Clontarf Regulatory News (CLON)

22 Feb 2008 07:00

Persian Gold PLC22 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 toannounce a summary of all drill hole results from its porphyry gold-copperproject at Dalli, 300km southwest of Tehran. Gold and copper results for holesDDH-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, dueto the significant mineralisation encountered, plans are now being finalised forthe initiation of the second phase of drilling. The South Hill target and theNorth Hill target are interpreted to represent porphyry centres locatedapproximately 1.5km apart. These two mineralised zones are aligned along anortheast-southwest trending structural zone. It is clear that the strong goldgrades in the South Hill continue in the North Hill. The similarity of copperand gold grades in both the South Hill and the North Hill complexes suggests thestrength of these porphyry systems and necessitates further exploration. A Phase 2 follow-up drilling programme will be undertaken shortly to gatheradditional information relating to the size, grade, depth and lateral extent ofmineralisation both around and between the North and South Hills. A surface IP (Induced Polarisation) geophysical survey has been completed overboth the South and North Hill porphyries. The survey consisted of six profilesfor a total length of 2.64km. This IP survey has defined potential extensions tothe zone of conductive sulphides, which correlate with the intercepts seen inthe drilling. The combined results are being utilised in the planning of thenext phase of drilling at Dalli. The drilling programme in the South Hill will involve one vertical hole down thecentre of the system to measure the depth extent of the higher grades seen todate and one steep angle hole drilled eastwards across the projected southernextension system where an IP line gave a very favourable response. In the NorthHill area, two additional holes will be drilled targeting the extension ofhigher 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 ofDalli's South Hill system. The copper grade of Sarcheshmeh is approximately0.7% and that of Sungun is 0.75% with only minor by-product gold for each. Thegold grade recorded from the initial four holes at Dalli, ranging from 0.5 g/tto 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. Thegold copper porphyry system being outlined at Dalli is typical of this type ofresource where a rule of thumb cut-off grade is 0.5g/t gold and 0.5% copper. Wehave good gold grades in all four holes and acceptable copper grades in theSouth 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 AIMin June 2005. The Company is evaluating the potential for a gold mine at itsChah-e-Zard discovery and is evaluating the size of the newly discovered Dalligold-copper deposit. Information in this announcement relating to exploration results has beenreviewed by Mr. A. Babakhani, an independent geologist and consultant to PersianGold, 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