Chesterfield Resources PLC Drilling Update (0203E)
25 February 2020 - 6:00PM
UK Regulatory
TIDMCHF
RNS Number : 0203E
Chesterfield Resources PLC
25 February 2020
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
25 February 2020
Drilling update and presentation
Highlights
-- Percussion drilling to commence in four weeks at Troodos West
-- Neil O'Brien has joined the team as technical consultant
-- Updated corporate presentation now on website
Chesterfield Resources Plc, the copper and gold exploration
company, is pleased to announce that it expects to recommence its
percussion drill programme in approximately four weeks, when ground
conditions have improved at its Troodos West site in Cyprus.
The company has developed an extensive list of over 30 targets
for VMS (volcanogenic massive sulphide) deposits buried at a
shallow depth of around 50-200m. Chesterfield has ranked and
prioritised 15 of these targets within a relatively confined 10km
by 10km area. As such, a number of discoveries could potentially
feed a centralised plant.
It is well-known that VMS deposits form in clusters. In Cyprus
such discoveries have been made at surface, but it is considered
highly likely that many more VMS deposits remain undiscovered under
cover of sedimentary or igneous rocks. A camp-scale, fault-bounded
geological basin at Troodos West has been delineated with strong
indications that there are many such deposits trapped under shallow
cover.
Last month two of these targets, Hillside and Embayment, were
tested with a percussion drill (see announcement 3 February 2020).
Sulphide mineralisation was returned on both targets providing an
increased level of confidence in the whole target list and our
discovery-oriented exploration approach
Target identification, development and ranking was aided by Dr
Neil O'Brien who has joined the team as Technical Consultant. In
2018 Dr O'Brien retired from the position of Senior Vice President,
Exploration and New Business Development at Lundin Mining. He is an
authority on the Tethyan Belt and VMS deposits.
Chesterfield Resources also announces that it today has posted a
new corporate presentation on its company website. The presentation
contains map of its recently-completed target development at
Troodos West (slide 20), and more information on its percussion
drilling (slides 25-7).
Martin French, Executive Chairman said "The percussion drill has
proven an effective advanced-stage exploration tool. We have
therefore taken the decision to percussion drill a further number
of targets as soon as the ground dries out from wet winter weather,
and access tracks can be made good. The discovery of further VMS
deposits will be used to vector diamond drilling anticipated in Q2
2020. Neil O'Brien has made a significant contribution to
developing our target list. Neil is a well-known figure in
geological circles, both in Canada and internationally. We are
delighted that he is part of the team."
About Chesterfield Resources Plc
Chesterfield Resources is a copper-gold exploration and
development Company active in Cyprus. The Company strategy is to
generate value for shareholders by discovering and developing
multiple deposits to production. Chesterfield is in the advanced
stage exploration in on its Troodos West licence area, and has a
large bank of licence areas elsewhere in Cyprus, either granted or
under application.
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 Stanstead Tel: +44 (0) 203 463 5000
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END
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