Drilling Update

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:  [phone]

Brandon Hill Capital (Broker):

Jonathan Evans/Oliver Stanstead Tel: [phone] 

 

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