Drilling Update

RNS Number : 5979U

Chesterfield Resources PLC

06 December 2021

 

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

6 December 2021

Chesterfield drills high-grade gold-silver intercepts in Cyprus

 establishing the discovery of a significant mineralised system

Chesterfield Resources is pleased to report assay returns from recent diamond drilling that has established the discovery of a significant gold-mineralised system in the Westline target at its Cyprus Troodos West project.

· Thick and locally high-grade gold intersections from recent drilling provides evidence of a significant gold-enriched mineralized system so far covering approximately 220m by 300m in area, and open on three sides.  

· Highlights of assay returns include: 21.4 meters grading 1.75g/t gold, (from 98.7 metres, downhole), and within this a high-grade zone of 3.3 metres grading 6.55g/t gold and 90.35 g/t silver (from 100.20 meters, downhole), in drill hole 21WL03.

· Preliminary* results from a nearby hole 21WL02 include 0.82g/t gold over 10.15 metres (from 96.00 meters), including 1.34g/t gold over 5.75 metres (from 100.40 meters, downhole).

· This programme's drilling was testing for an extension of a gold-mineralized zone that was identified through compilation of archive work and nearby historic drilling.  In combination, 15 contiguous drill holes outline a continuous, thick, shallowly dipping and tabular body of gold mineralization, that is also strongly anomalous in copper and zinc. 

· The most recent hole, 21WL03, which was drilled by Chesterfield as part of this year's drill campaign, has recorded the thickest and highest-grade intersections to date, suggesting that the body is increasing in size and grade towards the south.

· A test work programme of detailed geophysics and further step-out drilling is planned with the focus of enlarging this continuous zone of gold mineralization and exploring for higher gold-silver grades and possible zones of copper-zinc enrichment.  

· Graphics of the system and drilling will be posted on the company website today

Said Chesterfield Director Dave Cliff "As part of our detailed compilation and evaluation of historic drill results a continuous body of gold-enriched mineralization was identified as a prospective target for this year's drilling.  The results of our step-out drilling were successful in demonstrating both the thick and continuous nature of this mineralized body as well as the potential for higher grades. Our results, when integrated with historic drilling and other targeting data, indicate exciting potential for the currently-identified mineralized body to further thicken, develop enhanced gold and silver contents, and possibly zone into copper-zinc massive sulphides. This is an exciting target which we will be focussed on advancing in our next field programme." Dave Cliff was previously Head of Exploration Europe for Rio Tinto.

In all, 15 drill holes have been drilled at Westline, including 13in previous campaigns by Chesterfield and Northern Lion and two holes drilled by Chesterfield in this year's programme. 14 holes have intersected this gold-silver mineralized body, including 14.15m grading 2.12g/t gold from 89.90 meters in historic drill hole MVDD13-02 and 10.45m grading 3.83g/t gold from 100.00 meters in 18MV06. This season's drill hole 21WL03 is the most southerly hole drilled so far at the Westline prospect and has the thickest intersection to date. The drilled area, 220 metres by 300 metres is open to the south, east and west, with the results to date indicate the south and southwest directions to offer the most significant potential for thicker, higher grade mineralisation.

The gold and silver mineralisation occurs within a stratabound zone of brecciated and clay altered basalt. The mineralised body dips at a shallow angle towards the southwest and it is interpreted that the reported thicknesses are close to true thicknesses although specific work to assess true thicknesses will be part of next drill campaign. The zone of alteration and brecciation, which is tentatively interpreted to be hosted within a debris flow preserved beneath a thick, impervious lava flow unit, also contains anomalous copper and zinc values.  Follow up analytical work is currently being carried out by the technical team to determine vectors for concentrated centres of copper-zinc but also additional gold-silver mineralisation.

Said Executive Chairman Martin French "The strong results from the hole 21WL03 is a game-changer for Westline. They indicate that the body is getting thicker and higher grade to the South-East where it is open, and indicate that there is much more to be found at Westline. The 3.3 metre intersection grading 7.7g/t gold equivalent¹ is particularly encouraging from a mining point of view. This includes a 1.5 metre section of 11g/t gold equivalent².

