Last checked at 16 Apr 2019 07:00
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining
Chesterfield Resources Plc (the 'Company', 'Chesterfield')
Chesterfield Resources identifies new exploration targets via satellite surveys
Chesterfield Resources Plc, a copper exploration company, is pleased to announce that it has recently completed the processing and interpretation of satellite remote sensing data covering an area of 3,000 km2 in Cyprus. This has been used to help generate new exploration targets, as well as better define existing ones, as the Company progresses to a new campaign of drilling.
The data was acquired from the Aster and Sentinel 2 satellite platforms. The survey uses both high resolution photography and the non-visible spectrum to analyse alterations in rock structures from space. Sentinel 2, owned by the European Space Agency, is particularly suited to identifying Cyprus-type mineralisation by using specially calibrated sensors. The Company recently more than tripled its mineral right holdings in Cyprus to over 240 km2. It has used the satellite survey to quickly narrow down the search areas on this large land package to a number of specific targets.
Chesterfield engaged Fathom Geophysics of Ohio, U.S.A, a company specialising in this field, to interpret the data. The results were then collated with the Company's existing geological databases. These results have helped define and expand targets the Company had already identified, as well as highlighting entirely new areas of exploration potential both within our existing permits and also elsewhere in Cyprus. Consequently, the Company will be applying for additional permit areas to explore these targets.
The Company is also making significant progress on its exploration programme on the ground. Archival data, geochemistry, and geophysics is being combined to help define drill targets for the next drill program.
Executive Chairman Martin French said, "Satellite surveys, described in the industry as 'remote sensing', are a powerful tool to quickly survey large land packages. The interpretation of satellite data is a highly specialised field. It involves recognising faults, fractures and hydrothermally altered rocks from space. This has provided a very effective first sweep of our recently-enlarged land holding. The results have thrown up a considerable number of new target areas that would have taken many months to otherwise identify from field work on the ground. Our team of Cypriot and UK geologists has now started the intensive process of mapping and sampling these new targets. The exploration programme continues apace with several major targets being prioritised for drilling this summer. We will provide more details of these targets and timing of our drill programs, in the 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