Proactiveinvestors Australia Chesser Resources Limited https://www.proactiveinvestors.com.au Proactiveinvestors Australia Chesser Resources Limited RSS feed en Tue, 25 Jun 2019 15:46:30 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Chesser Resources begins second phase drilling at Diamba Sud Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/221839/chesser-resources-begins-second-phase-drilling-at-diamba-sud-gold-project-221839.html Chesser Resources Limited (ASX:CHZ) has begun phase II reverse circulation (RC) and diamond drilling designed to test for gold strike extensions at its Diamba Sud project in eastern Senegal.

The 2,500-metre program within the northern Diamba Sud block (DS1) started last week testing the high priority Northern Arc and Western Flank gold targets and is expected to be completed by early July before the onset of the wet season.

READ: Chesser Resources exploring Senegal’s golden corridor

Chesser's managing director Mike Brown said: “We are highly encouraged by the quality of the bedrock gold targets identified from the phase I program.

“The current phase of drilling is seeking to confirm the controls to the widespread, high-grade gold mineralisation intersected to date.

“Importantly the geological attributes of these targets are considered very similar to the nearby world-class deposits associated with the Senegal-Mali Shear Zone (SMSZ).”

READ: Chesser Resources receives commitments to raise $1 million for second-phase drilling at Diamba Sud

The phase II program will test for strike extensions to the interpreted north-trending Northern Arc target by drilling east-west lines to the north and south of the substantial intersections recorded in the phase I program.

Previous drilling was oriented perpendicular to the north-east trending gold auger geochemical anomaly.

At the Western Flank target, further drilling along east-west oriented lines will continue to evaluate the potential for a NNW trending mineralised structure.

The RC holes are planned to reach depths between 100 and 120 metres with at least one deeper diamond drill hole expected to be completed to gain a better insight into the geology and structural controls of the mineralisation.

READ: Chesser Resources delineates three high-grade gold targets from positive Diamba Sud drilling results

Both targets exhibit similar geological characteristics to other large gold systems in the region, such as the nearby world-class Gounkoto/Loulou and Fekola gold deposits including:

Spatially related to splays extending from the SMSZ; Northerly trend of mineralisation; and High-grade gold mineralisation associated with pyrite and strong alteration ]]>
Tue, 11 Jun 2019 14:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221839/chesser-resources-begins-second-phase-drilling-at-diamba-sud-gold-project-221839.html
<![CDATA[News - Chesser Resources exploring Senegal’s golden corridor ]]> https://www.proactiveinvestors.com.au/companies/news/221685/chesser-resources-exploring-senegals-golden-corridor-221685.html Chesser Resources Limited (ASX:CHZ) is actively exploring for gold in eastern Senegal within the prospective Kedougou-Kenieba Inlier which straddles the borders of Senegal and Mali.

The company is focused on exploring its three gold projects – Diamba Sud, Diamba Nord and Youboubou covering more than 400 square kilometres within the west Africa Craton.

Chesser believes the combination of the underexplored and prospective nature of its land package will create opportunities for a substantial gold discovery.

Chairman Simon O’Loughlin is the founding member of O’Loughlins Lawyers in Adelaide and has been involved in the listing and back-door listing of numerous companies on the ASX and National Stock Exchange.

He is also non-executive director of BOD Australia Ltd (ASX:BDA) and Petratherm Ltd (ASX:PTR) and non-executive chairman of Oklo Resources Ltd (ASX:OKU).

Managing director and CEO Michael Brown is a qualified geologist with more than 25 years’ experience, having worked in mining and exploration in Australia, Indonesia, Chile and Argentina.

Brown has held senior executive roles with Kinross Gold Corporation (NYSE:KGC), Austral Gold Limited (ASX:AGD) and Argentex Mining.

What does Chesser Resources own?

The company’s flagship Diamba Sud Gold Project covers 53.2 square kilometres over two blocks joined by a narrow strip within the gold bearing Kedougou-Keniba Inlier to the west of the Senegal-Mali Shear Zone.

