Business
Re Agreement
Re Agreement.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n Persian Gold PLC\n26 May 2006\n\n Option to Acquire the Chah-e-Zard Gold Discovery in Yazd, Iran\n\n\n\nHighlights\n\n• Option to acquire 70% of Chah-e-Zard gold project.\n\n• Preliminary sampling results on territory illustrates\n potential.\n\n• Initial results range between +21.0 g/t - 1.0 g/t over an\n area of 1.2km / 0.75km.\n\n• Full exploration programme has commenced.\n\n\n\nPersian Gold (AIM: PNG), the Irish based AIM listed Iranian gold explorer, is\npleased to announce that it has entered into an option agreement on the\nChah-e-Zard gold project, located in Yazd, some 350 miles southeast of Tehran.\nIf exercised, the option has an initial period of nine months and will allow\nPersian Gold to acquire a 70% interest in a new company to be established to\nhold the licence on the property.\n\n\n\nThe Chah-e-Zard gold deposit is located within a major mineral belt that extends\nfrom Turkey through Iran into Pakistan. Published geological information has\nnoted gold occurrences within the project area. Historic mining activity is\nalso evident. As with many of the world's largest gold mines the gold bearing\nrocks at Chah-e-Zard are breccias. The area is well suited to exploration\nactivity with a climate which permits year round operations.\n\n\n\nOn the basis of a Memorandum of Understanding with the property owner, Persian\nGold geologists have sampled the area which contains a large zone of intense\nrock alteration containing quartz, K-feldspar, indicative clay minerals, and\nalunite. Chip samples containing gold values up to +21.0 g/t. were found in\nrock outcrop. In addition, 1.0 g/t + values are recorded over an area that\nexceeds 1,200 metres by 750 metres. These results are significantly more\npositive than initially projected. There is also the possibility of low-grade\ngold bulk tonnage over a larger area.\n\n\n\nGold results for rock chip samples collected by Persian Gold geologists from the\nproperty combined with a data set provided by the property owner to form the\nbasis for the current more detailed exploration programme involving trenching,\nsystematic rock and soil sampling and reconnaissance drilling. Persian Gold\ngeologists are in the field and have already identified priority targets that\nrequire immediate follow up. Drilling is expected to begin within the next\nthree months.\n\n\n\nJohn ...