(Alliance News) - Chesterfield Resources PLC said Tuesday its loss for 2019 narrowed as its administrative expenses dropped over the year.
For 2019, the Cyprus-focused copper and gold explorer reported a pretax loss of GBP536,121, down from GBP689,367 in 2018. As Chesterfield did not generate any income or revenue, the narrowed loss was due to a drop in administrative expenses to GBP536,121.
Reviewing the recent year, Chesterfield noted it completed a list of diamond drilling targets in Cyprus in November, namely in Troodos West suite of licences.
Despite the completed list of targets, Chesterfield said it was not practicable at the time to import a drill rig from overseas due to the start of the rainy season in Cyprus.
Looking ahead, although a switch to percussion drilling led to some of the targets being drilled, all work had to be halted as a result of the Covid-19 pandemic in March. In April, Chesterfield said there are signs of the lockdown being eased, and it still hopes that 2020 will be "a year of discovery".
Shares in Chesterfield Resources were up 9.0% at 2.13 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Chesterfield R. (CHF)