We believe this could be part of a larger deposit with more metal-rich concentrations. Our technical team is now designing a detailed follow up programme, including geophysics, and additional drill holes to further test and develop this mineralized body.

Footnotes

*Aqua Regia digestion followed by Atomic Absorption Spectroscopy (AAS). Fire assays either confirm these grades or increase them slightly. Full ICP results are also awaited

1)  6.55g/t gold @ $1776/oz, 90.35g/t silver @ $22.3/oz, 2) 9.07g/t gold @ $1776/oz, 157g/t silver @ $22.3/oz

Table 1 : Significant intersections from the 2021 diamond drilling at Westline

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
21WL02	96.00	106.15	10.15	0.82
Including	100.40	106.15	5.75	1.34
Including	103.95	106.15	2.20	2.48
21WL03	92.90	120.10	27.20	1.41	16.00
Including	98.70	120.10	21.40	1.75	19.97
Including	100.20	113.60	13.40	2.22	26.60
Including	100.20	103.50	3.30	6.55	90.35
Including	100.20	101.70	1.50	9.07	157

Qualified Person  

The information in this announcement that relates to exploration results is based on information compiled by Dave Cliff, who is a Member of   the Institute of Materials, Minerals and Mining and a Chartered Engineer. He 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 being consistent with the adoption of the JORC reporting code.

About Chesterfield Resources  

Chesterfield Resources is a copper focussed exploration company centred around a newly-acquired large exploration project in Labrador Canada, together with its existing project in   Cyprus.

The exploration technical team is led by two highly experienced industry geologists   Neil O'Brien, formally SVP Exploration & New Business Development, Lundin Mining,  and Dave Cliff, previously Head of Exploration Europe, Rio Tinto.

The company has also acquired a major backer. In December 2020, Polymetal International, the   FTSE100 mining group, made a 23% investment in Chesterfield via a placing of new shares, as strategic backing for the company's project in Cyprus.

In Canada, the Adeline copper project is located within the western half of the Central Mineral Belt, a 260 km long metal-rich belt located in Central Labrador, eastern Canada. The Adeline property is comprised of five contiguous mineral licenses totalling 29,725 ha (297.3 km2), covering the full extent of the Seal Lake basin, an approximate 40km long by 10 km wide geological structure which contains some 250 copper prospects.  The project is close to the regional service hub of Goose Bay.

The Seal Lake basin has seen extensive regional exploration over the years resulting in a rich exploration database. Trenching and channel sampling has established the presence of laterally continuous high-grade copper beds. However there has been relatively little drill testing, largely due to the lack of road access. Where sulphide mineralisation becomes more concentrated the grades are extremely high, commonly 10-30% Cu due to the high tenor of the principal copper minerals, chalcocite and bornite.

The company has recently completed the compilation and re-analysis of all historic regional exploration datasets with the latest geophysical modelling and visualisation software tools. It has assembled a team of expert consultants who have decades of experience in this belt.

An initial field season, which has just been completed, focussed on both previously identified, as well as new prospect areas. This is expected to generate a significant pipeline of quality drill targets to test for significant extents of bedded copper-silver mineralisation. The company is currently progressing project planning and permitting applications.

In Cyprus the company holds the largest mineral exploration licence area of any operator on the island.

Cyprus   is regarded as a prospective copper-zinc-gold-silver exploration location. It is a member of the EU, and its legal system is based on English common law. Chesterfield identified a value-creative exploration opportunity due to minimal exploration activity on the island in the last 46 years since the invasion by   Turkey   in 1974 that put a halt to what had been a very active mining industry.  

While copper is the main exploration target, it is noteworthy that gold was not historically exploited in   Cyprus . Gold has been encountered in several locations in the exploration target area and is an important part of the exploration objective.  This also includes a waste dump opportunity that will be appraised, called Limni South Gold and an encouraging, potentially enlarged mineralised zone described above.

