Chesterfield R. Regulatory News (CHF)

Hole ID

From

(m)

To

(m)

Interval

(m)

Au

(g/t)

Ag

(g/t)

21WL02

96.00

106.15

10.15

0.82

Including

100.40

106.15

5.75

1.34

Including

103.95

106.15

2.20

2.48

21WL03

92.90

120.10

27.20

1.41

16.00

Including

98.70

120.10

21.40

1.75

19.97

Including

100.20

113.60

13.40

2.22

26.60

Including

100.20

103.50

3.30

6.55

90.35

Including

100.20

101.70

1.50

9.07

157

CRITERIA

Sampling techniques

JORC CODE EXPLANTION

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

COMMENTARY

· All the exploration conducted at the Westline Gold Project is by diamond core drilling from surface.

· Triple tube coring is routinely utilised where possible.

· Diamond Core was logged at the company's secure core shed facility.

· Sampling intervals were selected by the project geologists based on visual observations from geological logging.

· Mineralisation is determined by visual observations and geochemical results from a pXRF. Final assay results are determined by analysis conducted by ALS.

· Core samples are processed using industry standard practices at the ALS Rosia Montana or ALS Loughrea Laboratory. ALS are an internationally accredited global analytical service provider

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Diamond core drilling was completed by GEOPS Bolkan Drilling Services Ltd., utilising a Sandvik DE710 track mounted drill rig. All holes are collared using a large diameter PQ core to case off upper weathered and weaker units. Drill hole diameter is then usually reduced to HQ when the hole enters competent harder ground below overlying cover.

· Triple tubing is routinely used to improve core recovery.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Core recovery was recorded on site, verified at the core shed and subsequently entered into the company drilling database.

· Core recovery is generally greater than 95% through all mineralised sections.

· Triple tubing is routinely used to help maximize core recovery.

· Work to date has not identified a relationship between sample recovery and grade.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Current drill core was logged in detail for lithology, alteration, mineralisation and geological structure. Logged intervals are based on geological boundaries or alteration. Data was recorded on paper and manually entered into the excel database.

· Logging was considered sufficient for early-stage exploration.

· Basic geotechnical logging was carried out and Rock Quality Designation (RQD) was recorded for all drill core.

· Geophysical properties of the drill core were recorded using a Terraplus KT-10C handheld magnetic susceptibility and conductivity meter. Readings where recorded every 1.00m and reduced to every 0.50m or 0.25m in specific zones.

· pXRF point analysis data was collected every 0.50m throughout the entire hole.

· Specific gravity data was collected from drill core at intervals decided by the project geologists.

· All core was photographed in the core boxes to show the core box number, core run markers, from and to meter marks and sample intervals. All photos are stored on the companies' database.

· All geological logging data is stored in an excel database.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· A diamond saw was used to split both PQ and HQ core longitudinally in half. One half was retained in the core tray for reference and the other half sent for assay.

· Sampling boundaries are based on variations in geology and alteration, varying from 0.40m - 2.50m.

· Samples are bagged with pre numbered sample tickets and submitted with a sample submission form to ALS Rosia Montana.

· In the 2 batches of samples primarily discussed in this announcement 52 samples were taken, including blanks, field duplicates and standards. 7 of these samples were for QAQC purposes leaving a total of 45 samples.

· Each batch of samples sent to ALS began and ended with a blank and a Certified Reference Material (CRM). The blank is used to check for backgrounds and interference and the CRM is used to check for data accuracy and precision. In addition to the above, a CRM is inserted approximately every 30th sample and a blank approximately every 50th sample. Duplicates are also submitted approximately every 50th sample with the half core section being split into two quarter core samples, both being submitted for assays to check for data reproducibility. Additional random QAQC is also inserted during sampling.

· As a minimum, in any batch of samples sent to ALS for analysis, 10% are for QAQC purposes.

· Sample preparation and analysis is carried out by ALS using industry standard protocols:

· Fine crushing: 70%

· Pulverize up to 250g: 85%

· Split sample: Boyd Rotary Splitter

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Samples were shipped for preparation at ALS Rosia Montana. Gold fire assays were carried out at ALS Rosia Montana. Prepared pulps were shipped to ALS Loughrea for 42 element ICP-MS analysis and ICP-AES where applicable. Pulps are returned to CRC Chesterfield Resources (Cyprus) Ltd. and the course rejects are discarded at ALS laboratories.

· Samples are assayed for gold by 30g fire assay with AA finish. Semi- quantitative gold determinations are also derived from an aqua regia extraction with ICP-MS finish from the 42-element analysis.

· Quality of exploration assay results has been monitored in the following areas:

· Sample preparation and analysis by ALS internal procedures.

· Monitoring of accuracy of the primary ALS result through insertion of CRMs and blanks into the sample batches.

· Monitoring of assay reproducibility through inserting duplicates.

· CRMs are from Geostats Pty Ltd. and the blank material is from OREAS (Ore Research & Exploration Pty Ltd.).

· CRM, blank and duplicate data are reviewed once the final certificate of analysis is received from ALS for that batch. The CRC Chesterfield Resources protocol requires Certified Reference Material (CRM's) to be reported to within 2 Standard Deviations of the Certified Value. The criterion for blanks is that they do not exceed 2 Standard Deviations above the Certified Value. Failure of any of these thresholds triggers an investigation.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· The mineralisation has been visually validated against drill core and drill core photographs by the technical team.

· To date no holes have been twinned.

· Analytical data has been imported into an excel database for review.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· Grid system used is WGS84 UTM 36N.

· The collar locations were measured for all the holes using a handheld Garmin 66S GPS. Generally, the accuracy of the device is within 5m.

