Business
Operational and corporate update
Operational and corporate update.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3177X Chesterfield Resources PLC 18 December 2019 \n\n18 December 2019\n \nCHESTERFIELD RESOURCES PLC\n(TIDM: CHF)\n \nOperational and corporate update\n \nHighlights \n \n· Greatly expanded target programme in Troodos West with at least ten specified drill targets\n· Series of significant anomalies buried in a cluster within a 4sq km area\n· Invasive testing programme about to commence\n· Drilling planned for 1Q 2020\n· New incentive options programme\n \nOperational update\n \nChesterfield Resources plc is pleased to provide an operational update for the end of the year 2019. There has been considerable, and unexpected, progress in our target development programme at Troodos West. The company now has ten specified drill targets at Troodos West and may add more to this list.\n \nThe area was last actively mined in the 1970s, prior to the invasion of Northern Cyprus by Turkey in 1974. We believe that until this time ore bodies were identified only by surface expressions of mineralisation. It is well known that Cyprus VMS deposits have a tendency to be formed in clusters. It is therefore likely that further deposits would have occurred underground with no evidence at surface. It has been our strategy to seek out such buried ore bodies using modern exploration techniques.\n \nIn recent months many new such anomalies have been identified and have risen up our ranking of targets. Many of them are within a few kilometres of each other as so to potentially form feeder deposits for a single processing plant. It therefore became logical to delay our diamond drill programme until such time as the target ranking became properly defined.\n \nWe are about to commence a final programme of invasive test work on our target list and then proceed with diamond drilling when weather permits in Q1 2020. In the new year the Company will provide more detailed information on specific targets and the results of testing 2020 will be a busy year for Chesterfield Resources plc.\n \nThe team has been working hard and this is an opportune time to incentivise them to boost shareholder value going forward. Therefore, the Remuneration Committee has agreed to issue options over a total of 2,300,...