Business
Drilling Update & New Licence Applications
Drilling Update & New Licence Applications.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4462P\n Chesterfield Resources PLC\n 19 October 2021\n \n \n \n \n \n \n \n \n \n \n Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining\n \n \n \n \n \n 19 October 2021\n \n \n Encouraging drill intersections and new licence applications in Cyprus\n \n \n \n \n \n Chesterfield Resources is pleased to announce that recent diamond drill holes have intersected further mineralisation that could form a continuation of a known deposit. The company has also applied for four additional mineral exploration licences in Cyprus targeting copper and gold \n totalling an additional area of 9.29 km².\n \n \n · \n Encouraging mineralisation encountered in Cyprus diamond drilling\n \n \n · \n New applications for licences containing known mineralisation \n \n \n · \n Application areas include significant historic exploration, together with under-explored target areas. \n \n \n Said Executive Chairman, Martin French, \"We have decided to continue with our diamond drill programme in Cyprus after intercepting encouraging mineralisation in a number of holes that indicates a potential extension of a previously drilled system. While these intersections have yet to be assayed, they are at a similar style and depth to known grade. We are hopeful that they could form a continuous deposit, which is still open along strike.\n \n \n \n \n \n After an appraisal of archive and other material we have decided to apply for a number of new licences with encouraging historic drilling and geophysics work. We will use modern exploration techniques and enhanced geological understanding to progress exploration and create new targets for our next season's work.\"\n \n \n The Mansoura application is located 18 km NE of the current Troodos West permits and covers an area of 4.05 km². This prospective permit contains a 1.50 km long NNW trending belt of 14 gossanous surface expressions with a coincident gold soil anomaly (ref Geochemical Atlas of Cyprus). The majority of historic exploration work took place in the 1950's and consisted of spontaneous polarisation and surface electromagnetic geophysical surveys alongside minor pitting of gossans. There is considerable scope to augment this historic work with more modern techniques and information derived from the company's recent explora...