Chesterfield Resources PLC Regulatory News (CHF)

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

4 June 2021

Notice of AGM

Chesterfield Resources plc gives notice that its Annual General Meeting ('AGM') will be held on June 30th at 11am at 7-9 Swallow Street, London W1B 4DE.

Copies of the Notice of AGM, together with the Form of Proxy and the Annual Report will be posted to shareholders and will be available to view on the Company's website shortly at www.chesterfieldresourcesplc.com

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About Chesterfield Resources 

Chesterfield Resources is a copper-focussed exploration company with a project in Cyprus and the proposed new Adeline copper project in Labrador Canada, contingent, among other things, upon the publication of a prospectus. In December 2020, Polymetal International, the FTSE100 mining group, took a 23% strategic investment in Chesterfield via a placing of new shares. Upon completion of the acquisition of the project in Labrador, Altius will similarly become a strategic partner, with a 10% holding in the Chesterfield, and a 20p warrant over a further 10% of the company.

The exploration team is led by two highly experienced industry geologists Neil O'Brien, formally SVP Exploration & New Business Development, Lundin Mining, and Dave Cliff, previously Head of Exploration Europe, Rio Tinto.

In Cyprus the company holds the largest mineral exploration licence area of any operator on the island.

Cyprus is regarded as a high-quality exploration location. It is a member of the EU, and its legal system is based on English common law. An opportunity exists because 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. 

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 (volcanogenic massive sulphide) deposits in close proximity to each other to create a mining project with a centralised processing unit. 

While copper is the main exploration target, it is noteworthy that gold was not historically exploited in Cyprus. Gold has been encountered in several locations in the exploration target area and is an important part of the exploration objective. 

The company announced high grade polymetallic results from its late season 2020 drilling campaign and is now engaged in an enlarged integrated 2021 geophysics, percussion and diamond drilling exploration campaign. The company will commence its diamond drill programme in one month.

In Canada, the Adeline copper project is located within the western half of the Central Mineral Belt, a 260 km long metal-rich belt located in Central Labrador, eastern Canada. The Adeline property is comprised of five contiguous mineral licenses totalling 12,925 ha (129.3 km2), covering the full extent of the Seal Lake basin, a nearly 40 km long by 10 km wide geological structure which contains some 250 copper prospects. The project is close to the regional service hub of Goose Bay.

The Seal Lake basin has seen extensive regional exploration over the years resulting in a rich exploration database. Trenching and channel sampling has established the presence of laterally continuous high-grade copper beds. However there has been relatively little drill testing, largely due to the lack of road access. Where sulphide mineralization becomes massive the grades are extremely high, commonly 10-30% Cu due to the high tenor of chalcocite-bornite.

An initial field season is already being planned to investigate prospects and more specific field-based targeting methods based upon a re-evaluation and re-modelling of the regional exploration datasets with the latest visualization software tools and with expert consultants who have decades of experience in this belt. This is expected to generate a significant pipeline of quality drill targets to test for significant extents of high-grade copper-silver mineralized grey beds.

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 Canada and the Republic of Cyprus. 

Chesterfield has embarked on a strategy of acquisition to take advantage of mega-trend of electrification and copper demand. Further acquisitions are expected to significantly enlarge its exploration footprint.

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: