up roughly 5.5% or 3 to 57 on roughly 2.5 million shares.

Highlights include: 38 metres at 8.14% copper, 80 metres at 2.39% copper, and 27 metres at 4.47% copper including 9 metres at 13.05% copper.

The results are from the high-grade core of the sulphide zone in the Mina Justa main pit.

The sulphide zone has both copper oxide mineralization and copper sulphide mineralization, with both often occurring in the same drill hole the company says.

Highlights from hole 110 include 12 metres at 0.74% in copper oxide mineralization and 96 metres at 1.55% in copper sulphide mineralization.

Hole 138 intersected 18 metres at 0.88% in copper oxide mineralization and 14 metres at 6.19% in copper sulphide mineralization

Hole 141 intersected 10.4 metres at 1.03% in copper oxide mineralization and 27.2 metres at 4.47% copper, including 16.6 metres at 6.16% in copper sulphide mineralization.

Hole 142 intersected 20 metres at 0.56% in copper oxide mineralization and 44 metres at 2.25% including 18 metres at 3.94% in copper sulphide mineralization.

Hole 162 intersected 16.5 metres at 0.65% copper in copper oxide mineralization and 38 metres at 8.14%, including 17.4 metres at 9.10% and 8.8 metres at 13.05% in copper sulphide mineralization.

Chariot says all intersections were determined using a rolling 0.25% copper cut-off and up to 2 metres of internal waste.

High-grade intersections in copper oxide mineralization were calculated using a rolling 1% copper cut-off and up to 2 metres of internal waste. Higher-grade intersections in copper sulphide mineralization were determined using a rolling 2% copper cut-off.

All intercepts are down-hole length as intersection true widths have not been calculated Chariot says.

Marcona is scheduled to go into production by 2009.