Business
Final Results, Notice of AGM, Director Resignation
Final Results, Notice of AGM, Director Resignation.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5861X Chesterfield Resources PLC 30 April 2019 \n\nChesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining\n30 April 2019\nChesterfield Resources Plc (the 'Company', 'Chesterfield')\nFinal Results, Notice of AGM and Director Resignation\n \nChesterfield Resources plc is pleased to announce its final results for the year ended 31 December 2018. \nFINAL RESULTS\nChairman's Statement\n\"Chesterfield Resources plc has made significant progress in its operations since the last Chairman's letter to shareholders, a little over six months ago. \nBy way of recap, in July 2018 Chesterfield re-admitted as a Standard Listing on the main board of the London Stock Exchange. This was to effect an acquisition of HKP Exploration Limited, which held a number of mineral exploration licences in the Republic of Cyprus. In the third quarter of 2018 the Group commenced a preliminary drill campaign on a number of targets namely Evloimeni, Mavroyi, Magouda, Double Seven and Ayia Saranta. \nProgress report for the last six months\nThe Company completed 3,097m of its drilling campaign in the last quarter of 2018 on several targets in its Troodos West Exploration area. From a preliminary analysis of core, the Board of Directors took a decision to greatly expand the Group's land package in Cyprus. There were numerous intersections of 1-2% Cu and also a surprising amount of gold, with many intersections assaying at 1-2g per tonne. There was a geological surprise also, with the discovery of more recent epithermal systems alongside the well-established Cyprus-type Volcanogenic Massive Sulphide (\"VMS\") mineralization. This means that copper-gold+/-zinc mineralisation can be hosted in two different types of system\nThe operations team was asked to focus its attention on identifying new minerals rights land packages for the Group to apply for. Because the permits were available directly from the authorities in Cyprus they were relatively inexpensive and easy to acquire. Thus, it made sense to secure first mover advantage by submitting applications over the most promising licence areas still available. The programme of new land applications was completed at the end of February 2019, almost quadrupling the Group's total land position to 237 km2. This made Chesterfield by far the largest holder of mineral rights in Cyprus. Th...