Chesterfield Resources PLC Commencement of Geophysics Programme (1384B)
June 05 2019 - 2:00AM
UK Regulatory
TIDMCHF
RNS Number : 1384B
Chesterfield Resources PLC
05 June 2019
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
5 June 2019
Chesterfield Resources Plc (the 'Company', 'Chesterfield')
Chesterfield Resources commences geophysics programme
Chesterfield Resources Plc, the copper exploration company, is
pleased to announced that it has commenced an extensive IP
geophysical survey on a number of its priority targets in
Cyprus.
The IP (induced polarisation and resistivity) survey is an
underground imaging technique used to identify ore mineralisation
occurrences typical of those found in Cyprus. The survey works by
transmitting an electric current into the subsurface via electrodes
planted into the ground. IP is a well established and effective
technique used in mineral exploration, and appropriate to identify
Cyprus-type deposits. Chesterfield has spent several months this
year engaged in satellite mapping, extensive geochemical sampling,
and archival analysis to identify a series of prime target areas.
Results from the IP survey will be combined with this work to
provide specific drill targets.
The IP programme will last around a month and typically involves
surveying lines of around 1km long and 100m apart to produce a
survey area of approximately 1kmsq on each of several targets. The
depth of the survey responses varies due to rock types. In Cyprus,
the survey responses may typically be up to 200m below surface.
Specific targets in this survey include potential extensions to
some of the larger mineralised systems emanating from existing
mines and mineral occurrences. Such advanced IP surveys were
unavailable to explorers in the 1960s and 1970s when Cyprus was an
active mining centre and so gives Chesterfield an advantage in
locating previously undiscovered ore bodies. The survey has been
contracted to a specialist company from Finland.
Executive Chairman Martin French said, "The IP survey is an
important part of our discovery process. It provides a powerful
vectoring tool to focus in on drill targets in highly prospective
geological terrain, saving both time and cost for the drill
campaign. The survey has commenced on a prime target, called Evlim,
and has already produced some encouraging initial results, backing
up the geological theory we have developed for the target. The IP
team will then move to Troodos North to survey another large target
called South Mathiatis, and further targets thereafter. Once
completed we will start final preparation for drilling. Further
news will follow soon."
Competent Person
The information in this announcement that relates to Exploration
Results is based on information compiled by Michael Parker, who is
a Member of the Australasian Institute of Mining and Metallurgy.
Michael Parker has reviewed this announcement and consents to the
inclusion in the announcement of the matters based on his
information in the form and context in which it appears
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About Chesterfield Resources Plc
Chesterfield Resources is a copper-gold exploration and
development Company active in Cyprus. The Company generates value
for shareholders by discovering and developing multiple deposits to
production. Chesterfield is currently progressing its Cyprus
Project.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information, please visit
www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Shard Capital (Broker):
Damon Heath Tel: +44(0)20 7186 9952
This information is provided by RNS, the news service of the
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END
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