Publication of NI-43-101 report on Adeline project

RNS Number : 2575G

Chesterfield Resources PLC

29 March 2022

 

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

29 March 2022

Chesterfield Resources announced the publication of its NI 43-101 report on

the Adeline project in Labrador

Chesterfield Resources is pleased to announce the sign-off and publication of its NI 43-101 technical report on its Adeline project in Labrador, Canada. The report is a key component of the company's application for a secondary listing on the TSX-V exchange in Canada. The report summarises the recent three-month field programme completed at its Adeline project, including extensive desktop studies, mapping and sampling on known prospects and rock geochemical sampling surveys throughout the project. It also includes a review of considerable historical exploration data and information about the project. The report is now available on the company website under the section on Labrador.

· Formal process of TSX-V listing application has commenced. An initial listing fee has been

paid and the exchange has starting processing submissions from the company.

· Listing on the US OTCQB market anticipated within weeks. The company will be marketing in the United States this week

· NI 43-101 report confirms the styles of copper mineralisation for the Seal Lake Group. These include:

o  Grey-bed styles of disseminated sulfide mineralisation predominantly hosted within grey shale and siltstone of the Adeline Island Formation;

o  Grey-bed style mineralisation with structurally focused sulfide, or sulfide-bearing quartz and quartz-carbonate veins, emplacement of which occurred across a broad spectrum of the project area's deformation history;

o  Occurrences of native copper plus copper sulfides in a variety of highly deformed basalt flows, gabbroic dikes, and sills, and predominantly within the Adeline Island Formation or the underlying Salmon Lake Formation succession; and

o  Disseminated sulfide mineralisation in grey quartzitic sandstone of the Adeline Island Formation, often in close proximity to the mineralized grey bed slate or siltstone settings or adjacent to contacts with mafic dikes or sills.

· Results of the reference documentation checking program as part of the NI 43-101, showed that in all instances considered, digital and hard copy records accurately reflect content of referenced source documents.

Said Executive Chairman Martin French "The submission of the NI 43-101 report is an important milestone in the application for our secondary listing in Canada. We are keen to broaden our investor reach to North America and, in parallel we have also lodged an application to list on the OTC market in the United States. We are hopeful that this strategy will bring new buyers into the company's stock to recognise the value of the large copper exploration project we acquired last July in Labrador. The company will be marketing in the United States this week.

This will be complimentary to the value of our exploration assets in Cyprus, which have recently enjoyed success from drilling results. The field team is now on the ground in Cyprus and has just completed the planning process for the 2022 season. There will be more news on this soon."

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 and has also published an NI 43-101 report on the project.

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 48 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 announced assays of new polymetallic mineralisation at Orchard and encouraging gold mineralisation at Evlim. This has established the identification of a significant 12k long geological trend which links a number of mineralised systems. The company's forthcoming 2022 exploration campaign will focus on this trend and the possibility of further discoveries along it.

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): John Prior & Hugh Rich	Tel:  [phone]
First Equity Limited (joint Broker): Jason Robertson	Tel: +44 ( 0) 207 374 2212

 

END

 

 

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