Chesterfield Resources PLC Diamond drill programme, research report & webinar (0095Z)
September 15 2020 - 1:00AM
UK Regulatory
TIDMCHF
RNS Number : 0095Z
Chesterfield Resources PLC
15 September 2020
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
15 September 2020
Chesterfield Resources Plc
Diamond drill programme, research report and webinar
Chesterfield Resources plc is pleased to announce that it has
commenced its diamond drill programme on its Troodos West
copper-gold exploration licences in Cyprus. The company intends to
drill a 2,000m programme, consisting of holes of approximately 150m
each, which is expected to last until around the end of October.
Simultaneously the company will undertake an AMT geophysics survey
(see announcement on September 1st), as well as percussion
drilling. As such this will be an integrated exploration
programme.
The exploration objective is to discover and test VMS
(Volcanognic Massive Sulphide) deposits buried at shallow depth in
an area of historic mines. Due to very high temperatures at site,
drilling will initially take place at night. Diamond drilling will
twin several holes already successfully tested with a percussion
drill, as well as some other prospective target areas which the
percussion drill was unable to access due to its size.
Research Report and webinar
The company is also pleased to announce that its Broker,
Fox-Davies Capital, has today published an initiation research
report, prepared by Peter Rose. Peter Rose has been a mining
investment analyst for the last 30 years and conducted a site visit
earlier this year The report is available on the company website
(www.chesterfieldresourcesplc.com ) .
In conjunction with this, the company will host an investor
webinar on Friday 18(th) September at 4.30pm to discuss the
exploration programe. The webinar will last approximately one hour
including time for questions. An invitation to the webinar will be
posted on the company website on the day and a link also provided
on the company Twitter feed. Those interested to attend can also
email Daniel Fox-Davies, daniel@fox-davies.com .
Follow us on Twitter at @ChesterfieldPlc
About Chesterfield Resources
Chesterfield Resources is a copper-gold exploration company
active in Cyprus, where it holds the largest mineral exploration
licence area of any operator on the island.
Cyprus is regarded as a good quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. There has been minimal exploration activity on the island in
the last 46 years since the invasion by Turkey in 1974 put a halt
to what had been a very active mining industry.
Since that time, exploration technology and geological knowledge
has improved significantly. The company is exploring for VMS
(Volcanognic Massive Sulphide) deposits, which typically occur in
stacks and clusters. Historically only those deposits which were
visible from surface have been mined. It is believed that many more
deposits remain undiscovered buried near surface, and the company
is using modern techniques to locate them.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus as its price was
pegged to just $35 per ounce when the mining industry was active
(less than 50 times today's price). Gold has been encountered in
several locations in the exploration target area and is an
important part of the exploration objective.
The exploration team is led by three very senior geologists:
Neil O'Brian, formally Head of Exploration, Lundin Mining, Dave
Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike
Parker, a senior geologist with First Quantum Mining.
The current focus of exploration is in the Troodos West group of
licences belonging to the company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS deposits in close proximity to each other to create a
mining project with a centralised processing unit.
Chesterfield Resources is committed to world class environmental
standards in all of its operations to mine copper, which is
essential to developing clean technology projects worldwide. The
company hopes to develop industry and opportunities for the benefit
of the Republic of Cyprus.
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
Fox-Davies Capital Limited
(Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
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