Last checked at 25 Jul 2019 07:00
Chesterfield Resources Plc/ EPIC: CHF/Market: LSE/ Sector: Mining
25 July 2019
New drill target identified in Troodos West
Chesterfield Resources, the copper exploration company in Cyprus, is pleased to announce that it has confirmed a new drill target in its Troodos West group of exploration permits.
The target, which has been named KinValley, is at the northern end of the 15km long Kinousa fault structure where multiple historical mines occur along two parallel trends. Chesterfield has carried out mapping, sampling, geophysics and drilling to build a high-quality database over the course of the past year.
This previously untested target is interpreted to be a shallowly buried VMS deposit formed within a 2ndorder extensional graben within the down-thrown hanging wall of the fault and is preserved in favourable stratigraphy. KinValley is within the same trend as a cluster of the historically mined VMS deposits that include Kinousa and Uncle Charles. A geochemical survey (100m line space, 50m sample interval) was carried out and a total of 128 soil samples were taken resulting in a coincident copper anomaly.
The target is also supported by geophysics whereby a VTEM anomaly coincides with an airborne magnetics anomaly; both with similar amplitude and extents (KinValley is permitted and is now being prepared for drilling. Please see the diagram in pdf link as attached.
http://www.rns-pdf.londonstockexchange.com/rns/6265G_1-2019-7-24.pdf
Executive Chairman Martin French commented "This is the second major target of our upcoming drill programme at Troodos West. Each of our targets goes through a rigorous development programme of surveying and testing before we commit to the more expensive stage of drill testing. We will keep the market updated as the programme develops further".
ENDS
Martin French, Executive Chairman Tel: +44(0)7901 552277
Brandon Hill Capital (Broker):
Jonathan Evans/Oliver Stansfield Tel: +44 20 3463 5000