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Chesser Resources hits further broad high-grade gold in phase-II drilling at Diamba Sud

The phase-II drilling program was completed in mid-July with a total of 26 RC holes drilled for 2,873 metres.

Chesser Resources Limited - Chesser Resources hits further high-grade gold up to 4.99 g/t in phase-II Diamba Sud drilling
A review of exploration results and planning for follow-up drilling is underway

Chesser Resources Ltd (ASX:CHZ) has hit further broad intersections of high-grade gold in drilling at the Diamba Sud Gold Project in Senegal, Africa.

Assays have been received from the remaining 12 reverse circulation (RC) drill holes from a phase-II drilling program with ‘significant’ intersections encountered along two north-trending host structures adjoining Line D within the Northern Arc target.

The best result is 53 metres at 2.61 g/t gold from 57 metres, including 17 metres at 4.97 g/t from 59 metres in hole DSR-103.

“Significant" mineralisation confirmed

Managing director Mike Brown said: “These final highly encouraging drill results confirm the presence of areas of significant gold mineralisation along a significant structure within the Northern Arc target.

“This is in addition to the previously announced discovery at the Line A area.

“The overall length of the mineralisation intersected in hole DSR-103 is exceptional, as is the mineralisation across the intersected structure.

“This may represent a high-grade shoot, with detailed drilling required to confirm the full extent of these emerging zones of gold mineralisation.

“Planning is underway for the next phase of follow-up drilling scheduled to begin immediately following the wet season.”

Shares have been up as much as 12% to an intra-day high of 8.2 cents, which is a new 12-month high.

High-grade intersections

Other notable intersections include:

  • 4 metres at 2.23 g/t from 93 metres, and 4 metres at 2.75 g/t from 99 metres;
  • 14 metres at 1.74 g/t from 8 metres; and
  • 2 metres at 4.99 g/t from 22 metres.

Similar to other large systems

The northern Arc target exhibits characteristics similar to other large gold systems in the region, including the nearby world-class Gounkoto/Loulo and Fekola deposits:

  • Spatially related to splays off the Senegal Mali shear zone (SMSZ);
  • Northerly trend of mineralisation; and
  • Association of potassic alteration and pyrite with high-gold grades.

A full review of the exploration results is underway with drilling activities expected to resume in October following the West African wet season.

Quick facts: Chesser Resources Limited

Price: 0.24 AUD

Market: ASX
Market Cap: $85.61 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