Chesser Resources identifies new mineralised Turkish delights

/in /by

THE DRILL SERGEANT: Step-out drilling being conducted by Chesser Resources (ASX: CHZ) at the company’s Kestanelik gold project in Turkey has identified further extensions to gold bearing vein systems and new gold zones, in areas outside of the project’s current JORC Mineral Resource.

Chesser has received results for a further 34 holes from the current 15,000 metre drill program.

Results include:

Diamond drilling at the new 300 metre-long A3C zone returned intercepts of:

–    1.4 metres at 10.2 grams per tonne gold;

–    1.4m at 3.6g/t gold; and

–    1.1m at 29.5g/t gold in the KS vein from a zone at the margin of the maiden JORC resource.

Step out drilling on the Karakovan 3 (KK3) zone outside the area of the existing resource included:

–    3.2m at 3.66g/t gold;

–    4.6m at 6.42g/t gold, including 1.5m at 19g/t gold; and

–    2.9m at 5.03g/t gold.

Step out drilling on the Karakovan 1 (KK1) zone outside the area of the existing resource included:

–    3.5m at 2.91g/t gold.

Further zones of near-surface gold mineralisation outside the maiden JORC resource at the junction area at the eastern end of K3, KS, K4 and Topyurt veins including:

–    20.8m at 1.73g/t gold from surface; and

–    13m at 1.5g/t gold from surface.

Chesser has now completed 12,500m of 15,000m program, with results released from the first 65 holes totalling 10,000m.

The company said 48 of the 65 holes it has completed date in this campaign have intercepted veins with gold mineralisation.

 

Locations of new drillholes within main drilling area. Source: Company announcement

 

Chesser said it was pleased with the results the campaign has delivered so far, which it suggested would lead to an increase in the JORC-compliant Mineral Resource at Kestanelik once the campaign has been completed.

“This drilling has confirmed that the mineralised zones at Kestanelik extend well beyond the existing resource,” Chesser Resources managing director Dr Rick Valenta said in the company’s announcement to the Australian Securities Exchange.

“We are continuing to explore a major, new high-grade extension to the Karakovan zone in the north west of the field, which remains open to the north-east and the south-west.

“The drilling continues to add confidence in the potential to expand the resource in preparation for the forthcoming pre-feasibility study.

“We are also finding further wide intercepts of near-surface mineralisation at the junction of the K3 East, KS, K4 and Topyurt veins beyond the eastern edge of the current resource boundary.”

Chesser indicated it anticipates results of the drilling campaign to continue to be released into the first half of 2013, in support of a JORC resource update it expects to be completed by the end of the June quarter of 2013.

The company is now preparing for a Pre-Feasibility study at Kestanelik, which is scheduled to commence during the second quarter of 2013.

Chesser said it accelerated the pre-feasibility on the back of positive results from its recently announced Scoping Study.