Chesser Resources step out drilling hits standout gold

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THE DRILL SERGEANT: Chesser Resources (ASX: CHZ) has received assay results for 25 holes from drilling currently underway at the company’s 100 per cent-owned Kestanelik gold project in Turkey.

The company is conducting a program of step-out drilling to identify extensions to gold bearing vein systems to the southwest of the projects’ initial JORC-compliant resource (5.9 million tonnes at 2.4g/t gold for a total of 462,000 ounces at a 0.5 g/t gold cut-off).

 Latest results include:
 
–    22 metres at 2.9 grams per tonne gold and 8.2 grams per tonne silver from 45 metres, including 5m at 8.7g/t gold and 24.4g/t silver;

–    18m at 2.9g/t gold and 1.3g/t silver from 41m, including 5m at 9g/t gold and 4.1g/t silver; and

–    4m at 5.3g/t gold and 3.6g/t silver from surface, including 2m at 9.4g/t gold and 5.9g/t silver as well as a deeper interval in the same hole of 3m at 7.1g/t gold and 9.5g/t silver from 24m.

“Drilling is continuing to deliver very encouraging results and will lead to an increase in the JORC Mineral Resource at Kestanelik following the completion of the campaign,” Chesser Resources managing director Dr Rick Valenta said in the company’s announcement to the Australian Securities Exchange.

“The multiple high-grade results in the K2-KS-K1 intersection zone will undoubtedly add to the upcoming resource as they lie well outside the limits of the initial resource and remain open to the southwest.

 

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

 

“We have also continued to deliver good results on the A3C vein, increasing the likelihood that we will have sufficient drill coverage to bring it into the resource.

“We have also had a number of very encouraging scout drilling results to the west and south of the main area of drilling.

“Perhaps most exciting are the gold results in holes KED-238 and KED-253, which both returned good gold grades on a previously untested NW-trending structure that runs for over 2 kilometres on the property.”

Chesser said it expects to soon commence work on a Prefeasibility Study at Kestanelik, which it aims to complete and move onto EIA permitting process by the end of calendar 2013.