Chesterfield Resources PLC Applications more than triple land position (6784R)
04 March 2019 - 6:01PM
UK Regulatory
TIDMCHF
RNS Number : 6784R
Chesterfield Resources PLC
04 March 2019
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
4 March 2019
Chesterfield Resources more than triples its land position to
237.61 km(2) , to make it potentially by far the dominant
exploration player in Cyprus
Chesterfield Resources Plc (the 'Company') is pleased to
announce that it has recently completed the filing of applications
over a further 182.96 km(2) of mineral exploration licences, taking
its entire area of licences granted or under application to 237.61
km(2.) This more than triples the Company's potential field of
exploration coverage in Cyprus. In addition, the Company has been
granted two additional exploration permits from its existing bank
of applications lodged with the Mine Services department in Cyprus.
All of the Company's applications and permits are focused on the
highly prospective volcanic belt surrounding the Troodos mountain
range and includes numerous identified brownfield targets, waste
dumps, as well as prospective greenfield areas.
Exploration applications and new permits
-- Applications for an additional 20 mineral exploration
permits, covering 186.96km(2) , have been submitted to the Mine
Services department. If granted, these would take the total size of
the Company's exploration land package in Cyprus to 237.61 km(2)
.
-- The new licence area submissions are contiguous with the
Company's existing land packages on the northern and southern
flanks of the Troodos mountain range.
-- As these applications have now been submitted, no other
entities can apply for licences over these locations.
Chesterfield's land interest in Cyprus is now a multiple of that of
any other player in the country.
-- Two more exploration licences were granted to the Company
last week, Anglesidhes in Troodos East and Xyliato in Troodos
North, which are now permitted for drilling. This in addition to
the three licence permits granted last month. The current permitted
portfolio now totals 12 licences covering 50.65 km(2) . The Company
has been told to expect a further four licences to be granted in
the near future, and a pipeline of more permits over coming
months.
o Anglesidhes was in production in the 1930s when 9,836 tons of
pyrite with 5.98% Cu, 1,336t with 24.5 g/t Au and 86.4 g/t Ag, was
mined. In addition, the Government drilled a non-compliant hole in
1970 which is recorded at 15.3 m @ 2.3% Cu.
o Xyliato contains the Memi Mine which was centred on a 3
million tonne pyritic massive sulphide lens. A north-south trending
structure will be investigated for further massive sulphides and
potential gold and base metal content.
-- The Company is immediately commencing a detailed exploration
programme over these significantly enlarged licence areas, with
drilling planned to commence mid-year.
Cash position
The Company's cash position remains strong at GBP1.728m, as of 1
March 2019. The company has sufficient funding for its 2019
programme.
PDAC
The Company will be presenting at the PDAC conference in Toronto
on March 3(rd) , at the Tethyan Belt event.
Executive Chairman Martin French said, "We have nearly
quadrupled our potential land position in Cyprus. This is a
substantial step in Chesterfield's development. We now have by far
the largest package, in Cyprus's most prospective region, under
application or permit. Our team of Cypriot and UK geologists in
Cyprus are making rapid progress with our 2019 exploration program,
generating numerous significant new drilling targets. In
conjunction with its exploration program, the Company is working on
waste dumps to develop early cash flow opportunities. We will
provide more details of these new targets and projects in coming
weeks."
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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