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Chesterfield Resources Starts Drill Programme In Cyprus

Tue, 14th Jan 2020 14:20

(Alliance News) - Chesterfield Resources PLC said Tuesday it has commenced a percussion drill programme on its Troodos West copper and gold exploration project in Cyprus.

Percussion drilling is a cost-effective and rapid method to investigate targets at depths of up to 200 metres, the company said, adding that the percussion drill programme will substantially de-risk follow-up diamond drilling programmes.

The copper and gold explorer said it is drilling on a number of targets seeking volcanic massive sulphide deposits in a mining area last active in the 1970s.

Chesterfield Resources said it has worked up a considerable list of new targets at Troodos West using a combination of structural geology, archival information, geochemistry and geophysics.

With many targets identified, the company has decided to push the diamond drill programme back until the company had completed its enlarged target ranking, and so optimize the programme.

The company also noted that it is not practical to diamond drill on the Troodos mountains during winter due to adverse weather and ground conditions.

Executive Chair Martin French said: "Should this drilling encounter mineral - bearing sulphides in areas indicted by our analysis, it will provide proof of concept across our broad range of targets."

"This will significantly increase our chances of confirming a discovery," French added.

Chesterfield Resources shares were un-traded in London at 3.10 pence each on Tuesday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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