Last checked at 4 Mar 2019 07:00
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining
4 March 2019
Chesterfield Resources more than triples its land position to 237.61 km2, to make it potentially by far the dominant exploration player in Cyprus
Chesterfield Resources Plc (the 'Company') is pleased to announce that it has recently completed the filing of applications over a further 182.96 km2 of mineral exploration licences, taking its entire area of licences granted or under application to 237.61 km2. This more than triples the Company's potential field of exploration coverage in Cyprus. In addition, the Company has been granted two additional exploration permits from its existing bank of applications lodged with the Mine Services department in Cyprus. All of the Company's applications and permits are focused on the highly prospective volcanic belt surrounding the Troodos mountain range and includes numerous identified brownfield targets, waste dumps, as well as prospective greenfield areas.
Exploration applications and new permits
· Applications for an additional 20 mineral exploration permits, covering 186.96km2, have been submitted to the Mine Services department. If granted, these would take the total size of the Company's exploration land package in Cyprus to 237.61 km2.
· The new licence area submissions are contiguous with the Company's existing land packages on the northern and southern flanks of the Troodos mountain range.
· As these applications have now been submitted, no other entities can apply for licences over these locations. Chesterfield's land interest in Cyprus is now a multiple of that of any other player in the country.
· Two more exploration licences were granted to the Company last week, Anglesidhes in Troodos East and Xyliato in Troodos North, which are now permitted for drilling. This in addition to the three licence permits granted last month. The current permitted portfolio now totals 12 licences covering 50.65 km2. The Company has been told to expect a further four licences to be granted in the near future, and a pipeline of more permits over coming months.
o Anglesidhes was in production in the 1930s when 9,836 tons of pyrite with 5.98% Cu, 1,336t with 24.5 g/t Au and 86.4 g/t Ag, was mined. In addition, the Government drilled a non-compliant hole in 1970 which is recorded at 15.3 m @ 2.3% Cu.
o Xyliato contains the Memi Mine which was centred on a 3 million tonne pyritic massive sulphide lens. A north-south trending structure will be investigated for further massive sulphides and potential gold and base metal content.
· The Company is immediately commencing a detailed exploration programme over these significantly enlarged licence areas, with drilling planned to commence mid-year.
Cash position
The Company's cash position remains strong at £1.728m, as of 1 March 2019. The company has sufficient funding for its 2019 programme.
PDAC
The Company will be presenting at the PDAC conference in Toronto on March 3rd, at the Tethyan Belt event.
Executive Chairman Martin French said, "We have nearly quadrupled our potential land position in Cyprus. This is a substantial step in Chesterfield's development. We now have by far the largest package, in Cyprus's most prospective region, under application or permit. Our team of Cypriot and UK geologists in Cyprus are making rapid progress with our 2019 exploration program, generating numerous significant new drilling targets. In conjunction with its exploration program, the Company is working on waste dumps to develop early cash flow opportunities. We will provide more details of these new targets and projects in coming weeks."
Competent Person
The information in this announcement that relates to Exploration Results is based on information compiled by Michael Parker, who is a Member of the Australasian Institute of Mining and Metallurgy. Michael Parker 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
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About Chesterfield Resources Plc
Chesterfield Resources is a copper-gold exploration and development Company active in Cyprus. The Company generates value for shareholders by discovering and developing multiple deposits to production. Chesterfield is currently progressing its Cyprus Project.
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.
**ENDS**
For further information, please visit www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Shard Capital (Broker):
Damon Heath Tel: +44(0)20 7186 9952