Chariot off and running on results from Peru

Intersects from its Marcona Copper property in Peru pushed Chariot Resources‘ (CHD-T) shares up on heavy volume.

Drill results are from two zones — one of which, the High Grade sulphide zone, lies within the Mina Justa main pit boundary. The second zone, Magnetite Manto, is roughly 1 km from the main pit.

Highlights from the High Grade sulphide zone include:

• Hole MJV-06-170 — 64 metres at 2.03% copper (356 to 420 metres), including 26 metres at 3.26% copper (360 to 386 metres),
• Hole MJV-06-184 — 28.2 metres at 1.16% copper (202.4 to 230.6 metres), and 21.6 metres at 1.88% copper (241.6 to 263.6 m), including 11.1 metres at 2.76% copper (247.5 to 258.7 metres),
• Hole MJV-06-175 — 11.7 metres at 1.28% copper (177.6 to 189.3 metres), and 44.9 metres at 1.57% copper (196.9 to 241.7 metres), including 19.7 metres at 2.20% copper (219.1 to 238.8 metres),

Chariot was up roughly 10% in Toronto on Aug. 23, gaining 6 to 64 on just over 7.5 million shares.

The company says the High Grade sulphide zone has both copper oxide mineralization and copper sulphide mineralization.

Chariot says if drilling identifies a high-grade copper oxide resource at the second zone — Magnetite Manto — it could be incorporated into its mine plan.

Highlights from the Magnetite Manto include:

• MJV-06-169 — 28 metres at 1.88% copper (12 to 40 metres), including 8 metres at 3.95% copper (24 to 32 metres),
• MJV-06-174 — 18 metres at 1.03% copper (126 to 144 metres), including 2 metres at 2.35% copper (128 to 130 metres).

The company says 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% Cu cut-off and up to 2 metres of internal waste. Higher-grade intersections in copper sulphide mineralization were determined using a rolling 2% Cu cut-off. All intercepts are down-hole length and intersection true widths have not been calculated.

The company also announced that it has awarded its feasibility study for Mina Justa to a consortium of companies. Chariot says port evaluation, infrastructure and geo-technical evaluations will be focused on over the next two months.

Chariot holds a 70% stake in Marcona through its Peruvian subsidiary.

A regional exploration program on lands surrounding the Mina Justa project is also underway.

Four copper prospects, ranging from 5 to 18 km from Mina Justa, have been identified thus far, the company says.

The exploration program will consist of geological mapping, surface sampling, geophysical surveys and trenching with the aim of developing drill targets.