The company announced high grade polymetallic results from its 2020 drilling campaign and embarked in 2021 on an enlarged integrated geophysics, percussion and diamond drilling exploration campaign. The company has now completed its diamond drilling campaign for 2021 and has reported a significant gold mineralised system at its Westline target. In addition, the company has recently identified a new gold oxide project name Limni South Gold, based upon encouraging samples at a waste dump as well as drilling in the vicinity, with a programme of further test work being planned.

Chesterfield Resources is committed to world-class environmental standards in all of its operations that are focussed on the exploration for copper, which is an essential metal to developing clean technology projects worldwide. The company hopes to develop industry and opportunities for the benefit of Canada and the   Republic of Cyprus.  

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]

Panmure Gordon (UK) Limited (Joint Broker):   Tel:  [phone]

John Prior & Hugh Rich

First Equity Limited (joint Broker):

Jason Robertson  Tel: +44 ( 0) 207 330 1883

JORC Code, 2012 Edition - Table 1 Westline Target

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
CRITERIA Sampling techniques	JORC CODE EXPLANTION · Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	COMMENTARY · All the exploration conducted at the Westline Gold Project is by diamond core drilling from surface.  · Triple tube coring is routinely utilised where possible. · Diamond Core was logged at the company's secure core shed facility. · Sampling intervals were selected by the project geologists based on visual observations from geological logging. · Mineralisation is determined by visual observations and geochemical results from a pXRF. Final assay results are determined by analysis conducted by ALS. · Core samples are processed using industry standard practices at the ALS Rosia Montana or ALS Loughrea Laboratory. ALS are an internationally accredited global analytical service provider
Drilling techniques	· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	· Diamond core drilling was completed by GEOPS Bolkan Drilling Services Ltd., utilising a Sandvik DE710 track mounted drill rig. All holes are collared using a large diameter PQ core to case off upper weathered and weaker units. Drill hole diameter is then usually reduced to HQ when the hole enters competent harder ground below overlying cover. · Triple tubing is routinely used to improve core recovery.
Drill sample recovery	· Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	· Core recovery was recorded on site, verified at the core shed and subsequently entered into the company drilling database. · Core recovery is generally greater than 95% through all mineralised sections. · Triple tubing is routinely used to help maximize core recovery. · Work to date has not identified a relationship between sample recovery and grade.
Logging	· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. · The total length and percentage of the relevant intersections logged.	· Current drill core was logged in detail for lithology, alteration, mineralisation and geological structure. Logged intervals are based on geological boundaries or alteration. Data was recorded on paper and manually entered into the excel database. · Logging was considered sufficient for early-stage exploration. · Basic geotechnical logging was carried out and Rock Quality Designation (RQD) was recorded for all drill core. · Geophysical properties of the drill core were recorded using a Terraplus KT-10C handheld magnetic susceptibility and conductivity meter. Readings where recorded every 1.00m and reduced to every 0.50m or 0.25m in specific zones. · pXRF point analysis data was collected every 0.50m throughout the entire hole. · Specific gravity data was collected from drill core at intervals decided by the project geologists. · All core was photographed in the core boxes to show the core box number, core run markers, from and to meter marks and sample intervals. All photos are stored on the companies' database. · All geological logging data is stored in an excel database.
