Chesterfield Resources PLC Regulatory News (CHF)

Chesterfield Resources Plc (LSE : CHF)

14 January 2020

Chesterfield Resources commences percussion drill programme in Cyprus

Chesterfield Resources is pleased to announce that it has commenced a percussion drill programme on its Troodos West copper/gold exploration region in Cyprus. The company is drilling on a number of targets seeking VMS (volcanic massive sulphide) deposits in a mining area last active in the 1970s.

Percussion drilling is a cost-effective and rapid method to investigate targets at depths of up to 200m. Rock chips from percussion drilling yield strong data for geological logging including the presence of mineralisation, its extent, and potential thickness. Due to the unconstrained nature of the drilling method any analyses produced from the chips are indicative only. Percussion is an invasive tool that allows the potential of targets to be assessed, and substantially de-risks follow-up diamond drilling (coring) programmes.

Throughout the latter part of 2019 the company has worked-up a considerable list of new targets at Troodos West using a combination of structural geology, archival information, geochemistry and geophysics. With so many new targets being identified it was decided to push the diamond drill programme back until the company had completed its enlarged target ranking, and so optimise the programme. It is not practical to diamond drill in the Troodos mountains during winter due to adverse weather and ground conditions.

Executive Chairman Martin French commented "This is an exciting stage of test work as it gives us our first opportunity test our exploration thesis. Should this drilling encounter mineral-bearing sulphides in areas indicted by our analysis, it will provide proof of concept across our broad range of targets. This will significantly increase our chances of confirming a discovery. Although it is raining and very muddy at site during this winter season, we expect to drill opportunistically during periods of dryer weather."

ENDS