logo-loader
viewChesser Resources Limited

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

ASX:CHZ
Market: ASX
Market Cap: $85.61 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Chesser Resources Limited named herein, including the promotion by the Company of Chesser Resources Limited in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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