Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining
4 February 2019
Chesterfield Resources to significantly expand its exploration programme in Cyprus after positive results of its initial drill programme. New permits also granted at Troodos North
Chesterfield Resources Plc ('the Company') is pleased to announce the significant expansion of its exploration programme in Cyprus. The Company announces that it is in the process of submitting new applications to more than double its mineral exploration land package in the highly prospective volcanic belt surrounding the Troodos mountain range. This region was actively mined in the 1960s and 1970s, prior to the Turkish invasion of 1974, and many brownfields sites exist that make attractive exploration targets as well as unexplored prospective greenfields targets.
The exploration expansion follows an initial drill programme of which, so far, the Company has drilled 3,097.5m on its licences at Troodos West, close to the large historic open pit mine of Limni, and other old workings nearby. Drilling was targeted using archival data, reinterpreted magnetic surveys and geological mapping. Whilst the area had been previously heavily worked, the Company tested a number of structures on a series of features around the mines. The drill campaign identified additional gold potential alongside the primary target of copper. Furthermore, the drilling provided evidence of epithermal mineralised structures, together with the better-known Cyprus VMS deposits. This provides the potential for deposits in two separate styles of mineralisation. Some prospective mineralised structures remain largely untested by modern exploration techniques, especially where covered by younger rocks.
Most of the holes drilled intercepted mineralisation. Highlights of drilling in Chesterfield's 100%-owned Troodos West project area include:
Double 7
· 18DS01 - 18.90m @ 1.29 g/t Au, 13.18 g/t Ag, 0.62% Cu and 0.49% Zn from 45.10m:
o Incl. 2.4m @ 2.99g/t Au and 1.80% Cu from 49.00m
o Incl. 6.4m @ 1.47 g/t Au and 1.10% Cu from 56.00m
· 18DS02 - 11.10m @ 1.29 g/t Au, 7.42 g/t Ag, 0.18% Cu and 0.42% Zn from 81.05m
Evloimeni
· 18EV01 - 27.93 m @ 0.97 g/t Au from 13.20m
· 18EV02 - 29.80 m @ 1.10 g/t Au, 0.28% Cu from 8.75m
o Incl. 11.50m @ 1.9g/t Au from 11.30m
o Incl. 6.10m @ 1.25% Cu from 25.30m
Mavroyi
· 18MV05 - 20.20m @ 0.89 g/t Au from 56.00m
· 18MV06 - 3.75m @ 2.28 g/t Au, 17.82 g/t, Ag, 2.36% Cu and 0.47% Zn from 90.65m
· 18MV06 - 10.45m @ 3.83 g/t Au, 24.11 g/t Ag, 0.14% Cu and 1.12% Zn from 100.00m
"We will now move onto our next phase of exploration, on a mixture of both greenfield and brownfield sites on our licence areas. The Company has also decided to apply for a significantly larger area of mineral exploration licences in the belt. More details of this will be released into the market soon." said Executive Chairman Martin French.
The Board has recently approved a 2019 works plan which includes an enlarged exploration team. As recently announced, this will be led by Mike Parker as our Chief Operations officer, who joins us after a 20-year career at a senior level with First Quantum Minerals, where he played a key role in two major discoveries. The Company anticipates that several additional UK and Cypriot geologists will be joining the team in coming weeks. A remote sensing survey has been commissioned and additional ground facilities are being appraised.
Continued Martin French "The team is making very good progress with the 2019 programme and has already identified a large new target south of our drill area Troodos West. We are also pleased to announce that three new Prospecting Permits have just been granted at our Troodos North location on the other side of the mountain range. This will open up a new area for multiple target development. We anticipate more permits to be granted in the vicinity in the near future. The Company has been prudent in its expenditure, and so remains well funded for the continuation of our drill campaign which will be focussed on making a commercial discovery this year."
The Company will be presenting its plans at both the 121-mining event in Cape Town next week, as well as the PDAC conference in Toronto in early March. A series of presentations will also be made in the UK as the Company gears-up its operations.
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: +44(0)7901 552277
Shard Capital (Broker):
Damon Heath Tel: +44(0)20 7186 9952
