Operational and corporate update

RNS Number : 7491Z

Chesterfield Resources PLC

05 September 2018

 

5 September 2018

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company") (TIDM: CHF)

Chesterfield mobilises drill to commence programme

Operational and corporate update

Chesterfield Resources plc is pleased to announce the signing of a diamond drilling contract with GEOPS Bolkan. The drilling program is to include a minimum of 4,000 metres of diamond drilling on the Company's Troodos West properties in the Republic of Cyprus to explore primarily for copper and gold.  

Highlights 

·    Diamond drill contract awarded to GEOPS Bolkan of Bulgaria

·    Mobilisation initiated, with drilling expected to start by the end of September

·  Cyprus Mines Service, Department of Forests, Water Development Department and local communities supportive of work programme

·     Drilling to start at the Evloimeni prospect, at Troodos West, before moving to adjacent targets

·   Review of historic data at Evloimeni highlights the existence of Cyprus-type volcanic sulphide copper-gold-zinc-silver mineralization

·     New interpretation of airborne and ground geophysical data underway

·     An office is being established in Cyprus, and a local geological team recruited

Martin French, Executive Chairman said: "We are very pleased to be commencing our drill programme in Cyprus, following our recent £2 million financing. The seven contiguous targets at Troodos West are highly prospective with evidence of mineralisation at surface, numerous historic mines, workings, drill holes and geophysical surveys. Permitting is proceeding at our Troodos North and Troodos East projects, which will add a considerable number of new brownfield targets to our drilling campaign."

Operational update

Chesterfield's initial focus is to advance the Troodos West exploration project (map available here: https://www.chesterfieldresourcesplc.com/#news) where a number of high-priority prospects have already been identified.

Chesterfield has chosen the Evloimeni prospect within its 100% owned Troodos West project as its first drill target. Evloimeni is a mineralised system with a number of historic drill results. There is evidence of earth works on the site, before the area was abandoned following the Turkish invasion of Cyprus in 1974.

Drilling (unverified archival data) by the Cyprus Sulphur and Copper Corporation in the 1950s highlighted:

CD-E1: sulphide mineralisation from 4.6 m (beneath "surface wash") to end-of-hole at 76.2 m including:

16.8 m @ 0.69 g/t Au, 3.74 g/t Ag, 0.94% Cu, 1.04% Zn from 4.6 m

        incl. 9.1 m @ 0.8 g/t Au, 3.62 g/t Ag, 1.27% Cu, 1.34% Zn from 10.7 m

CD-E15: 44.2 m; sulphide mineralisation from surface (beneath a thin "oxidised capping") to end-of-hole, but strongest from 1.5 - 22.9 m including:

30.5 m @ 0.55% Cu, 2.2% Zn from 1.5 m

                incl. 21.3 m @ 0.72% Cu, 2.93% Zn from 1.5 m

                incl. 10.7 m @ 0.89% Cu, 4.56% Zn from 1.5 m

Publically reported drilling in 2011 highlighted:

11EV01:

42.0 m @ 0.66 g/t Au, 1.86 g/t Ag, 0.11% Cu, 0.11% Zn from 8.4 m,

                incl. 24.3 m @ 1.0 g/t Au, 2.74 g/t Ag, 0.11% Cu, 0.11% Zn from 8.4 m

The Evloimeni prospect is located only 1,100 m from the large Limni deposit where 8,110,000 tonnes at 1.1 % copper was reportedly exploited.

Evloimeni is interpreted by Chesterfield to be a large Cu-Au-Zn system. Drilling will comprise an initial 7-hole fence across 250 m of the mineralization to help define the distribution of Cu-Au-Zn grades and the textures and alteration associated with mineralization. This initial fence of holes will comprise approximately 1,000 m of drilling.

Ongoing field work is being integrated with a review of historic data across the Troodos West Project. A number of historic geophysical surveys have been completed at Troodos West, including helicopter VTEM, IP and gravity surveys. The Company is currently reviewing this data to assist with further targeting.

Chesterfield is now in the process of opening an office in Cyprus and recruiting a team of geologists locally. The team will be led by Dr Michael Green, the Country Manager for Chesterfield.

Corporate update

Chesterfield has established a new head office in London and has changed its registered address to 7-9 Swallow Street, London W1B 4DE, UK with effect from 4 September 2018. The Company has also appointed Heytesbury Corporate LLP as company secretary with effect from 4 September 2018, and to provide accounting and financial management.

Non-Executive Director Derek Crowhurst, who had been over-seeing many of these tasks, has resigned as company secretary and stepped-off the Board with effect from 4 September 2018. The Company would like to thank Derek for his hard work in helping launch the Company, successfully acquiring the project in Cyprus and re-admitting the Company on to the Exchange. We wish Derek the very best for the future.

Competent Person Statement

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Michael Green, who is a Member of the Australian Institute of Geoscientists.

Dr Green has sufficient experience, relevant to the style of mineralisation, type of deposits under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Green 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. Dr Green is a shareholder of Chesterfield Resources.

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]

Shard Capital (Broker):

Damon Heath                                               Tel: [phone]

 

END

 

 

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