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

High-grade gold has been intersected in the shallow oxide material at Diamba Sud.

 Section of Line D RC Drilling looking to northeast, showing significant intercepts
The majority of assays are still to be received and drilling continues

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

Quick facts: Chesser Resources Limited

Price: 0.2 AUD

Market: ASX
Market Cap: $81.39 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