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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: 0.067 AUD

ASX:CHZ
Market: ASX
Market Cap: $18.78 m
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Full interview: Chesser Resources has high grade gold discovery at Diamba...

Chesser Resources (ASX: CHZ) Managing Director Mike Brown joined Steve Darling from Proactive Vancouver to discuss their project in Senegal. Chesser undertaking two small drill programs with success. Brown talks about what they have discovered and what the next steps they are planning at...

on 12/9/19

2 min read