TIDMCHF
RNS Number : 4847C
Chesterfield Resources PLC
23 February 2022
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
23 February 2022
Chesterfield Resources drills further significant gold-rich and
polymetallic mineralisation in Cyprus on three targets. Key 12km
long mineralised trend identified at Troodos West
Chesterfield Resources is pleased to report further assay
results from its 2021 diamond drilling at its Troodos West project
in Cyprus. Not only has the drilling significantly enhanced the
prospectivity at three target areas, Orchard, Evlim and Evlim
South, but it has also established a 12km geological trend that is
now considered key to controlling several mineralised systems, with
the potential for further discoveries along the structure. The
"Westline Trend" will now be the focus of the company's 2022
exploration campaign that is to commence very shortly.
-- Significant zone of gold-rich polymetallic semi-massive
sulphide mineralisation within a broader zone of
gold-silver-copper-zinc mineralisation discovered at the Orchard
target.
-- Highlights of assay results from Orchard include:
- 21OR01: 5.70m @ 2.27g/t Au, 6.32g/t Ag 0.42% Cu, 5.99% Zn and
4.05% CuEq(1) within a zone of 24.05m @ 1.69g/t Au, 5.85g/t Ag,
0.11% Cu, 1.48% Zn and 1.73% CuEq(1)
-- Highlights of assay results from Evlim include:
- 21EV08: 21.90m @ 1.60g/t Au, incl. 2.40m @ 5.41g/t Au
-- Highlights of Assay Results from Evlim South:
- 21EV07: 14.00m @ 1.12g/t Au & 10.35g/t Ag
- 21EV10: 12.85m @ 0.84g/t Au & 5.07g/t Ag
-- The drilling at Orchard was testing coincident geophysical
and geochemical anomalies located on a prospective regional
mineralising trend. Mineralisation remains open in all
directions.
-- The drilling at the Evlim and Evlim South was targeting an
extension to the gold mineralisation intercepted in the 2018 and
2020 drilling. The results indicate that the near surface gold
mineralisation continues out to the west, south and southwest at
depth.
-- There is strong evidence that the Orchard, Evlim and Evlim
South systems form a gold-rich polymetallic mineralised trend
extending over 12km that links these encounters with the Westline
system announced in December. This has been named the "Westline
Trend".
-- A work programme of detailed fieldwork and further step-out
drilling is planned with the focus on testing for an extension to
the polymetallic and gold mineralisation intercepted and the
identification of further targets on the Westline Trend.
-- Graphics of the systems and drilling and the 12km Westline
Trend will be posted on the company website today
Said Executive Chairman Martin French "We now have final assays
and an excellent suite of results from our 2,078m diamond drill
programme of late 2021. In December we announced a highly
encouraging strike on a gold/silver system at target area called
Westline. Now we have strong sets of results from three additional
targets, with a Polymetallic zone at target Orchard, while further
extensions of gold systems were successfully drilled at Evlim and
Evlim South.
What is particularly exciting is that there is now strong
evidence that these strikes are all on the same mineralised trend
that extends down to the Westline system discovery, some 10km
further south. The trend, which has been named the Westline Trend,
is some 12km long overall and links our five most prospective
target areas. Our operations team will be arriving back in Cyprus
in two week's time and there will now be a major exploration focus
along the Westline Trend to identify more targets further linking
the five identified by the 2021 campaign. More information and
graphics of this will be uploaded onto our website later today in a
new "Westline Trend" section.
The Westline Trend also comprises strong intercepts drilled in
2018 at target area Evloimeni. Below we have tabulated the best
holes from each of the five target areas along the Westline Trend.
Gold equivalent grades range from 1.63g/t to 8.04g/t, while when
expressed in copper equivalent grade, these range from 1.00% to
4.94%."
Table 1. Summary of the best intercepts in each of the five
target areas along the Westline Trend (the holes at Orchard, Evlim
and Evlim South are those newly assayed, while the hole at Westline
was announced in December). Depths are reported as downhole
values.