Sub-sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all sample types, the nature, quality and appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. · Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. · Whether sample sizes are appropriate to the grain size of the material being sampled.	· A diamond saw was used to split both PQ and HQ core longitudinally in half. One half was retained in the core tray for reference and the other half sent for assay. · Sampling boundaries are based on variations in geology and alteration, varying from 0.40m - 2.50m. · Samples are bagged with pre numbered sample tickets and submitted with a sample submission form to ALS Rosia Montana. · In the 2 batches of samples primarily discussed in this announcement 52 samples were taken, including blanks, field duplicates and standards. 7 of these samples were for QAQC purposes leaving a total of 45 samples. · Each batch of samples sent to ALS began and ended with a blank and a Certified Reference Material (CRM). The blank is used to check for backgrounds and interference and the CRM is used to check for data accuracy and precision. In addition to the above, a CRM is inserted approximately every 30th sample and a blank approximately every 50th sample. Duplicates are also submitted approximately every 50th sample with the half core section being split into two quarter core samples, both being submitted for assays to check for data reproducibility. Additional random QAQC is also inserted during sampling. · As a minimum, in any batch of samples sent to ALS for analysis, 10% are for QAQC purposes. · Sample preparation and analysis is carried out by ALS using industry standard protocols: · Fine crushing: 70% <2mm · Pulverize up to 250g: 85% <75um · Split sample: Boyd Rotary Splitter
Quality of assay data and laboratory tests	· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	· Samples were shipped for preparation at ALS Rosia Montana. Gold fire assays were carried out at ALS Rosia Montana. Prepared pulps were shipped to ALS Loughrea for 42 element ICP-MS analysis and ICP-AES where applicable. Pulps are returned to CRC Chesterfield Resources (Cyprus) Ltd. and the course rejects are discarded at ALS laboratories. · Samples are assayed for gold by 30g fire assay with AA finish. Semi- quantitative gold determinations are also derived from an aqua regia extraction with ICP-MS finish from the 42-element analysis. · Quality of exploration assay results has been monitored in the following areas: · Sample preparation and analysis by ALS internal procedures. · Monitoring of accuracy of the primary ALS result through insertion of CRMs and blanks into the sample batches. · Monitoring of assay reproducibility through inserting duplicates. · CRMs are from Geostats Pty Ltd. and the blank material is from OREAS (Ore Research & Exploration Pty Ltd.). · CRM, blank and duplicate data are reviewed once the final certificate of analysis is received from ALS for that batch. The CRC Chesterfield Resources protocol requires Certified Reference Material (CRM's) to be reported to within 2 Standard Deviations of the Certified Value. The criterion for blanks is that they do not exceed 2 Standard Deviations above the Certified Value. Failure of any of these thresholds triggers an investigation.
Verification of sampling and assaying	· The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data.	· The mineralisation has been visually validated against drill core and drill core photographs by the technical team. · To date no holes have been twinned. · Analytical data has been imported into an excel database for review.
Location of data points	· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · Specification of the grid system used. · Quality and adequacy of topographic control.	· Grid system used is WGS84 UTM 36N. · The collar locations were measured for all the holes using a handheld Garmin 66S GPS. Generally, the accuracy of the device is within 5m. · Start azimuths and dips were measured for all holes using a handheld compass, accurate to 1 degree. · Downhole surveys were recorded every 50m and at the end of every hole, where ground conditions allowed. A Devico DeviShot downhole survey tool was used to collect the data. This instrument has an azimuth accuracy of ±0.5° and an inclination accuracy of ±0.1° and measured magnetic vectors were assessed to ensure minimal magnetic interference. · Topographic control is from LiDAR data purchased from the Cypriot Department of Land Surveys, providing a 1m resolution DEM.
