Chesterfield Resources PLC Regulatory News (CHF)

Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining

15 September 2020

Chesterfield Resources Plc

Diamond drill programme, research report and webinar

Chesterfield Resources plc is pleased to announce that it has commenced its diamond drill programme on its Troodos West copper-gold exploration licences in Cyprus. The company intends to drill a 2,000m programme, consisting of holes of approximately 150m each, which is expected to last until around the end of October. Simultaneously the company will undertake an AMT geophysics survey (see announcement on September 1st), as well as percussion drilling. As such this will be an integrated exploration programme.

The exploration objective is to discover and test VMS (Volcanognic Massive Sulphide) deposits buried at shallow depth in an area of historic mines. Due to very high temperatures at site, drilling will initially take place at night. Diamond drilling will twin several holes already successfully tested with a percussion drill, as well as some other prospective target areas which the percussion drill was unable to access due to its size.

Research Report and webinar

The company is also pleased to announce that its Broker, Fox-Davies Capital, has today published an initiation research report, prepared by Peter Rose. Peter Rose has been a mining investment analyst for the last 30 years and conducted a site visit earlier this year The report is available on the company website (www.chesterfieldresourcesplc.com).

In conjunction with this, the company will host an investor webinar on Friday 18th September at 4.30pm to discuss the exploration programe. The webinar will last approximately one hour including time for questions. An invitation to the webinar will be posted on the company website on the day and a link also provided on the company Twitter feed. Those interested to attend can also email Daniel Fox-Davies, daniel@fox-davies.com.

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About Chesterfield Resources

Chesterfield Resources is a copper-gold exploration company active in Cyprus, where it holds the largest mineral exploration licence area of any operator on the island.

Cyprus is regarded as a good quality exploration location. It is a member of the EU, and its legal system is based on English common law. There has been minimal exploration activity on the island in the last 46 years since the invasion by Turkey in 1974 put a halt to what had been a very active mining industry.

Since that time, exploration technology and geological knowledge has improved significantly. The company is exploring for VMS (Volcanognic Massive Sulphide) deposits, which typically occur in stacks and clusters. Historically only those deposits which were visible from surface have been mined. It is believed that many more deposits remain undiscovered buried near surface, and the company is using modern techniques to locate them.

While copper is the main exploration target, it is noteworthy that gold was not historically exploited in Cyprus as its price was pegged to just $35 per ounce when the mining industry was active (less than 50 times today's price). Gold has been encountered in several locations in the exploration target area and is an important part of the exploration objective.

The exploration team is led by three very senior geologists: Neil O'Brian, formally Head of Exploration, Lundin Mining, Dave Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike Parker, a senior geologist with First Quantum Mining.

The current focus of exploration is in the Troodos West group of licences belonging to the company, with around 30 defined targets in an area measuring 10km by 10km. The objective is to discover several VMS deposits in close proximity to each other to create a mining project with a centralised processing unit.

Chesterfield Resources is committed to world class environmental standards in all of its operations to mine copper, which is essential to developing clean technology projects worldwide. The company hopes to develop industry and opportunities for the benefit of the Republic of Cyprus.

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: