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

The company's land package is in a region containing numerous large-scale gold deposits including Barrick Gold's Loulo and Gounkoto mines.

Senegal on the map
Chesser’s maiden drill program commenced in January 2019

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

Quick facts: Chesser Resources Limited

Price: 0.1 AUD

ASX:CHZ
Market: ASX
Market Cap: $32.74 m
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Full interview: Chesser Resources unveils 'really encouraging' phase 3 drill...

Chesser Resources Limited (ASX:CHZ) CEO Mike Brown tells Proactive the gold exploration company is encouraged by final drilling results from phase 3 drilling at the Diamba Sud Gold Project in Senegal, West Africa, which have extended the Area A discovery within the Northern Arc target. Brown...

on 12/3/20

2 min read