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1.05 0.00 (0.00%)

Bid:

0.90

Ask:

1.20

Spread: 0.30 (33.333%)

Market Cap: £1.97m

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Chesterfield Resources encounters 'significant' intersections at Evlim

Wed, 01st Jul 2020 10:02

(Sharecast News) - Precious metals exploration and development firm Chesterfield Resources has encountered significant intersections of sulphide mineralisation at its Evlim target.
Chesterfield said on Wednesday that a percussion hole was drilled to search for mineralised sulphides and final target definition prior to diamond drilling, encountering sulphides from approximately 33m to 54m in one zone and 74m to 93m in another in the process.

The Evlim target is around one kilometre from the historic Limni open-pit mine - from which an estimated 150,000 tons of copper was mined up the 1970s.

Chairman Martin French said: "This is a highly encouraging early result from our percussion drill programme. The intersections, totalling approximately 40m, are by far the widest we have located so far.

"This has added considerable confidence to our target modelling."

French also highlighted that Chesterfield had decided to halt drilling in order to appraise the testing of a large anomaly extension at Evlim, close to the two new intercepts.

As of 1000 BST, Chesterfield shares had surged 19.7% to 6.28p.