Percussion drilling to re-commence

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

16 July 2020

Chesterfield Resources Plc

Percussion drilling to re-commence

Highlights

·    Percussion drilling to recommence after technical review, with several new target areas being made ready for drilling

·    Planning underway for at least 2,000m of diamond drilling at Evlim and additional targets

Chesterfield Resources plc is pleased to announce that, following a technical review, it is to re-commence its percussion drilling campaign at its Troodos West licence area. The technical team believes that positive results on its first three targets drilled provide "proof of concept" for its exploration approach and is now turning its attention to designing a diamond drill programme.

Martin French, Executive Chairman said "We are very pleased with the percussion drill campaign so far, with sulphide mineralisation now encountered at the first three targets, which is better than anticipated. There is now clear evidence that VMS deposits exist sub-surface at multiple locations, and this bodes well for the rest of our percussion campaign. The team has now also started planning for a diamond drill programme."

The company halted drilling last week after it had encountered significant intersections of sulphide mineralisation at its Evlim target. All three holes drilled encountered approximately 30-40m of sulphide material overa surface distance of approximately 140m. After a technical review, new areas are now being prepared for percussion drilling which include the targets Zakhira, and others in the vicinity of Kinousa. Further holes are being appraised at targets Embayment, Pournaji and the Hillside complex.

At Evlim, the company believes that there is now strong evidence of a VMS (volcanogenic massive sulphide) deposit. The next step is to test the target with approximately 1,000m of diamond drilling, both to twin the percussion holes to assay for grade, and to drill further holes to seek extensions to the deposit. The technical team is also currently designing an additional programme of at least 1,000m of confirmational as well as exploratory diamond drilling at other target areas.

Percussion drilling is regarded as the final step of test work prior to diamond drilling. Rock chips from percussion drilling yield good data for geological logging including the presence of sulphide mineralisation, its extent, and potential thickness. Due to the unconstrained nature of the drilling method, any analyses produced from the chips are indicative only. As such, intersection lengths are approximate, and assays are not regarded as accurate.

The company has developed an extensive list of 30 VMS targets within a 5km radius at Troodos West. These are shallow targets of up to around 200m underground, which underlie historical mine workings on the surface.

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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