Data spacing and distribution	· Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied.	· In 2018 9 holes were drilled on a roughly 40m grid trending NE -SW centered around a historic Northern Lion Drillhole. · In 2021, 1 hole was designed to step out 40m from a historic Northern Lion drillhole collar and 1 hole was designed to test the extension of the mineralisation to the southwest of 18MV06. Collar spacing between the 2021 holes was approximately 80m. · No compositing of samples is applied prior to assay.
Orientation of data in relation to geological structure	· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	· The orientation of the mineralisation appears to be shallowly dipping towards the southwest with normal faulting progressively faulting down the mineralisation in the same direction, although this remains to be determined.
Sample security	· The measures taken to ensure sample security.	· Access to the drill site is controlled. Drill core is stored within the company's secure core shed facility. · Company employees transport the samples to the courier where the samples are stored in the courier's secure facility before being shipped to the lab. The laboratory compound is secured. · Sample numbers and boundaries are marked and recorded in the core photos. A unique sample ID follows the sample at all times through the preparation process.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.	· No audits or reviews of sampling techniques and data have been performed.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. · The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	· The Westline prospect is located in the Paphos District of the Republic of Cyprus, approximately 5km southeast of Lysos village. The area is contained within exploration permit AE4672 (Sarama), which covers 4.67km2. The permit is 100% owned by Chesterfield Resources' Cypriot subsidiary. It is situated on privately owned land and is within the Natura 2000 Bird Directive Special Protection Area (SPA) of Zoni Eidikis Prostasias Koilada Sarama (CY4000019), this prohibits exploration work during the primary reproductive period of migratory birds, from March until mid-August. · Exploration permit AE4672 was initially granted on 07/03/2018 and expires on 06/03/2022. The permit can be renewed yearly.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	· The Westline area was mapped at a scale of 1:2,500 by the UNRFNRE in 1979-1980, with a weak to moderate gossan noted at surface in the Mavroyi-Akonin area. This was part of a wider 1:10,000 mapping project combined with stream sediment sampling. · Further regional mapping, prospecting and geochemical sampling was conducted by Northern Lion Gold Corp. within the period of 2010-2013, alongside a regional airborne VTEM/magnetic survey completed in 2011. Based on this work and funding from Centerra Gold Inc., exploration diamond drilling was conducted in 2013 with 4 diamond holes drilled targeting AMT resistivity anomalies. These holes intercepted what was described as a VHMS-related mineralised debris flow varying in downhole thickness from 6.00m to 14.10m and an estimated true thickness of 4.50m to 13.00m. · 2013 Northern Lion Gold Corp. diamond drill results: Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) Copper (%) Zinc (%) MVDD13-01 111.10 117.10 6.00 0.44 1.72 0.04 0.35 MVDD13-02^ 89.90 104.05 14.05 2.12 16.91 0.54 3.25 MVDD13-03 159.40 169.40 10.00 0.08 0.20 0.013 0.068 MVDD13-04** ** No Significant Assays, ^ Includes 0.80m of 3.61% Lead, m = metres, g/t = grams per tonne, drill widths are drill intersection widths and may not represent true widths. · Northern Lion Gold Corp. conducted a further exploration program in 2014, completing detailed mapping, induced polarisation and gravity surveys, and reinterpretation of the 2011 VTEM/magnetic data. The synthesis of this data was used to locate coincident magnetic/gravity ± chargeability/VTEM anomalies east of the Mavroyi gossan that could represent the source to the VHMS-related mineralized debris flow material. This targeting was used to conduct wide-spaced exploration diamond drilling in 2014. · 2014 Northern Lion Gold Corp. diamond drill results Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) Zinc (%) MVDD14-05 12.10 97.80 85.70 0.16 0.02 0.067 Incl. 12.10 25.00 12.90 0.33 0.55 0.10 And 13.05 19.00 5.90 0.56 0.85 0.10 And 79.60 97.80 18.20 0.33 0.23 0.09 MVDD14-06** MVDD14-07** MVDD14-08** MVDD14-09** MVDD14-10** MVDD14-11** MVDD14-12** MVDD14-13 31.60 36.50 4.90 0.27 1.48 0.09 ** No Significant Assays, m = metres, g/t = grams per tonne, drill widths are drill intersection widths and may not