Chesser Resources expands gold zones at Kestanelik

THE DRILL SERGEANT: Chesser Resources (ASX: CHZ) has taken receipt of the first drill results from a recently-commenced drill program at the company’s Kestanelik gold project in Turkey.

Results have come in from the first six holes out of the 70 drill holes to have been completed to date.

KED-258, an infill hole completed on the KK1 and KK2 vein zones returned an intercept of 8.1 metres of 12 grams per tonne gold on the KK1 zone.

 

Cross section showing KED-258. Source: Company announcement

 

Chesser said this was achieved in an area where the resource model estimate was approximately 4.5m at 0.9g/t gold and that it indicates the extent of the high-grade shoot area on the KK1 vein may be much larger than currently modelled.

An intersection on the KK2 zone in the same hole had a best intercept of 2m at 5.1g/t gold.

“The new program is delivering the results required to expand the indicated resource for Kestanelik, as well as to expand the overall resource.” Chesser Resources managing director Dr Rick Valenta said in the company’s announcement to the Australian Securities Exchange.

“This drilling has shown that in some areas the grades and thicknesses of gold mineralisation are higher than those in the August 2013 JORC resource estimate.

“We are very encouraged that early drilling has highlighted such areas, and look forward to continuing to build on those high-grade zones as the infill and step-out drilling continues.

“We are making good progress toward completion of the drill program, the PFS and the EIA permitting process, which are three of the key milestones in the process of de-risking Kestanelik and advancing toward production.”

Other drilling included KERC-140, which intersected the K1 zone with an intercept of 3m at 6.6g/t gold in an area where the resource estimate was approximately 3m at 1.1g/t gold.

KERC-141 tested an area of the K2K1 zone where the resource grade was estimated at approximately 0.8g/t gold over a width of approximately 5m.

Assays from this zone include: 2m at 3.2g/t gold and 2m at 2.7g/t gold within a broader interval of 22m at 0.91g/t gold.

Chesser indicated the results from the drilling will be used to complete a JORC resource update in early 2014, with timing dependent on the receipt of assays and subsequent modelling.

A further phase of drilling is planned contingent on the receipt of additional drill permits from the Turkish General Directorate of Forestry.

Email:
info@chesserresources.com.au

Website:
www.chesserresources.com.au