· Start azimuths and dips were measured for all holes using a handheld compass, accurate to 1 degree.

· Downhole surveys were recorded every 50m and at the end of every hole, where ground conditions allowed. A Devico DeviShot downhole survey tool was used to collect the data. This instrument has an azimuth accuracy of ±0.5° and an inclination accuracy of ±0.1° and measured magnetic vectors were assessed to ensure minimal magnetic interference.

· Topographic control is from LiDAR data purchased from the Cypriot Department of Land Surveys, providing a 1m resolution DEM.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· In 2018 9 holes were drilled on a roughly 40m grid trending NE -SW centered around a historic Northern Lion Drillhole.

· In 2021, 1 hole was designed to step out 40m from a historic Northern Lion drillhole collar and 1 hole was designed to test the extension of the mineralisation to the southwest of 18MV06. Collar spacing between the 2021 holes was approximately 80m.

· No compositing of samples is applied prior to assay.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· The orientation of the mineralisation appears to be shallowly dipping towards the southwest with normal faulting progressively faulting down the mineralisation in the same direction, although this remains to be determined.

Sample security

· The measures taken to ensure sample security.

· Access to the drill site is controlled. Drill core is stored within the company's secure core shed facility.

· Company employees transport the samples to the courier where the samples are stored in the courier's secure facility before being shipped to the lab. The laboratory compound is secured.

· Sample numbers and boundaries are marked and recorded in the core photos. A unique sample ID follows the sample at all times through the preparation process.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· No audits or reviews of sampling techniques and data have been performed.

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· The Westline prospect is located in the Paphos District of the Republic of Cyprus, approximately 5km southeast of Lysos village. The area is contained within exploration permit AE4672 (Sarama), which covers 4.67km2. The permit is 100% owned by Chesterfield Resources' Cypriot subsidiary. It is situated on privately owned land and is within the Natura 2000 Bird Directive Special Protection Area (SPA) of Zoni Eidikis Prostasias Koilada Sarama (CY4000019), this prohibits exploration work during the primary reproductive period of migratory birds, from March until mid-August.

· Exploration permit AE4672 was initially granted on 07/03/2018 and expires on 06/03/2022. The permit can be renewed yearly.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· The Westline area was mapped at a scale of 1:2,500 by the UNRFNRE in 1979-1980, with a weak to moderate gossan noted at surface in the Mavroyi-Akonin area. This was part of a wider 1:10,000 mapping project combined with stream sediment sampling.

· Further regional mapping, prospecting and geochemical sampling was conducted by Northern Lion Gold Corp. within the period of 2010-2013, alongside a regional airborne VTEM/magnetic survey completed in 2011. Based on this work and funding from Centerra Gold Inc., exploration diamond drilling was conducted in 2013 with 4 diamond holes drilled targeting AMT resistivity anomalies. These holes intercepted what was described as a VHMS-related mineralised debris flow varying in downhole thickness from 6.00m to 14.10m and an estimated true thickness of 4.50m to 13.00m.

· 2013 Northern Lion Gold Corp. diamond drill results:

** No Significant Assays, ^ Includes 0.80m of 3.61% Lead, m = metres, g/t = grams per tonne, drill widths are drill intersection widths and may not represent true widths.

· Northern Lion Gold Corp. conducted a further exploration program in 2014, completing detailed mapping, induced polarisation and gravity surveys, and reinterpretation of the 2011 VTEM/magnetic data. The synthesis of this data was used to locate coincident magnetic/gravity ± chargeability/VTEM anomalies east of the Mavroyi gossan that could represent the source to the VHMS-related mineralized debris flow material. This targeting was used to conduct wide-spaced exploration diamond drilling in 2014.

· 2014 Northern Lion Gold Corp. diamond drill results

** No Significant Assays, m = metres, g/t = grams per tonne, drill widths are drill intersection widths and may not represent true widths.

· Northern Lion Drillhole Collars from 2013 and 2014 Drilling

UTM datum is WGS84 Zone 36 North

· 9 out of 14 of the Northern Lion drill holes were not in the immediate vicinity of the Westline Target (i.e greater than 250m away). The other 4 holes within the Westline target area are highlighted above.

Geology

· Deposit type, geological setting and style of mineralisation.

· The mineralisation at Westline is situated in the Upper Pillow Lava sequence above a contact with intravolcanic sediments (tuffaceous sandstones and bentonitic clays).

· The mineralisation is primarily in the form of narrow sulphide veining and disseminated sulphides with narrow quartz veining. The alteration is dominated by clay and silica.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

· easting and northing of the drill hole collar

· elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

· dip and azimuth of the hole

· down hole length and interception depth

· hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· 2018 and 2021 Chesterfield Diamond Drillhole Collars

UTM datum is WGS84 Zone 36 North

· 2021 Chesterfield Diamond Drillhole Results:

All widths represent downhole thicknesses

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Weighted averages of measured intercepts are used, no cutting or cut-off grade has been applied at this stage, subject to review on further drilling.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· The mineralisation is primarily in the form of narrow polymetallic sulphide veining and disseminated sulphides with narrow quartz veining. The alteration is dominated by clay and silica.

· Observations suggest that the mineralisation is intercepted at a steep angle to core axis and thicknesses appear to be close to actual thicknesses of the mineralised unit.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· See main body of announcement

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· Balanced reporting of exploration results has been undertaken, although subject to audit.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· In 2021, a gravity survey was conducted to the Western side of the Westline target area by Geognosia S.L. The resulting residual gravity maps have aided in delineating the structural setting and have given an approximation of thickness of overlying sediments to the West of the target.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· To be determined.