Chesser Resources Reported Further High-Grade Gold Intersections At Its Diamba Sud Project

  • May 06, 2019 AEST
  • Team Kalkine
Chesser Resources Reported Further High-Grade Gold Intersections At Its Diamba Sud Project

Gold explorer, Chesser Resources Limited (ASX: CHZ) has reported further high-grade gold intersections at its Diamba Sud Project. This project is located in Senegal which is a highly prospective region for large-scale orogenic gold deposits, making the project strategically important for the company.

Earlier on 10 April 2019, following the completion of Phase 1 drilling program, the company had reported multiple high-grade gold intersections in fresh rock at the Diamba Sud Project.

In an announcement made on 6 May 2019, after receiving assay results from a further 20 reverse circulation (RC) holes, the company announced various encouraging gold intercepts which included a new, high-grade gold intersection on Traverse 2780 (6m at 7.79g/t gold), indicating a strike extent of more than 2km for this potential north-trending mineralised zone.

Numerous other encouraging gold intercepts included-

  • 4m at 6.85g/t gold from 20m,
  • 4m at 2.98/t gold from 4m,
  • 16m at 1.05/t gold from 4m

As per the company’s announcement, the identified targets will be the focus of the follow-up Phase 2 drilling program which is going to start once all assay results are received and integrated with the planned Induced Polarisation geophysical survey.

Following the completion of the Phase 1 drilling program, the company is also planning an IP geophysical survey over the principal areas of interest to assist in the geological interpretation and future target generation.

The company’s Management includes highly experienced Mr. Michael Brown who is serving as a Managing Director & CEO in the company. In its over 25 years of experience, Mr. Michael has held various executive roles in big firms which includes working as senior executive roles with Kinross Gold, Austral Gold and Argentex Mining, working as a member of the executive team at Austral Gold and working as CEO of Argentex Mining, a TSX Listed precious metals explorer.

And besides that, the company’s Management also includes Mr. Gareth O’Donovan who is serving as a Exploration Manager in the company. Mr O’Donovan is having plenty of experience in West Africa including direct experience in Senegal and regionally on the West African Birimian terranes and he has led exploration efforts for a number of junior explorers in West Africa after more than 10 years working in various regions in Africa.

As at 31 March 2019, the company had cash of $1.163 million. During the March quarter, the company spent A$472k of cash for exploration & evaluation activities.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $0.046 with a market capitalisation of ~$10.55 Million as on 6 May 2019.

The stock has provided a year till date return of 17.5% & also posted returns of -2.08%, 17.50% & -11.32% over the past six months, three & one-month period respectively.


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