Total
0
Shares
Chesser Resources (ASX:CHZ) reports more sturdy gold hits in Senegal
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Chesser Resources (CHZ) has spiked today after releasing the latest set of assay results from its recent drilling in Senegal, West Africa
  • The results come from around 4000 metres of diamond and reverse circulation drilling at flagship Chesser's Diamba Sud project
  • The drilling was completed in the Area A zone of the project, with results to contribute to resource estimate studies for the project later this year
  • On top of this, some of the drilling results could potentially extend known mineralisation in the main fault at Area A by some 200 metres to the south
  • Chesser has now returned its drilling rig to Area D at Diamba Sud to follow up high-grade drilling results from late-2020
  • Shares in Chesser Resources are up 5 per cent this morning to 20 cents each

Chesser Resources (CHZ) has spiked in early action today after releasing the latest set of assay results from over 4000 metres of drilling in Senegal, West Africa.

The results come from a mix of diamond drilling and reverse circulation (RC) drilling in the Area A zone of the company's flagship Diamba Sud project.

Over the last two months of 2020, Chesser drilled four diamond holes for just over 1000 metres and 21 RC holes for just under 3000 metres.

The best results from drilling in fresh rock along a crosscutting northeast-trending zone at Area A include a 25-metre hit at 7.2 grams per tonne (g/t) of gold from 102 metres, which itself included a 9-metre zone at 11.55 g/t of gold from 104 metres.

At the same time, step-out drilling along strike of the northwest-trending main fault in the area has potentially extended the structure by around 200 metres to the sound. Best results from drilling this main fault include a 3.35-metre intersection at 1.96 g/t of gold from 170 metres and a 2.95-metre intersection at 6.52 g/t of gold from 180 metres.

Recently-appointed Chesser CEO Andrew Grove said this is an exciting time to be joining the Chesser team.

"The grade and widths of these intersections will contribute favourably to a resource model to be commenced this year," Andrew said.

Company management added that today's results highlight the consistency and the high-grade nature of mineralisation in this section of the Diamba Sud project.

What's next?

Chesser has already returned its drilling rig to Area D at Diamba Sud to follow up on high-grade results reported on in December 2020.

This time around, the drilling will test for extensions to gold mineralisation to the northeast, north, and northwest of what's already been discovered.

The company also plans to test targets at the Western Splay and Southern Arc areas at the project as part of this drilling program.

Chesser expects to release a steady flow of drill results throughout the first half of 2021.

On top of this, Chesser is planning to extend gradient array induced polarisation geophysical coverage over some large parts of the northern Diamba Sud block during the March 2021 quarter.

Shares in Chesser Resources are trading 5.26 per cent higher at 11:44 am AEDT to 20 cents per share. Chesser has a $90 million market cap.

CHZ by the numbers
More From The Market Herald
New 3D model prompts Emmerson Resources (ASX:ERM) to start drilling at Kiola

" New 3D model prompts Emmerson Resources (ASX:ERM) to start drilling at Kiola

Emmerson Resources (ERM) has outlined some drill targets at its Kiola Project in New South Wales.
Australasian Gold (ASX:A8G) - Managing Director, Dr Qingtao Zeng - The Market Herald

" Australasian Gold (ASX:A8G) receives maiden diamond drill results from May Queen

Australasian Gold (A8G) has received results from its maiden diamond drilling program at its May Queen Gold Project in Queensland.
Heavy Minerals (ASX:HVY) - Executive Director and CEO, Nic Matich (second from the right) - The Market Herald

" Heavy Minerals (ASX:HVY) prepares for 12,000m drilling after ASX listing

Heavy Minerals (HVY) has engaged Hornet Drilling as the drilling contractor for an upcoming program.
Iceni Gold (ASX:ICL) - Executive Chairman, Brian Rodan (left) with a member of the exploration team. - The Market Herald

" Iceni Gold (ASX:ICL) hits third significant intersection at TOTK

Iceni Gold (ICL) has had further success at the TOTK target area, hitting a third significant intersection.