Business
Update on Cyprus Operations
Update on Cyprus Operations.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \n \n Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining\n \n \n \n \n \n 8 November 2022\n \n \n \n CHESTERFIELD RESOURCES PLC\n \n \n \n \n (\"Chesterfield\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Update on Cyprus Operations\n \n \n \n \n \n \n \n \n \n Chesterfield is pleased to update the market with respect to its Cyprus strategy for 2023.\n \n \n \n \n \n Chesterfield remains committed to build upon the successes that it has enjoyed on a licence group of three areas that are close together (two are adjoining) on the Westline Trend, a highly prospective mineral trend containing the Westline and Orchard areas in the West Troodos area, with a history of positive drill results announced most recently in late 2021 and early 2022.\n \n \n \n \n \n At Westline, this recent work produced some long polymetallic intersections with consistently elevated gold shows, indicating potential for a for a larger nearby copper-zinc massive sulphide deposit with the target open in all directions. At Orchard, which has a history small scale trial mining in the 1950s, drilling in 2018 and 2021 encountered semi-massive sulphides.\n \n \n \n \n \n Plans, currently being developed, include more drilling to continue to test the mineralised system for massive sulphide with potential in all directions. The scope and timing of the plans will depend on factors that will include the sale of the Adeline interests and prevailing market conditions. Chesterfield will also entertain proposals for joint venture or direct investment in the Cyprus licences though no such discussions are currently advanced. The Company will in due course update the market on the specifics of its plans for exploration work which it aims to carry out in 2023.\n \n \n \n \n \n The Company is also rationalising its large exploration licence portfolio in Cyprus to reduce unnecessary spending and potential shareholder dilution while continuing to advance its most highly prospective retained Westline and Orchard assets. In line with this approach Chesterfield has recently informed the relevant authorities in Cyprus of its plan to surrender a number of licences as they expire over the next six months. As the affected licences expire in the coming months, Chesterfield's p...