- Chesser Resources (CHZ) has entered a trading halt ahead of an upcoming capital raising
- The company will remain in the halt until November 30 or when an announcement is made, whichever occurs first
- On Tuesday, Chesser revealed it had intersected thick, shallow, high-grade mineralisation at its Diamba Sud Gold Project in Eastern Senegal
- A combination of diamond and reverse circulation drilling was undertaken at Area D where up to 25.14g/t gold was previously intersected
- Up to 19.4g/t gold was intersected and further drilling will now be undertaken to confirm whether the oxidised material has horizontal and structural control
- Shares in CHZ last traded for 22.5 cents on November 24
Chesser Resources (CHZ) has entered a trading halt ahead of an upcoming capital raising.
The company will remain in the halt until November 30 or when an announcement is made, whichever occurs first.
On Tuesday, Chesser revealed it had intersected thick, shallow, high-grade mineralisation at its Diamba Sud Gold Project in Eastern Senegal.
Three diamond holes and eight reverse circulation (RC) holes were drilled at Area D, where up to 25.14g/t gold was previously intersected.
Diamond drilling aimed to test the depth extent of the oxidised and fresh rock mineralisation, and to investigate the nature of a northeast-trending structure.
Work encountered fine-grained sandstones and carbonates, and up to 19.4g/t gold was intersected.
All eight of the RC holes intersected significant gold mineralisation with grades peaking at 16.55g/t gold.
Further drilling will be undertaken to confirm whether the oxidised material has horizontal and structural control.
Chesser is now waiting on results from an additional four diamond and 12 RC holes at Area D, as well as results from Area A.
Chesser is yet to disclose how much it is raising or what it will be using the money for.
Shares in CHZ last traded for 22.5 cents on November 24.