TIDMCHF
RNS Number : 8822O
Chesterfield Resources PLC
04 February 2019
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
4 February 2019
Chesterfield Resources to significantly expand its exploration
programme in Cyprus after positive results of its initial drill
programme. New permits also granted at Troodos North
Chesterfield Resources Plc ('the Company') is pleased to
announce the significant expansion of its exploration programme in
Cyprus. The Company announces that it is in the process of
submitting new applications to more than double its mineral
exploration land package in the highly prospective volcanic belt
surrounding the Troodos mountain range. This region was actively
mined in the 1960s and 1970s, prior to the Turkish invasion of
1974, and many brownfields sites exist that make attractive
exploration targets as well as unexplored prospective greenfields
targets.
The exploration expansion follows an initial drill programme of
which, so far, the Company has drilled 3,097.5m on its licences at
Troodos West, close to the large historic open pit mine of Limni,
and other old workings nearby. Drilling was targeted using archival
data, reinterpreted magnetic surveys and geological mapping. Whilst
the area had been previously heavily worked, the Company tested a
number of structures on a series of features around the mines. The
drill campaign identified additional gold potential alongside the
primary target of copper. Furthermore, the drilling provided
evidence of epithermal mineralised structures, together with the
better-known Cyprus VMS deposits. This provides the potential for
deposits in two separate styles of mineralisation. Some prospective
mineralised structures remain largely untested by modern
exploration techniques, especially where covered by younger
rocks.
Most of the holes drilled intercepted mineralisation. Highlights
of drilling in Chesterfield's 100%-owned Troodos West project area
include:
Double 7
-- 18DS01 - 18.90m @ 1.29 g/t Au, 13.18 g/t Ag, 0.62% Cu and 0.49% Zn from 45.10m:
o Incl. 2.4m @ 2.99g/t Au and 1.80% Cu from 49.00m
o Incl. 6.4m @ 1.47 g/t Au and 1.10% Cu from 56.00m
-- 18DS02 - 11.10m @ 1.29 g/t Au, 7.42 g/t Ag, 0.18% Cu and 0.42% Zn from 81.05m
Evloimeni
-- 18EV01 - 27.93 m @ 0.97 g/t Au from 13.20m
-- 18EV02 - 29.80 m @ 1.10 g/t Au, 0.28% Cu from 8.75m
o Incl. 11.50m @ 1.9g/t Au from 11.30m
o Incl. 6.10m @ 1.25% Cu from 25.30m
Mavroyi
-- 18MV05 - 20.20m @ 0.89 g/t Au from 56.00m
-- 18MV06 - 3.75m @ 2.28 g/t Au, 17.82 g/t, Ag, 2.36% Cu and 0.47% Zn from 90.65m
-- 18MV06 - 10.45m @ 3.83 g/t Au, 24.11 g/t Ag, 0.14% Cu and 1.12% Zn from 100.00m
"We will now move onto our next phase of exploration, on a
mixture of both greenfield and brownfield sites on our licence
areas. The Company has also decided to apply for a significantly
larger area of mineral exploration licences in the belt. More
details of this will be released into the market soon." said
Executive Chairman Martin French.
The Board has recently approved a 2019 works plan which includes
an enlarged exploration team. As recently announced, this will be
led by Mike Parker as our Chief Operations officer, who joins us
after a 20-year career at a senior level with First Quantum
Minerals, where he played a key role in two major discoveries. The
Company anticipates that several additional UK and Cypriot
geologists will be joining the team in coming weeks. A remote
sensing survey has been commissioned and additional ground
facilities are being appraised.
Continued Martin French "The team is making very good progress
with the 2019 programme and has already identified a large new
target south of our drill area Troodos West. We are also pleased to
announce that three new Prospecting Permits have just been granted
at our Troodos North location on the other side of the mountain
range. This will open up a new area for multiple target
development. We anticipate more permits to be granted in the
vicinity in the near future. The Company has been prudent in its
expenditure, and so remains well funded for the continuation of our
drill campaign which will be focussed on making a commercial
discovery this year."
The Company will be presenting its plans at both the 121-mining
event in Cape Town next week, as well as the PDAC conference in
Toronto in early March. A series of presentations will also be made
in the UK as the Company gears-up its operations.
Competent Person
The information in this announcement that relates to Exploration
Results is based on information compiled by Michael Parker, who is
a Member of the Australasian Institute of Mining and Metallurgy.
Michael Parker 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
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About Chesterfield Resources Plc
Chesterfield Resources is a copper-gold exploration and
development Company active in Cyprus. The Company generates value
for shareholders by discovering and developing multiple deposits to
production. Chesterfield is currently progressing its Cyprus
Project.
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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END
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