Persian Gold PLC
22 February 2008
Persian Gold plc.
22nd February 2008
Dalli Drilling Results
Highlights
O Continued positive results from Dalli
O Positive results indicate need for more drilling
O Deeper drilling necessary to establish the extent of copper-gold discovery
Persian Gold (AIM:PNG), the Irish based Iranian gold explorer, is pleased to
announce a summary of all drill hole results from its porphyry gold-copper
project at Dalli, 300km southwest of Tehran. Gold and copper results for holes
DDH-1 through DDH-3 have previously been reported.
Drill Hole # Depth (m) Interval (m) Gold Copper
DDH-1
(South Hill) 0-211 211 0.68 g/t 0.45%
Including 44-90 46 0.84 g/t 0.77%
and 197-211 14 1.50 g/t 1.27%
DDH-2
(South Hill) 0-213 213 0.75 g/t 0.57%
Including 16-82 66 1.28 g/t 1.08%
DDH-3 0-233 233 0.52 g/t 0.12%
(North Hill)
Including 46-86 40 0.69 g/t 0.17%
DDH-4 0-28 28 0.60 g/t 0.12%
(North Hill)
and 217-316 100 0.53 g/t 0.17%
This four-hole effort represents the Phase 1 drilling program at Dalli and, due
to the significant mineralisation encountered, plans are now being finalised for
the initiation of the second phase of drilling. The South Hill target and the
North Hill target are interpreted to represent porphyry centres located
approximately 1.5km apart. These two mineralised zones are aligned along a
northeast-southwest trending structural zone. It is clear that the strong gold
grades in the South Hill continue in the North Hill. The similarity of copper
and gold grades in both the South Hill and the North Hill complexes suggests the
strength of these porphyry systems and necessitates further exploration.
A Phase 2 follow-up drilling programme will be undertaken shortly to gather
additional information relating to the size, grade, depth and lateral extent of
mineralisation both around and between the North and South Hills.
A surface IP (Induced Polarisation) geophysical survey has been completed over
both the South and North Hill porphyries. The survey consisted of six profiles
for a total length of 2.64km. This IP survey has defined potential extensions to
the zone of conductive sulphides, which correlate with the intercepts seen in
the drilling. The combined results are being utilised in the planning of the
next phase of drilling at Dalli.
The drilling programme in the South Hill will involve one vertical hole down the
centre of the system to measure the depth extent of the higher grades seen to
date and one steep angle hole drilled eastwards across the projected southern
extension system where an IP line gave a very favourable response. In the North
Hill area, two additional holes will be drilled targeting the extension of
higher gold and copper grades.
For comparison purposes, two of the largest porphyry copper deposits in Iran,
Sarcheshmeh and Sungun, have copper grades only slightly higher than that of
Dalli's South Hill system. The copper grade of Sarcheshmeh is approximately
0.7% and that of Sungun is 0.75% with only minor by-product gold for each. The
gold grade recorded from the initial four holes at Dalli, ranging from 0.5 g/t
to 1.2 g/t, is significantly higher than that of either Sarcheshmeh or Sungun.
John Teeling, Chairman of Persian Gold, commented;
'These results are timed well to coincide with the end of the snow at Dalli. The
gold copper porphyry system being outlined at Dalli is typical of this type of
resource where a rule of thumb cut-off grade is 0.5g/t gold and 0.5% copper. We
have good gold grades in all four holes and acceptable copper grades in the
South Hill. We now need to test the size of this resource at depth.'
Persian Gold plc has made two mineral discoveries in Iran since listing on AIM
in June 2005. The Company is evaluating the potential for a gold mine at its
Chah-e-Zard discovery and is evaluating the size of the newly discovered Dalli
gold-copper deposit.
Information in this announcement relating to exploration results has been
reviewed by Mr. A. Babakhani, an independent geologist and consultant to Persian
Gold, who is a qualified person under AIM guidelines.
Contacts:
Persian Gold Plc
John Teeling +353 1 833 2833
College Hill
Paddy Blewer +44 (0) 20 7457 2020
Nick Elwes +44 (0) 20 7457 2020
Blue Oar Securities Plc
John Wakefield +44 (0) 117 933 0020
Simon Moynagh +44 (0) 117 933 0020
www.persiangoldplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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