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Few buys and 14% Up
Cash burn is negligible, Canada assets to be funded by others, Cyprus deal is possible in due course, and other assets and partners could come into the fold too.
Very exciting times ahead, and very little risk at the current price of 1.20p
1.195 to buy now. Year high 5p last May2022
Annual General Meeting ('AGM') tomorrow at 11am on 26 May 2023 at 6 Heddon Street, London, W1B 4BT
Also news due on Cyprus Operations.
Buys coming in now.
A year ago this month this share was 5.08 27/05/2022
News any day
Plans, currently being developed, include more drilling to continue to test the mineralised system for massive sulphide with potential in all directions. The scope and timing of the plans will depend on factors that will include the sale of the Adeline interests and prevailing market conditions. Chesterfield will also entertain proposals for joint venture or direct investment in the Cyprus licences though no such discussions are currently advanced. The Company will in due course update the market on the specifics of its plans for exploration work which it aims to carry out in 2023.
The Company is also rationalising its large exploration licence portfolio in Cyprus to reduce unnecessary spending and potential shareholder dilution while continuing to advance its most highly prospective retained Westline and Orchard assets. In line with this approach Chesterfield has recently informed the relevant authorities in Cyprus of its plan to surrender a number of licences as they expire over the next six months. As the affected licences expire in the coming months, Chesterfield's portfolio of licences will be reduced from a total of 26 licences covering 110.42 km2 to 3 licences (licence numbers: AE4664, AE4672 and AE4673) covering 13.39 km2. This will allow the Company to focus on the most prospective licences and also mitigate the need for substantial costs that would be payable for the renewal of licences that were likely to be of lesser interest.
Chesterfield Executive Chairman Paul Ensor said, "We are excited by the potential for additional exploration in 2023 in the properties that we are retaining and the decision to reduce our portfolio overall will make it easier for us to devote the resources to them that they deserve. Before giving up these extensive non-core properties we had more licences than we could possibly explore, with a considerable and potentially growing holding cost and required expenditures in the near future."
Last update beginning on November 2022. Another update due end of the month.
Annual General Meeting ('AGM') will be held at 11am on 26 May 2023 at 6 Heddon Street, London, W1B 4BT
Also news due on Cyprus Operations.
Possible RTO???
Up 25% MMS playing games
15% Up now. Hopefully should see this rise now
1 MMS waiting on 1.50
Buys coming in.
MMS going for stop losses now.
20% up on few buys. This moves fast.
14% rise suddenly. Cannot see any buys printed
Annual General Meeting ('AGM') will be held at 11am on 26 May 2023 at 6 Heddon Street, London, W1B 4BT
I am amazed people cannot see the potential here, Update on Cyprus Operations due anytime. It has been many months now. The share price is lagging badly, still near rock bottom lows. Daily small trades to keep this down.
Sure your a great chap but god i would not wish to work with you....every post you put up is negative...guys just look back..nothing positive about anything...oh dear
That was when being pumped via doc and twitter crew another company pumped then ecr
It was 10p on speculation that Cyprus would hit copper, but after a protracted period and late intervention by polymetal they found gold.
I am only here for the gold.
Update on Cypru Operations Due
This last RNS was in November.
Chesterfield is pleased to update the market with respect to its Cyprus strategy for 2023.
Chesterfield remains committed to build upon the successes that it has enjoyed on a licence group of three areas that are close together (two are adjoining) on the Westline Trend, a highly prospective mineral trend containing the Westline and Orchard areas in the West Troodos area, with a history of positive drill results announced most recently in late 2021 and early 2022.
At Westline, this recent work produced some long polymetallic intersections with consistently elevated gold shows, indicating potential for a for a larger nearby copper-zinc massive sulphide deposit with the target open in all directions. At Orchard, which has a history small scale trial mining in the 1950s, drilling in 2018 and 2021 encountered semi-massive sulphides.
Plans, currently being developed, include more drilling to continue to test the mineralised system for massive sulphide with potential in all directions. The scope and timing of the plans will depend on factors that will include the sale of the Adeline interests and prevailing market conditions. Chesterfield will also entertain proposals for joint venture or direct investment in the Cyprus licences. The Company will in due course update the market on the specifics of its plans for exploration work which it aims to carry out in 2023.
We now have a route to riches.
The sterling fund raising did dilute our holding but now we have two funded and exciting large projects, and we can look forward to getting Cyprus moving soon.
Gold and copper...fully funded...Not an aim stock...whats not to like, just give it time...soon be 4/5 p
16 May 2023
CHESTERFIELD RESOURCES PLC
("Chesterfield" or the "Company")
Update on Canadian Assets
Following its successful fundraising in Canada, Sterling Metals ("Sterling"), in which Chesterfield holds a significant equity stake is planning a very active few months of exploration, including drilling on its two properties in eastern Canada, Adeline and Sail Pond. Sterling raised a total of CAD$6.476m (£3.8m) through equity issues which were completed and announced on 17 April. These funds have brought Sterling's overall cash position to total CAD$7.75m (£4.5m) and have put it into a strong position from which to pursue an aggressive exploration campaign with a budget of CAD$4.25m (£2.5m) this year. Sterling has earmarked CAD$2m (£1.18m) for a 2,500 metre drill campaign this summer in Adeline, in addition to the CAD$500,000 (£296,000) airborne survey planned over the licence area. In addition, Sterling will be spending CAD$750,000 (£443,790) on a 2,500 metre drill programme on its Sail Pond licence area as well as CAD$1m (£591,715) on general technical services.
Chesterfield owns 4.5m shares in Sterling which it received in addition to CAD$400,000 (£236,686) according to the agreement announced on 6 March. According to that agreement, Sterling agreed to purchase an option to acquire full ownership and rights over the Adeline project in exchange for these payments. In the event that Sterling decides to complete its purchase of the Adeline project, it will pay Chesterfield a further 4.5m shares and CAD$400,000 (£236,686) no later than 20 November 2024. As of close of business on 15 May, Chesterfield's stake in Sterling was valued at CAD$562,500 (£332,840). To put this into context, this means Chesterfield holds a 4% stake in Sterling which at close of business on 15 May had a market capitalisation of CAD$13.96m (£8.26m), a valuation amply supported by its strong cash position and nothwithstanding the imminent exploration activity.
Chesterfield Executive Chairman Paul Ensor said, "Sterling's success in fundraising in difficult markets is very good news for Chesterfield shareholders. It is equally gratifying to see Sterling give Adeline the emphasis that it deserves within its overall budget and we very much look forward to hearing of the results of their ambitious schedule of work there and at Sail Pond in the coming few months. Chesterfield shareholders are closely aligned to potential results of this extensive work on both projects through its shares in Sterling."