Chesser Resources reports multiple spectacular gold hits from Diamba Sud

by Leena Thomas
Image: Chesser Resources Limited

Chesser Resources Limited (ASX: CHZ) has announced high-grade intersections including 48m @ 6.70g/t and 55m @ 4.27 g/t gold from its flagship Diamba Sud Gold Project in Senegal, West Africa.

The company reported that at Area D, drilling intersected exceptionally thick, shallow, high-grade oxidised mineralisation across a 200m wide zone in five adjacent holes.

Significant intercepts include 48m at 6.70 g/t gold from 24m, including 10m at 25.14 g/t gold from 62m; 55m at 4.27 g/t gold from 16m; 38m at 4.63 g/t gold from 8m, including 18m at 7.04 g/t gold from 28m,  including 4m at 18.30 g/t gold from 30m; 36m at 2.93 g/t gold from 6m, including 10m at 6.13 g/t gold from 16m; and 34m at 1.91 g/t gold from 16m.

CHZ said that the mineralisation remains open to the southwest, northeast, and to the northwest.

The company said that at the Western Splay Target, drilling confirmed and extended strike extent of mineralised structures intersected in previous drilling which included 2m at 19.80g/t gold from 4m; 6m at 1.79 g/t gold from 28m; 3m at 1.09 g/t gold from 91m; and 10m at 1.10 g/t from 111m.

CHZ said that the large main structure at Western Splay and multiple other sub-parallel anomalies remain untested.

Diamba Sud project

Chesser’s 100%-owned Diamba Sud project is located ~2km to the west of the Senegal Mali Shear Zone (SMSZ) and covers 53.2km2 over the gold-bearing Kedougou-Kenieba Inlier.

SMSZ is a major regional structure and host to numerous multi-million-ounce gold deposits including B2Gold’s 7.6Moz Fekola mine, Barrick’s 18Moz Loulo-Gounkoto complex, and IAMGold’s Sadiola and Yatela mines.

Diamba Sud consists of two blocks referred to as DS1 in the north and DS2 in the south. Important targets include Northern Arc Target, Eastern Flank Target, and Western Flank Target.  The Area A, Area B, and Area D discoveries are located within the Northern Arc target.

Drilling at Diamba Sud

The company had commenced RC drilling at Area D, Area B, and the Western Splay target area within the Diamba Sud project.

The company said that at Area D, two RC lines were drilled on a SW-NE orientation to test for possible NW-SE striking structures believed to host high-grade intersections from previous drilling and supported by a linear feature on geophysics. A second line was drilled parallel and 50m to the southwest.

CHZ said that at Area B, a line of 4 holes was drilled to the northeast bisecting a line of holes drilled in the first program of drilling undertaken by Chesser at Diamba Sud.

Chesser said that at Western Splay target area, Holes DSR149-151 were drilled 50m to the northwest of holes DSR145-148, which had returned 22m at 2.12 g/t gold, while Hole DSR152 was drilled 50m to the southwest of the previously reported line

High-grade results

The company has now reported high-grade drill assay results from seventeen RC holes totalling 1,525m. The results reported are for the nine holes from Area D, 4 holes from Area B, and 4 holes from the Western Splay target area.

Area D

The company said that at Area D, high-grade intersections up to 67.80 g/t gold were observed within broad continuous zones of mineralisation.

Highlights include Hole DSR153: 34m at 1.91 g/t gold from 16m, and 4m at 1.14 g/t gold from 72m; Hole DSR154: 38m at 4.63 g/t gold from 8m, including 18m at 7.04 g/t gold from 28m, including 4m at 18.30 g/t gold from 30m, and 12m at 1.32 g/t gold from 58m; Hole DSR155: 48m at 6.70 g/t gold from 24m, including 10m at 25.14 g/t gold from 62m; Hole DSR156: 55m at 4.27 gold from 16m; and Hole DSR157: 36m at 2.93 g/t gold from 6m, including 10m at 6.13 g/t gold from 16m and 7m at 1.32 g/t gold from 76m.

In addition, Hole DSR160 intersected 14m at 1.26 g/t gold from 6m, 2m at 3.56 g/t gold from 34m, 4m at 1.07 g/t gold from 48m and 4m at 1.14 g/t gold from 64m.

Area B

The company reported that at Area B, Holes DSR162-164 intersected partially altered sedimentary breccias, whilst hole DSR165, at the northeast end of the line, intersected metasediments. Mineralisation was encountered in DSR162, intersecting 10m at 1.26 g/t gold from 50m and 1m at 3.44 g/t gold from 89m, which coincides with previous drilling.

Western Splay

The company said that the final results from the Western Splay target area have confirmed and extended the strike of northwest trending mineralised structures. CHZ said that drilling has confirmed a mineralised trend of ~300m, which is believed to extend by at least an additional ~200m to the artisanal workings on strike, and remains open in both directions.

The company reported that the drilling has confirmed this structure and the broader Western Splay area as highly prospective with multiple targets expected to be tested in future drilling.

Select significant intersections include Hole DSR150: 2m at 19.80 g/t gold from 4m; and Hole DSR152: 6m at 1.79 g/t gold from 28m and 10m @ 1.10 g/t gold from 111m

Assay results pending

CHZ said that the drill assay results are pending from six remaining RC holes at Area A and the southeast extension of Area A near Barrick’s Bambadji JV tenement boundary, as well as two incomplete holes that were re-entered.

Next steps

The company reported that the results received to date at Area A, Area D, and Western Splay provide it with an excellent platform to conduct further exploration at Diamba Sud.

The company said that the Northern Arc gold geochemical anomaly is a significant feature some 4km in length and up to a kilometre wide, with significant parts of it still to be tested by drilling. It trends into the Bambadji Tenement to the east, which Barrick is actively exploring.

CHZ reported that further RC and possible diamond drilling are expected to be planned to follow up the recent results and upon receipt of the remaining assays for holes not reported.

Financials

CHZ said that a strong funding position associated with the recent $6 million placement should allow the Company to rapidly plan for the next phase of drilling planned to commence as soon as practical at the end of the wet season.

Management comments

Mike Brown, Managing Director and CEO of Chesser Resources said: “Results like this are exceptional and rare. Whilst this discovery is still at an early stage, the consistency, high-grade and thickness from near surface is remarkable.

Additionally, we have achieved significant success at the Western Splay target where mineralisation along strike to a structure that is parallel to the Western Splay has been confirmed. With pending results from 8 holes at Area A, a strong cash balance and the recent appointment of Mark Connelly as Non-Executive Chairman, the Company is well positioned for a transformational year ahead.”