World-class deposits and mines close by include the Loulo and Gounkoto mines owned by Barrick Gold Corp (NYSE:GOLD), the Sadiola and Yatela gold mines owned by IAMGold Corp (NYSE:IAG) and AngloGold Ashanti Limited (JSE:ANG) and the Fekola mine owned by B2Gold Corp (TSE:BTO).

Its proximity to world-class deposits, combined with minimal historical exploration makes Diamba highly prospective for orogenic gold mineralisation.

This prospectivity has been established through auger drilling undertaken by the company since acquiring the properties in 2017.

The Diamba Nord project comprises two exploration tenements totalling about 242 square kilometres within the Birimian aged West African Craton, host to multiple multi-million-ounce gold operations and projects.

Exploration work to date has consisted of rock chip geochemistry, mapping and auger sampling.

Numerous lower level gold geochemical anomalies have been detected and follow-up activities are expected to take place soon.

The Youboubou project cover 1,123 square kilometres of exploration ground straddling the sediment dominated Diale-Dalema Series and the felsic volcanic sediment Faleme Series to the east.

Work to date has focused on areas of the tenement where the prospective felsic volcanics and sediments occur on the eastern flanks of the permit.

Chesser is continuously evaluating options to upgrade its gold exploration portfolio.

The company has a market cap of about $9.95 million and an enterprise value of around $8.5 million. At March 31 it had a cash balance of $1.5 million and no debt. The top shareholders hold around 43%.

Inflection points Chesser plans to undertake an induced polarisation (IP) survey over priority target areas in June/July Follow-up on mineralisation identified in phase I program Once compilation and interpretation of drill results and geophysics is completed, the second stage of RC drilling is expected to take place “Identified a large ring-like structure”

Chesser Resources managing director and CEO Michael Brown spoke to Proactive Investors in Vancouver about the flagship Diamba Sud Project.

He said : “We did a wide space auger drilling program across the property … did an infill auger and followed up any high-grade anomalies.

“We identified a large ring-like structure in terms of the 100 ppb plus anomalies which were in a circular form of about four kilometres wide and broken up into three anomalies – those three targets are our principal focus now for phase-one drilling.

“They are each two kilometres long and 500 metres wide – we are in a very good postal code along a structural corridor that hosts all these world-class deposits…and Diamba Sud is two kilometres to the west of this shear so it’s a relatively new belt.”

 

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Fri, 07 Jun 2019 10:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221685/chesser-resources-exploring-senegals-golden-corridor-221685.html
<![CDATA[News - Chesser Resources receives commitments to raise $1 million for second-phase drilling at Diamba Sud ]]> https://www.proactiveinvestors.com.au/companies/news/220469/chesser-resources-receives-commitments-to-raise-1-million-for-second-phase-drilling-at-diamba-sud-220469.html Chesser Resources Limited (ASX:CHZ) has received commitments for the placement of about 24.375 million shares at an issue price of 4 cents a share to raise $975,000 before costs.

Proceeds from the placement will be used for phase-two of the Diamba Sud reverse circulation drilling program in Senegal, West Africa, which is expected to begin by early June 2019.

The new shares will rank equally with existing fully paid ordinary shares, increasing the total number of shares on issue to about 250 million.

READ: Chesser Resources delineates high-grade gold targets from positive Diamba Sud drilling results

Chesser Resources managing director Mike Brown said: “The highly successful first pass drilling at Diamba Sud has identified high priority follow up targets.

“To ensure we have sufficient funds to do this we have undertaken a small financing so we can comfortably test these priority targets.

“The location of the project adjacent to the Senegal-Mali shear zone, which hosts numerous multi-million-ounce world class gold deposits, and the numerous high-grade intersections encountered is very promising in terms of a potential gold discovery at the project.”

In addition to the placement the company has entered into agreements to issue 625,000 shares at the placement price of 4 cents per share with directors of Chesser subject to shareholder approval.