Target Hole From To Interval Au Ag Cu Zn CuEq(1) AuEq(1)
ID
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
Orchard 21OR01 172.35 196.40 24.05 1.69 5.85 0.11 1.48 1.73 2.82
----------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Including 185.50 191.20 5.70 2.27 6.32 0.42 5.99 4.05 6.58
----------------------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Westline 21WL03 98.70 120.10 21.40 1.75 19.97 0.08 0.40 1.46 2.37
----------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Including 100.20 103.50 3.30 6.55 90.35 0.11 0.28 4.94 8.04
----------------------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Evlim 20EV03 147.90 159.50 11.60 2.53 8.94 0.65 0.97 2.63 4.28
----------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Evloimeni 18EV02 8.75 38.55 29.80 1.10 2.75 0.28 0.07 1.00 1.63
----------- ------- ------- --------- ------- ------- ----- ----- -------- --------
Evlim
South 21EV07 59.00 73.00 14.00 1.12 10.35 0.08 0.78 1.13 1.84
----------- ------- ------- --------- ------- ------- ----- ----- -------- --------
(1) Assumptions used in USD for the copper and gold equivalent
calculations were metal prices of Au @ $1897/oz, Ag @ $23.97/oz, Cu
@ $4.50/lb, Zn @ $1.64/lb and recovery is assumed to be 100% as no
metallurgical test data is available.
It is noteworthy that the two other main explorers on the
island, Caerus Resources and Venus Minerals have also had
surprisingly gold-rich encounters, with Venus (our neighbour with
whom we shared our drill) announcing results just last week. On the
Westline Trend, it is quite possible that the gold zones are
indicating that there are proximal copper rich deposits nearby.
Copper rich zones in Cyprus VMS systems tend to be smaller and more
highly concentrated, while the gold zones have a much broader
footprint, and so encountered more readily. The zone discovered at
Orchard, for example, was polymetallic, with particularly strong
shows of gold and zinc, but copper and silver were also present.
However, the gold and silver encounters are highly promising in
their own right.
The drilling at Orchard was testing coincident geochemical and
geophysical anomalies, obtained from the 2021 gravity and AMT
surveys, adjacent to a large, regional structure. A single diamond
drill hole, in 2018, had targeted the same structure and
intercepted encouraging alteration (18AS01 - 1.10m @ 3.06g/t Au,
29.20g/t Ag, 0.11% Cu, 1.14% Zn & Pb 1.84% from 78.40m) but
with additional geophysics it was determined that this drill hole
may have stopped short of testing a deeper zone of mineralisation.
With increased targeting confidence coming from the 2021
geophysical campaigns, drill hole 21OR01 was designed to test
deeper and intercepted three separate gold-rich polymetallic
mineralised zones, including from 185.50m depth a 5.70m thick zone
of semi-massive sulphides grading 2.27g/t Au, 6.32g/t Ag 0.42% Cu,
5.99% Zn within a broader 24.05m thick mineralised interval.
The mineralisation in 21OR01 consists of semi-massive sulphides
(sphalerite-pyrite-chalcopyrite) hosted by an intensely
quartz-carbonate-clay altered pillow basalt breccia and is
interpreted to be a stratabound zone of mineralisation with
potential for significant extensions. Follow-up work on the many
collected data sets is currently being undertaken to identify
potential extensions of this gold-rich polymetallic
mineralisation.
Drilling at the Evlim South and Evlim target followed on from
the encouraging gold results in the 2020 and 2018 diamond drilling.
A significant focus was placed on targeting extensions to this
known gold mineralisation. The drilling stepped out to the west,
south and southwest and identified that the historic near surface
gold mineralisation from previous programmes continued at depth in
these directions. Mineralisation is associated with polymetallic
quartz veining and zones of silica clay alteration within pillow
basalts.
The addition of these latest encouraging drill results provides
further strong evidence of a significant gold-rich polymetallic
mineralised trend of over 12km extending from the historic Limni
mine in the northwest, through the Evlim and Orchard target areas,
to the Westline target area in the southeast. An extensive 2022
field work programme is being designed to further test this
underexplored mineralised trend in addition to further
drill-testing of the gold-rich polymetallic mineralised zones at
Orchard and Westline.
