Chesser Resources (ASX: CHZ) has an advanced gold project and a portfolio of discovery-stage gold and gold-copper properties in Turkey. Chesser's strategy is to build a portfolio of advanced gold projects with potential to develop into multi million ounce, economically favourable mining projects.
Chesser Resources (ASX: CHZ) has reported that a recently completed geophysical survey, on its Kestanelik high-grade epithermal gold project, in western Turkey, has significantly upgraded the size potential of the property. A follow-up drilling program is under way.
The recently completed gradient array resistivity survey has identified an additional 18.5 kilometres of potential veins under cover on the property, bringing the total of outcropping veins and covered vein targets to approximately 21 kilometres.
“The geophysics has shown very clearly that the network of potentially gold-mineralised veins is very extensive under cover and, even where the veins are outcropping, the geophysics shows in many cases that they have further untested extensions.” explained Rick Valenta, Managing Director of Chesser.
“Even if we assume that only 10 percent of the total vein system is mineralised down to a depth of 200 metres you can see that we have the potential to discover a company making goldfield."
"We look forward to the results from this current drill program, and now have all the information necessary to plan a larger drill program aimed to start in the middle of the year to really start to prove-up this unfolding gold project," said Valenta.
The Kestanelik property consists of a series of epithermal quartz vein zones of up to 28 metres true thickness, the outcropping veins have an aggregate strike length of more than 2.5 kilometres.
Outcropping veins have a very distinctive resistivity signature, adding confidence to the interpretation and mapping of the covered veins in the area. Preliminary field follow-up and drilling has already confirmed the presence of additional, previously unmapped veins on the property associated with resistivity anomalies.
Preliminary pole-dipole resistivity data show that veins continue to the southwest of the high-grade K1 to K3 veins, under 40 to 100 metres of cover.
Drilling recommenced at Kestanelik on April 22, 2010 and fifteen holes have been completed for a total of 1192.5 metres. Drilling is targeting stepouts from previously announced high-grade intersections and also new targets delineated from high-grade gold surface results and geophysics.
Samples from all drillholes have been sent to the lab, and results are expected by the end of May.