READ: Chesser Resources intersects further high-grade gold at Diamba Sud in Senegal

The company anticipates a general meeting of shareholders will take place in early July 2019 to seek shareholder approval to issue the $25,000 shares subscribed by the directors.

Earlier this week Chesser identified three high-grade gold targets using assay results received from the final 22 reverse circulation holes drilled at Diamba.

The first phase drilling program was completed in March and drilled 70 holes for a total of 4,671 metres, encountering a host of gold intersections used to generate the targets.

An induced polarisation geophysical survey will be undertaken to assist in geological interpretation and future target before Chesser begins its planned phase-two RC drilling program in June.

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Fri, 17 May 2019 12:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220469/chesser-resources-receives-commitments-to-raise-1-million-for-second-phase-drilling-at-diamba-sud-220469.html
<![CDATA[News - Chesser Resources delineates three high-grade gold targets from positive Diamba Sud drilling results ]]> https://www.proactiveinvestors.com.au/companies/news/220176/chesser-resources-delineates-three-high-grade-gold-targets-from-positive-diamba-sud-drilling-results-220176.html Chesser Resources Limited (ASX:CHZ) has identified three high-grade gold targets using assay results received from the final 22 reverse circulation holes drilled at its Diamba Sud Gold Project in Senegal.

The first-phase drilling program was completed in late March and drilled 70 holes for a total of 4,671 metres, encountering a host of gold intersections used to generate the targets.

An induced polarisation geophysical survey will be undertaken to assist in geological interpretation and future target generation before Chesser begins its planned phase-two RC drilling program in June.

 

Chesser managing director & CEO Mike Brown said the highly promising results receiving from first-pass RC drilling had outlined three targets for immediate follow-up drill testing.

Highlighted results include:

6 metes at 4.7 g/t gold from 26 metres;

19 metres at 1.49 g/t from 39 metres;

4 metres at 6.51 g/t from 26 metres, including 2 metres at 12 g/t;

17 metres at 1.33 g/t from 20 metres;

2 metres at 5.84 g/t from 49 metres; and

6 metres at 1.19 g/t from surface.

READ: Chesser Resources intersects further high-grade gold at Diamba Sud in Senegal

Brown added: “The geological attributes of these targets are considered very similar to the nearby world-class deposits associated with the Senegal-Mali shear zone (SMSZ).

“In particular, the Gounkoto, Fekola and Loulo gold deposits, which range from 5.5 to 12 million ounces in size, are spatially associated with splays extending from the SMSZ, and have a marked potassic alteration with pyrite as the dominant sulphide mineral.

“Taking into consideration the results from the first phase of drilling, this bodes well for the future discovery potential at Diamba Sud.”

  READ: Chesser Resources continues advancing Diamba Sud Gold Project in Senegal

The Northern Arc target is a 1-kilometre-wide zone with numerous high-grade gold intercepts on interpreted northerly-trending structures.

Western Flank is a potential trend of up to 10 kilometres long defined by artisanal workings, an aeromagnetic feature and supported by drill results from both Chesser’s first-phase program and previous drilling.

The Southern Zone target includes numerous widespread drill intersections 200 metres northwest of previous notable results, which include 4 metres at 4.43 g/t gold within a wider intersection of 14 metres at 2.85 g/t.

READ: Chesser Resources intersects high-grade gold in multiple holes at Diamba Sud project

Diamba Sud consists of blocks DS1 and DS2 which together cover a 53.2-square-kilometre area just two kilometres west of the SMSZ.

DS1 immediately adjoins the Kharakhene open pit gold mine operated by Afrigold and is 7 kilometres east of the 5.5-million-ounce Gounkoto mine.

Chesser also holds about 400 square kilometres of prospective ground in the region.

