Commences percussion drilling in Cyprus

RNS Number : 0049R

Chesterfield Resources PLC

25 June 2020

 

Chesterfield Resources Plc/ EPIC: CHF/Market: LSE/ Sector: Mining

25 June 2020

Chesterfield commences percussion drilling in Cyprus

Chesterfield Resources Plc, the copper and gold mineral exploration company, is pleased to announce that it has commenced percussion drilling on a series of locations in its Troodos West licence area in Cyprus. The project team will initially test a number of target areas to assess their prospectivity, before rolling out an expanded programme.

Percussion drilling is a cost-effective and rapid method to investigate targets at depths of up to 200 meters. Rock chips from percussion drilling yield strong data for geological logging including the presence of sulphide mineralisation, its extent, and potential thickness. Due to the unconstrained nature of the drilling method any analyses produced from the chips are indicative only. Percussion drilling is an invasive tool that allows the technical team to geologically map the sub-surface at each target to better vector the more costly diamond drilling (core), thereby de-risking the programme.

Martin French, Executive Chairman of Chesterfield commented: "During the winter wet season we were able to access two targets for percussion drilling, Hillside and Embayment, drilling four holes on each. We scored a 'two out of two', encountering mineral-bearing sulphide material at both targets. This was highly encouraging for our technical team as it validated much of their geological thesis and co-incident data-driven approach. As the weather cleared, we had been about to drill further targets when, unfortunately, the Covid-19 epidemic struck. We are now picking up from where we left off and are looking forward to drilling throughout the summer season on our extensive target list."

About Chesterfield Resources Plc

Chesterfield is a copper-gold exploration Company operating in Cyprus. The company strategy is to generate value for shareholders by discovering and developing multiple deposits to production. Chesterfield has commenced a series of drill programs on targets in its Troodos West licence area. It has a 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: [phone]

Brandon Hill Capital (Broker):

Jonathan Evans/Oliver Stanstead Tel: [phone]

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