Business
Adeline Project to More than Double in Size
Adeline Project to More than Double in Size.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0655C\n Chesterfield Resources PLC\n 16 June 2021\n \n \n \n \n Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining\n \n \n \n \n \n 16 June 2021\n \n \n Chesterfield to more than double the size of Adeline project\n \n \n \n \n \n Chesterfield Resources is pleased to announce that \n it is has exercised the right to acquire a considerable number of new mineral licenses to more than double the size of its Adeline copper exploration project, in Labrador, Canada. The licences will be acquired when the company completes the acquisition of the project, expected in coming weeks. The total licence area of the Adeline project will now be extended to nearly 300 KM2, in one continuous block. The company also announces the commencement of exploration programmes on the project. \n \n \n \n \n \n Said Executive Chairman, Martin French, \"Since we announced the acquisition of the large-scale Adeline project four weeks ago, the company has wasted no time in getting to work. Not only will we now be acquiring claims to more than double the licence area, we have also embarked on a large-scale data analytics programme, and have commissioned a detailed field survey to start within weeks. The process of developing targets is already well-advanced. The technical initiative is being led by our Director of Exploration, Dr Neil O'Brien who is based near Toronto, who has assembled a team of industry specialists and local experts. The vendor of the project, royalty company Altius Minerals, is assisting with the planning and organisation of the field team from its base at St John's, Newfoundland.\n \n \n \n \n \n The market should not under-estimate the size of this project. We have now built a district-scale licence package that covers an entire sedimentary basin known to host extensive copper mineralization. Not only is such scale unusual, the project is also located in a very low risk jurisdiction, Labrador, which was recently ranked the 8th best mining location in the world by the Fraser Institute. With these new licences, the size of our project is now equivalent to more than five times that of Manhattan and contains approximately 250 known copper prospects. We have acquired this project at a time of intense global competition for such assets. The mining industry is scrambling for g...