IP Programme and new target defined at Evlim

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 1km² 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: [phone]

Brandon Hill Capital (Broker):

Jonathan Evans/Oliver Stansfield                              Tel:  [phone]

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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