represent true widths. · Northern Lion Drillhole Collars from 2013 and 2014 Drilling Hole No. Target Area UTM E UTM N Elev (m) Azimuth (°) Dip (°) Depth (m) MVDD13-01 Westline 458449 3868299 343 270 -50 215.20 MVDD13-02 Westline 458488 3868304 340 90 -70 151.40 MVDD13-03 Westline 458630 3868111 361 90 -60 204.10 MVDD13-04  Westline 458490 3868609 311 90 -50 224.00 MVDD14-05 Westline 458639 3868242 344 70 -50 123.10 MVDD14-06  Westline 459611 3868100 357 270 -70 253.20 MVDD14-07 Westline 459125 3868509 307 75 -60 239.40 MVDD14-08 Westline 458899 3868304 325 260 -60 223.00 MVDD14-09  Westline 458758 3867977 355 90 -60 54.30 MVDD14-10 Westline 458496 3868376 344 -90 121.40 MVDD14-11 Westline 458787 3867742 371 225 -60 39.70 MVDD14-12 Westline 458786 3867742 371 225 -75 125.30 MVDD14-13 Westline 458834 3867933 368 50 -60 136.20 UTM datum is WGS84 Zone 36 North · 9 out of 14 of the Northern Lion drill holes were not in the immediate vicinity of the Westline Target (i.e greater than 250m away). The other 4 holes within the Westline target area are highlighted above.
Geology	· Deposit type, geological setting and style of mineralisation.	· The mineralisation at Westline is situated in the Upper Pillow Lava sequence above a contact with intravolcanic sediments (tuffaceous sandstones and bentonitic clays). · The mineralisation is primarily in the form of narrow sulphide veining and disseminated sulphides with narrow quartz veining. The alteration is dominated by clay and silica.
Drill hole Information	· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: · easting and northing of the drill hole collar · elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar · dip and azimuth of the hole · down hole length and interception depth · hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	· 2018 and 2021 Chesterfield Diamond Drillhole Collars Hole No. Prospect UTM E UTM N Elev (m) Azimuth (°) Dip (°) Depth (m) 18MV01 Westline 458498 3868291 335 45 -70 176.70 18MV02 Westline 458471 3868320 332 45 -70 149.10 18MV03 Westline 458499 3868346 329 45 -70 95.50 18MV04 Westline 458525 3868316 327 45 -70 95.60 18MV05 Westline 458563 3868326 327 45 -70 143.30 18MV06 Westline 458550 3868284 325 45 -70 125.50 18MV07 Westline 458586 3868357 319 45 -70 93.30 18MV08 Westline 458521 3868365 328 45 -70 131.70 18MV09 Westline 458431 3868238 346 45 -70 135.00 21WL01 Westline 458449 3868300 341 88 -70 94.30 21WL02 Westline 458449 3868296 341 100 -70 128.70 21WL03 Westline 458528 3868294 340 162 -70 142.60 UTM datum is WGS84 Zone 36 North · 2021 Chesterfield Diamond Drillhole Results: Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t)  21WL02 96.00 106.15 10.15 0.82 Including 100.40 106.15 5.75 1.34 Including 103.95 106.15 2.20 2.48  21WL03 92.90 120.10 27.20 1.41 16.00 Including 98.70 120.10 21.40 1.75 19.97 Including 100.20 113.60 13.40 2.22 26.60 Including 100.20 103.50 3.30 6.55 90.35 Including 100.20 101.70 1.50 9.07 157 All widths represent downhole thicknesses
Data aggregation methods	· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated.	· Weighted averages of measured intercepts are used, no cutting or cut-off grade has been applied at this stage, subject to review on further drilling.
Relationship between mineralisation widths and intercept lengths	· These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	· The mineralisation is primarily in the form of narrow polymetallic sulphide veining and disseminated sulphides with narrow quartz veining. The alteration is dominated by clay and silica. · Observations suggest that the mineralisation is intercepted at a steep angle to core axis and thicknesses appear to be close to actual thicknesses of the mineralised unit.
Diagrams	· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	· See main body of announcement
Balanced reporting	· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	· Balanced reporting of exploration results has been undertaken, although subject to audit.
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	· In 2021, a gravity survey was conducted to the Western side of the Westline target area by Geognosia S.L. The resulting residual gravity maps have aided in delineating the structural setting and have given an approximation of thickness of overlying sediments to the West of the target.
Further work	· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	· To be determined.

 

END

 

 

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