These results coupled with the encouraging results from the
Westline target have provided several exciting targets for follow
up field work and diamond drilling in 2022. In particular, it is
believed that these thick gold-rich polymetallic sulphide zones
intercepted at Westline and now Orchard are lateral gold-rich zones
that can transition into copper-zinc-gold-silver rich cores of
VMS-style sulphide deposits such as found at the Skouriotissa and
Mavrovouni mines in Cyprus. The 2022 exploration programme will be
focused on defining and drill-testing the most prospective massive
sulphide targets in the vicinity of these gold-rich polymetallic
zones at Westline and Orchard.
Table 2: Significant intersections from the 2021 diamond
drilling at Orchard, Evlim and Evlim South. Depths are reported as
downhole values.
Target Hole ID From To Interval Au Ag Cu Zn
(m) (m) (m) (g/t) (g/t) (%) (%)
Orchard 21OR01 122.50 129.20 6.70 0.73 52.50 0.01 0.55
--------- ----------- ------- ------- --------- ------- ------- ----- -----
and 172.35 196.40 24.05 1.69 5.85 0.11 1.48
--------------------- ------- ------- --------- ------- ------- ----- -----
Including 185.50 191.20 5.70 2.27 6.32 0.42 5.99
--------------------- ------- ------- --------- ------- ------- ----- -----
and 207.75 220.10 12.35 0.75 3.45 0.11 0.76
--------------------- ------- ------- --------- ------- ------- ----- -----
Evlim 21EV08 134.00 155.90 21.90 1.60 3.47
--------- ----------- ------- ------- --------- ------- ------- ----- -----
Including 138.80 148.30 9.50 2.50 4.56
--------------------- ------- ------- --------- ------- ------- ----- -----
Including 145.90 148.30 2.40 5.41 2.41
--------------------- ------- ------- --------- ------- ------- ----- -----
Evlim
South 21EV07 56.00 97.35 41.35 0.54 4.87
--------- ----------- ------- ------- --------- ------- ------- ----- -----
Including 59.00 80.50 21.50 0.85 7.86
--------------------- ------- ------- --------- ------- ------- ----- -----
Including 59.00 73.00 14.00 1.12 10.35
--------------------- ------- ------- --------- ------- ------- ----- -----
21EV10 52.55 65.40 12.85 0.84 5.07
--------------------- ------- ------- --------- ------- ------- ----- -----
Note: These mineralised intervals are interpreted to be
approximate true thicknesses
Sampling and Assaying Procedures
Core samples are processed using industry standard practices at
the ALS Rosia Montana and ALS Loughrea Laboratories, including a 30
g fire assay (Au-AA25) for gold and ME-MS41 for copper and other
elements. ALS are an internationally accredited global analytical
service provider. HQ and PQ size core samples were split
longitudinally in half using a diamond saw. One half was retained
in the core tray for reference and the other half sent for
assay.
Each batch of samples sent to ALS began and ended with a blank
and a certified reference material (CRM). The blank is used to
check for backgrounds and interference and the CRM is used to check
for data accuracy and precision. In addition to the above, a CRM is
inserted approximately every 30th sample and a blank approximately
every 50th sample. Duplicates are also submitted approximately
every 50th sample with the half core section being split into two
quarter core samples, both being submitted for assays to check for
data reproducibility. Additional random quality assurance and
quality control (QAQC) samples were also inserted during sampling.
As a minimum, in any batch of samples sent to ALS for analysis, 10%
are for QAQC purposes. Within the 2021 drilling campaign over 11%
of samples were sent for QAQC purposes and all of these passed the
internal thresholds set by the company.
Qualified Person
The information in this announcement that relates to exploration
results is based on information compiled by Dave Cliff, who is a
Member of the Institute of Materials, Minerals and Mining and a
Chartered Engineer. He 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 being
consistent with the adoption of the JORC reporting code
Placement admission
The company is pleased to announce that 10,000,000 shares from
the recent placement have now been admitted for trading, and
5,000,000 investor warrants and 73,714 broker warrants are to be
issued
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.
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.
**S**
For further information, please visit
www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0) 7901 552277
Panmure Gordon (UK) Limited (Joint Broker): Tel: +44 (0)207 886 2500
John Prior & Hugh Rich
First Equity Limited (joint Broker):
Jason Robertson Tel: +44 ( 0) 207 330
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END
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