Last checked at 5 Jun 2019 07:00
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining
5 June 2019
Chesterfield Resources Plc (the 'Company', 'Chesterfield')
Chesterfield Resources commences geophysics programme
Chesterfield Resources Plc, the copper exploration company, is pleased to announced that it has commenced an extensive IP geophysical survey on a number of its priority targets in Cyprus.
The IP (induced polarisation and resistivity) survey is an underground imaging technique used to identify ore mineralisation occurrences typical of those found in Cyprus. The survey works by transmitting an electric current into the subsurface via electrodes planted into the ground. IP is a well established and effective technique used in mineral exploration, and appropriate to identify Cyprus-type deposits. Chesterfield has spent several months this year engaged in satellite mapping, extensive geochemical sampling, and archival analysis to identify a series of prime target areas. Results from the IP survey will be combined with this work to provide specific drill targets.
The IP programme will last around a month and typically involves surveying lines of around 1km long and 100m apart to produce a survey area of approximately 1kmsq on each of several targets. The depth of the survey responses varies due to rock types. In Cyprus, the survey responses may typically be up to 200m below surface.
Specific targets in this survey include potential extensions to some of the larger mineralised systems emanating from existing mines and mineral occurrences. Such advanced IP surveys were unavailable to explorers in the 1960s and 1970s when Cyprus was an active mining centre and so gives Chesterfield an advantage in locating previously undiscovered ore bodies. The survey has been contracted to a specialist company from Finland.
Executive Chairman Martin French said, "The IP survey is an important part of our discovery process. It provides a powerful vectoring tool to focus in on drill targets in highly prospective geological terrain, saving both time and cost for the drill campaign. The survey has commenced on a prime target, called Evlim, and has already produced some encouraging initial results, backing up the geological theory we have developed for the target. The IP team will then move to Troodos North to survey another large target called South Mathiatis, and further targets thereafter. Once completed we will start final preparation for drilling. Further news will follow soon."
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