Chesterfield Resources PLC Final Results (1991X)
April 30 2021 - 1:00AM
UK Regulatory
TIDMCHF
RNS Number : 1991X
Chesterfield Resources PLC
30 April 2021
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
30 April 2021
Final Results
Chesterfield Resources plc is pleased to announce its final
results for the year ended 31 December 2020. The Annual Report is
available to view on the Company's website at
www.chesterfieldresourcesplc.com.
The Company will post the Annual Report to shareholders and
provide notice for its Annual General Meeting in the coming
weeks.
Follow us on Twitter at @ChesterfieldPlc
About Chesterfield Resources
Chesterfield Resources is a copper, gold, zinc, silver
exploration company active in Cyprus, where it holds the largest
mineral exploration licence area of any operator on the island.
Polymetal International, the FTSE100 mining group, recently
announced it had taken a 23% strategic investment in Chesterfield
via a placing of new shares, and has appointed a director to the
board.
Cyprus is regarded as a high quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. An opportunity exists because 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 in
the 1960s and 1970s (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 senior geologists: Neil O'Brien,
formally Head of Exploration, Lundin Mining, Dave Cliff, previously
Head of Exploration Europe, Rio Tinto, and Mike Parker who
previously worked for First Quantum mining for 20 years.
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.
The company announced high grade results from its late season
2020 drilling campaign. These will be used for targeting an
enlarged integrated 2021 geophysics, percussion and diamond
drilling exploration campaign, which has just commenced. The
company has an active programme of appraising new business
opportunities within the sector and expects to significantly
enlarge its copper exploration footprint.
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
Panmure Gordon (UK) Limited Tel: +44 (0)207 886 2500
(Joint Broker):
John Prior & Hugh Rich
Fox-Davies Capital Limited
(Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
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END
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