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Mon, 13 May 2019 22:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220176/chesser-resources-delineates-three-high-grade-gold-targets-from-positive-diamba-sud-drilling-results-220176.html
<![CDATA[News - Chesser Resources intersects further high-grade gold at Diamba Sud in Senegal ]]> https://www.proactiveinvestors.com.au/companies/news/219697/chesser-resources-intersects-further-high-grade-gold-at-diamba-sud-in-senegal-219697.html Chesser Resources Limited (ASX:CHZ) has intersected further high-grade gold in the first-phase reverse circulation drilling program at its flagship Diamba Sud Project in eastern Senegal.

A total of 70 holes were drilled for 4,671 metres, testing several high-grade gold-in-saprolite auger geochemical anomalies to better understand the style, nature and potential host of the mineralisation.

The results are from 20 holes drilled on the Eastern and Western flank targets at Diamba Sud, while results from a further 22 hole are pending.

An induced polarisation (IP) survey over the Northern Arc and Western Flank targets is planned to start this month, which will assist in interpreting drill results and the search for possible host structures.

 

Chesser managing director & CEO Mike Brown said the ongoing success of Diamba Sud’s drilling was very encouraging, with high-grade gold mineralisation now being encountered in other areas of the extensive gold geochemical anomaly.

The recent results include 6 metres at 7.79 g/t gold from 39 metres, 4 metres at 6.85 g/t from 20 metres, 4 metres at 2.98 g/t from 4 metres and 16 metres at 1.05 g/t from 4 metres.

The intersection of 6 metres at 7.79 g/t, along with historical drilling results to the south, artisanal mining activity and a coincident airborne magnetic feature, outlines a potential mineralised structure of at least 2 kilometres in strike length.

READ: Chesser Resources continues advancing Diamba Sud Gold Project in Senegal

Brown continued: “In particular, the intersection of 6 metres at 7.79 g/t gold in the north of the Western Flank target indicates a strike extent of more than 2 kilometres for this potential north-trending mineralised zone.

“This target, along with other areas already identified, will be the focus of the follow-up phase-two drilling program.

“[This] will commence once all assay results are received and integrated with the planned induced polarisation geophysical survey.”

READ: Chesser Resources intersects high-grade gold in multiple holes at Diamba Sud Project

Diambu Sud covers more than 53 square kilometres and is about 2 kilometres to the west of the Senegal-Mali shear zone, a major regional structure host to numerous multi-million-ounce gold deposits.

These include B2Gold’s 7.1-million-ounce Fekola mine, Barrick’s 18-million-ounce Loulo-Gounkoto complex and IAMGold’s Sadiola and Yatela mines.

The northern block of Diamba Sud also immediately adjoins an open pit gold mine operated by Afrigold.

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Sun, 05 May 2019 21:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219697/chesser-resources-intersects-further-high-grade-gold-at-diamba-sud-in-senegal-219697.html
<![CDATA[News - Chesser Resources continues advancing Diamba Sud Gold Project in Senegal ]]> https://www.proactiveinvestors.com.au/companies/news/219316/chesser-resources-continues-advancing-diamba-sud-gold-project-in-senegal-219316.html Chesser Resources Limited (ASX:CHZ) held around $1.163 million cash on hand at the end of the March quarter having spent $473,000 on exploration and evaluation work during the three months.

The company’s focus during the reporting period to March 31, 2019, remained on advancing its Diamba Sud Gold Project in Senegal with the first phase completed of a planned two-phase reverse circulation (RC) drilling program testing high-grade gold auger anomalies.  

Chesser expects a steady stream of results from phase I with assays pending while an induced polarisation (IP) geophysical survey was expected to begin over the Northern Arc target by the end of April.

This will assist with the interpretation of results and the search for possible host structures.

READ: Chesser Resources intersects high-grade gold in multiple holes at Diamba Sud Project

Following completion of the interpretation of drill results and geophysics, the second stage of RC drilling is expected to begin.

Assays from the first 12 holes of phase I drilling returned the following results:

18 metres at 5.61 g/t gold from 6 metres, including 8 metres at 11.84 g/t from 14 metres; 10 metres at 2.72 g/t from 19 metres, including 1 metre at 16.30 g/t from 23 metres; 8 metres at 3.48 g/t from 34 metres; and 11 metres at 1.16 g/t from 19 metres.

