Further drill intersections on the Evlim target

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

10 July 2020

Chesterfield Resources Plc

Further drill intersections on the Evlim target

Chesterfield Resources plc is pleased to announce that following the re-commencement of percussion drilling at its Troodos West licence area, it has encountered two further signficant intersections of sulphide mineralisation at its Evlim target during step-out drilling.

The percussion holes were drilled to search for sulphides and final target definition prior to diamond drilling. At the first step-out hole sulphides were encountered from approximately 84 m to 123m, while at the second hole sulphides were encountered from approximately 120m to 150m. This follows 40m interestions of sulphides at a hole on Evlim announced on July 1, 2020. The two holes were stepped-out approximately 100m and 140m respectively to the west of the original hole.

Percussion drilling is regarded by the company as the final phase of test work prior to more accurate diamond drilling for core samples. Percussion drilling is an efficient tool to help map the sub-surface and detect the presence of sulphide deposits. However the drill crushes mineral-bearing rocks, while rock chips can fall down the hole and contaminate samples. Therefore the Board of Chesterfield Resources cautions that intersection widths are approximate only and that the company is unable to provide information regarding mineral grade.

The Evlim target was developed using a combination of mapping, soil sampling, archive data from the 1980s and part of our IP geophysics programme run last year. The company has developed an extensive list of up to 30 VMS (Volcanogenic Massive Sulphide) targets within a 5km radius. These are shallow targets of up around 200m underground, which, in places can be related to historical mine workings.

Martin French, Executive Chairman said "We have now drilled three holes on the Evlim target and all have returned strong intersections at the anticipated depths, which is very encouraging.  This is useful as we now know where to position the diamond drill with a higher level of confidence of intersecting deposits in order to determine measured thickness, mineral composition and grade. We expect to commence diamond drilling later in the year. We have halted our percussion drilling to analyse the work to date and determine the next drill locations."

About Chesterfield Resources Plc

Chesterfield Resources is a copper-gold exploration and development Company active in Cyprus. The Company strategy is to generate value for shareholders by discovering and developing multiple deposits to production. Chesterfield is in the advanced stage exploration in on its Troodos West licence area, and has a large bank of licence areas elsewhere in Cyprus, either granted or under application.

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

Brandon Hill (Broker):

Jonathan Evans/Oliver Stanstead             Tel: +44(0)20 3463 5000