Chesterfield Resources PLC IP Programme and new target defined at Evlim (2634E)
03 July 2019 - 4:00PM
UK Regulatory
TIDMCHF
RNS Number : 2634E
Chesterfield Resources PLC
03 July 2019
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
3 July 2019
Chesterfield Resources Plc (the 'Company', 'Chesterfield')
Successful completion of IP Programme, new target defined at
Evlim
Chesterfield Resources Plc ("Chesterfield" or the "Company"), a
copper and gold explorer, is pleased to announce it has
successfully completed an Induced Polarisation / Resistivity
Geophysical survey ("IP survey") on its exploration ground in
Troodos West, Cyprus and initial results have been analysed.
The Evlim target
The survey was conducted on a prospective target area called
Evlim, which is between two abandoned historic mine areas,being
Evloimeni and Limni (hence the abbreviated name "Evlim"). At the
northern end is the large Limni open pit. Records indicate that
90,400 tonnes of copper was mined from Limni from 1937 to 1979.
However, taking into account extensive ancient mine workings, it is
estimated that around 150,000 tons of copper may have been mined
throughout the history of the Limni mine. Evlim comprises an
approximate 1km(2) zone of prospective lavas and dykes that host
the mineralisation mined at Limni.
At the southern end, is Evloimeni, a satellite deposit related
to the Limni mine that was mined for copper and pyrite. During Q4
2018 the Company carried out drilling at Evloimeni and encountered
significant zones of gold mineralisation including intercepts of
29.8m at 1.10g/t (from 13.2m) and 27.9m at 0.97g/t (from 8.75m) in
the root zone of the deposit (see RNS dated 4 February 2019). This
suggests that Evloimeni has gold mineralisation occurring beneath
overlying copper and pyrite mineralisation.
An analysis of the drilling results at Evloimeni, combined with
archive data and field mapping to identify geological controls,
suggests this copper and gold system was faulted down and so
continues at depth of about 50m at Evlim. An IP survey was
commissioned at Evlim to test the highly prospective zone (see RNS
dated 5 June 2019).
IP survey
An IP survey is an underground imaging technique used to
identify ore mineralisation occurrences typical of those found in
Cyprus. The survey works by transmitting an electric current into
the subsurface via electrodes. In Cyprus, the survey responses may
typically be up to around 200m underground. The survey at Evlim
consisted of a series of test lines approximately 1km in length and
125 meters apart, and covered an area of approximately 1km sq. (See
link to the IP SurveyIP ).
The initial results of the IP survey are encouraging and
indicate a potential extension of mineralisation west of Evloimeni
in the downfaulted block. Combined with archival data, including
one drill hole from 1983 that returned 0.84% Cu over 11m (from 45m
to 56m depth), this has enabled the identification of a drill
target likely to host copper and gold mineralisation in lavas. This
drill target will be tested in due course. The IP data will undergo
further processing.
Said Executive Chairman Martin French "Chesterfield's
exploration strategy is to use modern techniques, such as
geophysics, to locate deposits undercover or at depth in a way that
was unavailable to previous explorers in Cyprus. The identification
of the Evlim target is a good example of this and we are excited
about its prospects. Evlim is now being prepared for drilling.
Various other targets in the Troodos West area are in advanced
stages of exploration and more information on specific targets will
be provided in the near future."
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
Brandon Hill Capital (Broker):
Jonathan Evans/Oliver Stansfield Tel: +44 20 3463 5000
Click on, or paste the following links into your web browser, to
view the associated PDF documents.
http://www.rns-pdf.londonstockexchange.com/rns/2634E_1-2019-7-2.pdf
http://www.rns-pdf.londonstockexchange.com/rns/2634E_2-2019-7-2.pdf
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END
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