The most significant gold intersections come from saprolitic material at very shallow levels with the high-grade mineralisation intersected at 8 metres transitioning to fresh rock before being terminated due to excess water ending in mineralisation.

READ: Chesser Resources first results feature 18 metres at 5.61 g/t gold, shares up 30%

Significantly, IAMGOLD Corp (NYSE:IAG) has recently increased the resource at its nearby Boto project to 2.6 million ounces.

Boto is interpreted to sit in the same western corridor of the Senegal-Mali shear zone that Diamba Sud tenement covers.

During the quarter, and upon the approval of shareholders, Chesser issued 2.92 million shares to directors, raising funds of $110,960.

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Tue, 30 Apr 2019 11:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219316/chesser-resources-continues-advancing-diamba-sud-gold-project-in-senegal-219316.html
<![CDATA[News - Chesser Resources intersects high-grade gold in multiple holes at Diamba Sud Project ]]> https://www.proactiveinvestors.com.au/companies/news/218282/chesser-resources-intersects-high-grade-gold-in-multiple-holes-at-diamba-sud-project-218282.html Chesser Resources Ltd (ASX:CHZ) has received the second set of assay results from the phase 1 reverse circulation (RC) drilling program at its flagship Diamba Sud Project in eastern Senegal.

The results include numerous high-grade gold intercepts within fresh rock:

• 12 metres at 3.65 g/t gold from 42 metres, including 8 metres at 4.47 g/t gold from 46 metres with the hole ending in mineralisation;
• 3 metres at 6.19 g/t gold from 80 metres, including 1 metre at 16.1 g/t gold from 81 metres;
• 11 metres at 3.54 g/t gold from 38 metres; and
• 5 metres at 3.18 g/t gold from 70 metres.

Diamba Sud Project is about 2 kilometres west of the Senegal Mali Shear Zone (SMSZ), a major regional structure and host to numerous multi-million-ounce gold deposits including B2Gold’s Fekola mine and Barrick’s Loulo-Gounkoto complex.

Chesser managing director and CEO Mike Brown said: “Intersecting high grade mineralisation in fresh rock in multiple holes across these two traverses within the Northern Arc target is a very significant and encouraging step forward for the Diamba Sud Project.

“The results from the first RC traverse reported in late March were very encouraging with extensive intercepts of mostly high grade oxide mineralisation.

“These additional fresh zone results significantly enhance the potential of the extensive gold anomalies, although we are still in the very early stages of testing Diamba Sud.

“With the Phase 1 drilling program now complete, we look forward to receiving the remaining results ,advancing the interpretation of the significant gold intersections and planning future activities.”

 

Drilling has ceased for a short period to allow for the interpretation of results.

Following interpretation of all the results from the phase 1 program, Chesser expects to commence a follow-up phase of RC drilling (phase 2) of about 5,000 metres.

Chesser is also planning a small IP (induced polarisation) geophysical survey over the Northern Arc target area to assist in the geological interpretation and future target generation.

In particular, the identification of potential host structures from this survey is considered a key step in advancing the geological model and targeting of potential gold mineralisation.

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Wed, 10 Apr 2019 12:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218282/chesser-resources-intersects-high-grade-gold-in-multiple-holes-at-diamba-sud-project-218282.html
<![CDATA[News - Chesser Resources first results feature 18 metres at 5.61 g/t gold, shares up 30% ]]> https://www.proactiveinvestors.com.au/companies/news/217063/chesser-resources-first-results-feature-18-metres-at-561-gt-gold-shares-up-30-217063.html Chesser Resources Ltd (ASX:CHZ) has received its first batch of assays from its phase I, 5,000-metre drilling program at its flagship Diamba Sud Project in eastern Senegal.

