TIDMCHF
RNS Number : 7491Z
Chesterfield Resources PLC
05 September 2018
5 September 2018
CHESTERFIELD RESOURCES PLC
("Chesterfield" or the "Company") (TIDM: CHF)
Chesterfield mobilises drill to commence programme
Operational and corporate update
Chesterfield Resources plc is pleased to announce the signing of
a diamond drilling contract with GEOPS Bolkan. The drilling program
is to include a minimum of 4,000 metres of diamond drilling on the
Company's Troodos West properties in the Republic of Cyprus to
explore primarily for copper and gold.
Highlights
-- Diamond drill contract awarded to GEOPS Bolkan of Bulgaria
-- Mobilisation initiated, with drilling expected to start by the end of September
-- Cyprus Mines Service, Department of Forests, Water
Development Department and local communities supportive of work
programme
-- Drilling to start at the Evloimeni prospect, at Troodos West,
before moving to adjacent targets
-- Review of historic data at Evloimeni highlights the existence of Cyprus-type volcanic sulphide copper-gold-zinc-silver mineralization
-- New interpretation of airborne and ground geophysical data underway
-- An office is being established in Cyprus, and a local geological team recruited
Martin French, Executive Chairman said: "We are very pleased to
be commencing our drill programme in Cyprus, following our recent
GBP2 million financing. The seven contiguous targets at Troodos
West are highly prospective with evidence of mineralisation at
surface, numerous historic mines, workings, drill holes and
geophysical surveys. Permitting is proceeding at our Troodos North
and Troodos East projects, which will add a considerable number of
new brownfield targets to our drilling campaign."
Operational update
Chesterfield's initial focus is to advance the Troodos West
exploration project (map available here:
https://www.chesterfieldresourcesplc.com/#news) where a number of
high-priority prospects have already been identified.
Chesterfield has chosen the Evloimeni prospect within its 100%
owned Troodos West project as its first drill target. Evloimeni is
a mineralised system with a number of historic drill results. There
is evidence of earth works on the site, before the area was
abandoned following the Turkish invasion of Cyprus in 1974.
Drilling (unverified archival data) by the Cyprus Sulphur and
Copper Corporation in the 1950s highlighted:
CD-E1: sulphide mineralisation from 4.6 m (beneath "surface
wash") to end-of-hole at 76.2 m including:
16.8 m @ 0.69 g/t Au, 3.74 g/t Ag, 0.94% Cu, 1.04% Zn from 4.6
m
incl. 9.1 m @ 0.8 g/t Au, 3.62 g/t Ag, 1.27% Cu, 1.34% Zn from
10.7 m
CD-E15: 44.2 m; sulphide mineralisation from surface (beneath a
thin "oxidised capping") to end-of-hole, but strongest from 1.5 -
22.9 m including:
30.5 m @ 0.55% Cu, 2.2% Zn from 1.5 m
incl. 21.3 m @ 0.72% Cu, 2.93% Zn from 1.5 m
incl. 10.7 m @ 0.89% Cu, 4.56% Zn from 1.5 m
Publically reported drilling in 2011 highlighted:
11EV01:
42.0 m @ 0.66 g/t Au, 1.86 g/t Ag, 0.11% Cu, 0.11% Zn from 8.4
m,
incl. 24.3 m @ 1.0 g/t Au, 2.74 g/t Ag, 0.11% Cu, 0.11% Zn from
8.4 m
The Evloimeni prospect is located only 1,100 m from the large
Limni deposit where 8,110,000 tonnes at 1.1 % copper was reportedly
exploited.
Evloimeni is interpreted by Chesterfield to be a large Cu-Au-Zn
system. Drilling will comprise an initial 7-hole fence across 250 m
of the mineralization to help define the distribution of Cu-Au-Zn
grades and the textures and alteration associated with
mineralization. This initial fence of holes will comprise
approximately 1,000 m of drilling.
Ongoing field work is being integrated with a review of historic
data across the Troodos West Project. A number of historic
geophysical surveys have been completed at Troodos West, including
helicopter VTEM, IP and gravity surveys. The Company is currently
reviewing this data to assist with further targeting.
Chesterfield is now in the process of opening an office in
Cyprus and recruiting a team of geologists locally. The team will
be led by Dr Michael Green, the Country Manager for
Chesterfield.
Corporate update
Chesterfield has established a new head office in London and has
changed its registered address to 7-9 Swallow Street, London W1B
4DE, UK with effect from 4 September 2018. The Company has also
appointed Heytesbury Corporate LLP as company secretary with effect
from 4 September 2018, and to provide accounting and financial
management.
Non-Executive Director Derek Crowhurst, who had been over-seeing
many of these tasks, has resigned as company secretary and
stepped-off the Board with effect from 4 September 2018. The
Company would like to thank Derek for his hard work in helping
launch the Company, successfully acquiring the project in Cyprus
and re-admitting the Company on to the Exchange. We wish Derek the
very best for the future.
Competent Person Statement
The information in this announcement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Dr Michael Green, who is a Member of the Australian
Institute of Geoscientists.
Dr Green has sufficient experience, relevant to the style of
mineralisation, type of deposits under consideration, and to the
activity which he is undertaking, to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Dr Green has reviewed this announcement, and consents to
the inclusion in the announcement of the matters based on his
information in the form and context in which it appears. Dr Green
is a shareholder of Chesterfield Resources.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit
www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Shard Capital (Broker):
Damon Heath Tel: +44(0)20 7186 9952
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contact rns@lseg.com or visit www.rns.com.
END
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