Chesser Resources confirms and improves Kestanelik gold numbers

THE DRILL SERGEANT: Chesser Resources (ASX: CHZ) has received further results from a drill program conducted late last year at the company’s Kestanelik gold project in Turkey.

The company has received drill results for a further 12 diamond and 27 RC holes out of the 89 completed drill holes comprising the Phase 1 program.

According to Chesser the results have confirmed, and in some cases improved on existing results with the new intersections revealing potential to expand the footprint of near surface high-grade shoots in the company’s model for the project.


Cross section showing the position of high grade intercepts on
the K3 and K3-hangingwall ore bodies. Source: Company announcement


New intersections include:

41.7 metres at 4.36 grams per tonne gold from 111.5 metres, including 11.1 metres at 13.51 grams per tonne gold;

20.1m at 4.73g/t gold from 149m, including 3.4m at 23.08g/t gold;

12m at 5.03g/t gold from surface, including 4m at 14.02g/t gold;

35m at 2.07g/t gold from 60.4m, including 1.5m at 16.5 g/t gold;

37.1m at 1.24g/t gold from 31.5m, including 1.7m at 8.58g/t gold and 1.6m at 9.95g/t gold;

5m at 4.2g/t gold from 34m, including 1m at 10.8g/t gold; and

2m at 20.95g/t gold from 180m, including 1m at 39.9g/t gold.

“The phase one program was completed on schedule and will deliver a large number of new intercepts both inside and outside the existing resource,” Chesser Resources managing director Dr Rick Valenta said in the company’s announcement to the Australian Securities Exchange.

“We continue to be encouraged about the large number of intercepts which are proving to be better than the modelled resource at the corresponding location, increasing our confidence about the robust nature of the resource, along with its cost and infrastructure advantages.

“We are continuing to make good progress on the studies associated with the PFS and the EIA permitting process, and expect to provide more detail on key milestones associated with these activities as they arise.”

Chesser indicated it will use the results to complete a JORC resource for release in the June Quarter of2014, the timing of which will be dependent on the receipt of assays and subsequent modelling.

The updated JORC resource will be a key input to the Kestanelik PFS.