Highlights from the first 12 holes include 18 metres at 5.61 g/t gold from 6 metres, 10 metres at 2.72 g/t gold from 19 metres, 8 metres at 3.48 g/t, and 11 metres at 1.16 g/t gold.

51 holes for 3,485 metres have been completed in the reverse circulation (RC) program with the program to be complete by the end of this month and further assays expected.

Shares in the company opened up 15.7% to 4.4 cents, before going as high as 44.7% higher to 5.5 cents at 12.43pm.

READ: Chesser Resources funded for gold exploration in Senegal after raising $900,000+

Chesser’s managing director Mike Brown said: “We are excited that first pass drilling has successfully intersected shallow, high-grade gold mineralisation at such an early stage in the drilling campaign.

“To intersect 18 metres at 5.61 g/t gold in oxide from 6 metres is extremely encouraging and demonstrates the highly prospective nature of the project.

“The Phase 1 drilling program continues at Diamba Sud, systematically testing priority targets. In the coming months, the company looks forward to steady stream of news flow as we continue to announce results as they become available.”

Proactive caught up with Mike Brown last week ahead of today's results.

Phase II to comprise another 5,000 metres

The 53.2-square-kilometre Diamba Sud project consists of two blocks, DS1 and DS2.

Phase I drilling targeted DS1, which is 7 kilometres the west of the 5.5 million ounce Gounkoto mine.

Diamba Sud is located about two kilometres west of the Senegal Mali Shear zone (SMSZ), a major regional structures host to numerous multi-million-ounce gold deposits.

Following the interpretation of all the results from the phase I program, a follow-up phase of RC drilling is expected that will comprise another 5,000 metres.

Project location showing historical drill results which are to be followed up

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Mon, 25 Mar 2019 09:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217063/chesser-resources-first-results-feature-18-metres-at-561-gt-gold-shares-up-30-217063.html
<![CDATA[Media files - Chesser Resources advances exploration in Senegal with new boss and drilling results pending ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12647/chesser-resources-advances-exploration-in-senegal-with-new-boss-and-drilling-results-pending-12647.html Tue, 19 Mar 2019 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12647/chesser-resources-advances-exploration-in-senegal-with-new-boss-and-drilling-results-pending-12647.html <![CDATA[News - Chesser Resources funded for gold exploration in Senegal after raising $900,000+ ]]> https://www.proactiveinvestors.com.au/companies/news/216703/chesser-resources-funded-for-gold-exploration-in-senegal-after-raising-900000-216703.html Chesser Resources Ltd (ASX:CHZ) directors have completed the acquisition of ordinary shares in the company pursuant to a subscription agreement entered into on the same terms as the placement completed in January 2019.

Director share subscription details

The company had raised $790,000 via its placement at 3.8 cents per share to sophisticated investors in January 2019.

Chesser has a strategic land package of over 400 square kilometres in the Eastern Senegal gold province in West Africa.

The region contains numerous large-scale gold deposits, covering the highly prospective and underexplored Birimian greenstone belt.

This includes Barrick Gold Corp’s (NYSE:GOLD) Loulo and Gounkoto mines with a combined resource of more than 18 million ounces of gold.

Chesser has already Identified a significant 4 kilometres x 4.5 kilometres ring-like geochemical gold anomaly at its flagship Diamba Sud Project, with deep auger intersections of up to 21.1 g/t gold.

The company has multiple high-grade priority drill targets at Diamba Sud.

Chesser’s maiden drill program commenced in January 2019. The phase 1 program will include 5,000 metres of reverse circulation drilling (RC) at Diamba Sud.

Next steps and news flow

• Complete phase 1 drilling
• Assay results
• Interpretation of results
• Commence phase 2 RC drilling (5,000m) at Diamba Sud
• Assay results
• Review and interpretation of all project results
• Assess strategic acquisitions and prioritise portfolio activity

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Tue, 19 Mar 2019 13:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216703/chesser-resources-funded-for-gold-exploration-in-senegal-after-raising-900000-216703.html