- Chesser Resources (CHZ) has released a summary for the September quarter which largely focused on the Diamba Sud Gold Project in Senegal
- The company conducted an extensive 4000-metre drilling program at Diamba Sud which yielded high-grade gold results
- Chesser raised $6 million through a placement which supported drilling efforts that are currently underway
- 20,000 metres of drilling is being undertaken to follow-up on previous results at Area D and Area A
- Company shares are down a slight 2 per cent and trading for 24.5 cents
Chesser Resources (CHZ) has released its quarterly report for the September quarter which largely focused on the Diamba Sud Gold Project in Senegal.
During the quarter, Chesser completed 4000 metres of reverse circulation (RC) drilling at Diamba Sud.
Drilling aimed to test extensions of the high-grade structure identified at Area A, a potential northwest-trending mineralised control at Area D and following up on historical drilling at Western Splay area.
RC drilling yielded spectacular high-grade gold results at Area D
and Area A discoveries, as well as the Western Splay prospect.
Stand-out results from Area D include 48 metres at 6.7g/t gold from 24 metres including 10 metres at 25.14g/t gold from 62 metres and 38 metres at 4.63g/t gold from eight metres including 18 metres at 7.04g/t gold from 28 metres.
At Area A, drilling extended high-grade gold mineralisation on the southeast trending structure. Results include 15 metres at 6.14g/t gold from 77 metres including six metres at 9.44g/t gold from 79 metres.
At the Western Splay prospect, drilling intersected an 11-metre-wide mineralised structure of 22 metres at 2.12g/t gold from 36 metres including one metre at 13.9g/t gold from 54 metres.
In the quarter, Chesser appointed Boubacar Thera as Director of Corporate Affairs and New Business as well as Mark Connelly as the new Non-Executive Chairman. Both appointments are set to assist with advancing the Diamba Sud Project.
To support drilling programs, the company completed a $6 million placement to institutional and sophisticated investors. Chesser also received $380,000 from the exercise of options during the quarter.
Chesser ended the quarter with around $6.5 million in cash – leaving it well-funded to progress exploration activities at Diamba Sud. A 20,000-metre drilling
program is currently underway.
The program is initially focused on exploring the recent shallow, high-grade Area D discovery at depth and along strike, as well as extensions at Area A, where the alteration and mineralisation indicate a large hydrothermal system. First assays are expected late next month.
Company shares are down a slight 2 per cent and trading for 24.5 cents at 3:53 pm AEDT.