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    Chesser reports high-grade gold at Diamba Sud

    Chesser Resources Limited (ASX: CHZ) has announced highly encouraging first assay results from the recently completed Phase 2 RC drilling program at its flagship Diamba Sud Project in eastern Senegal, West Africa.

    The company reported that assay results from the first 14 RC drill holes of the Phase 2 drilling program confirm high-grade gold discovery at Line A within the Northern Arc Target.

    CHZ said that multiple zones of significant gold mineralisation were intersected, including 21m at 6.62g/t gold from 53m, including 1m at 30.60g/t gold from 69m, and 4m at 3.44g/t gold from 76m; and 14m at 9.53g/t gold from 75m, including 2m at 21.85g/t gold from 78m.

    The company also reported that further encouraging results were returned from Line F, including 2m at 4.91g/t gold from 26m, and 2m at 5.35g/t gold from 34m; and 12m at 1.14g/t gold from 30m.

    Chesser noted that 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.

    The company reported that assay results are pending from the remaining 12 holes of the Phase 2 drill program.

    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.

    Phase 1 drilling

    The phase 1 drilling within the northern block of Diamba Sud (DS1) commenced in late January 2019 and was completed in late March, with a total of 70 holes drilled for 4,671m.

    The drilling had intersected numerous medium to high grade gold intersections in both saprolite and fresh rock. Auger drilling identified a large number of gold anomalous zones within DS1.

    The four main targets identified were the Northern Arc target, the Eastern Flank target, the Western Flank target and the Southern Zone target. These four targets form part of an extensive, circular gold-in-auger geochemical anomaly.

    Phase 2 RC drilling

    The company announced that it had completed the phase 2 drilling program within DS1 in mid-July. The program focussed on the Northern Arc and Western Flank Targets.

    A total of 26 RC holes were drilled for 2,873m. The company has now reported the assay results from the first 14 RC holes drilled at the Northern Arc and Western Flank Targets.

    The company announced that high grade gold discovery at Line A within the Northern Arc Target while encouraging results were reported from Line F within the Northern Arc Target. However, the Western Flank Targets did not return any elevated gold grades.

    Assays from 6 holes at Line A area of Northern Arc

    The company said that a total of six RC holes were drilled on a westerly azimuth along two east-west oriented traverses. All holes were designed to confirm the orientation of the host structure and were drilled to downhole depths of between 81m and 129m.

    The company said that the holes successfully intersected gold mineralisation in predominantly fresh rock associated with multiple apparent, easterly-dipping zones.

    Significant intersections include 21m at 6.62g/t gold from 53m including 1m at 30.60g/t gold from 69m, and 4m at 3.44g/t gold from 76m; 14m at 9.53g/t gold from 75m, including 2m at 21.85g/t gold from 78m, and 2m at 13.15g/t gold from 83m; 6m at 7.27g/t gold from 60m, 11m at 2.15g/t gold from 70m, and 6m at 3.17g/t gold from 107m; 2m at 7.09g/t gold from 82m, including 1m at 13.40g/t gold from 82m; 6m at 2.91g/t gold from 104m, and 6m at 3.08g/t gold from 120m; and 4m at 2.46g/t gold from 20m, and 14m at 2.83g/t gold from 87m.

    Assays from 5 holes at Line F area of Northern Arc

    The company said that a total of five RC holes were drilled on a westerly azimuth along three east-west oriented traverses to test for extensions, of which four of the holes intersected gold mineralisation at shallow depths near or within fresh rock.

    Encouraging results returned from Line F includes 2m at 4.91g/t gold from 26m, and 2m at 5.35g/t gold from 34m; 12m at 1.14g/t gold from 30m; 4m at 2.25g/t gold from 18m; and 4m at 2.05g/t gold from 30m.

    3 holes at Western Flank Target

    Chesser reported that a further three RC holes were drilled adjacent to and in 50m step outs from the previously reported Phase 1 intersection at Western Flank.

    The company said that the holes intersected breccia with sulphides (pyrite) corresponding to the interpreted position of a splay structure but didn’t return any elevated gold grades.

    Similar characteristics as other large gold systems

    The company reported that Northern Arc Target exhibits characteristics similar to other large gold systems in the region, including the nearby world-class Gounkoto/Loulo (5.5/12.5Moz) and Fekola (7.6Moz) deposits.

    This includes 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.

    Next steps

    The company announced that further RC and possible diamond drilling is expected to be planned to follow up the results reported and upon receipt of the remaining assays for holes not reported.

    Assay results are currently pending from 12 holes drilled in the vicinity of Line D within the Northern Arc Target.

    The company said that the GAIP IP survey over Line D shows a large north-trending conductivity high coincident with the fresh rock intersection, possibly indicating deeper weathering over a host structure.

    The company also announced that a full review of the exploration results will be undertaken during the remainder of the wet season (July-September) with drilling activities expected to resume in October.

    Management comments

    Mike Brown, Managing Director and CEO of Chesser Resources said: “These excellent drill results confirm a high-grade gold discovery at the Northern Arc Target within our 100% owned Diamba Sud Project, strategically located near the prolific Senegal Mali Shear Zone.

    While there has been limited wide spaced drilling to date, planning is underway for a program of detailed follow-up drilling immediately following the wet season. We look forward to reporting the remaining assay results from this already highly successful program and updating the market on our future plans.”

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00