REG - Chesterfield Res Plc - Publication of NI-43-101 report on Adeline project

Chesterfield ResourcesAnnouncement

29/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220329:nRSc2575Ga&default-theme=true

RNS Number : 2575G  Chesterfield Resources PLC  29 March 2022

Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining

29 March 2022

 

Chesterfield Resources announced the publication of its NI 43-101 report on

the Adeline project in Labrador

 

Chesterfield Resources is pleased to announce the sign-off and publication of
its NI 43-101 technical report on its Adeline project in Labrador, Canada. The
report is a key component of the company's application for a secondary listing
on the TSX-V exchange in Canada. The report summarises the recent three-month
field programme completed at its Adeline project, including extensive desktop
studies, mapping and sampling on known prospects and rock geochemical sampling
surveys throughout the project. It also includes a review of considerable
historical exploration data and information about the project. The report is
now available on the company website under the section on Labrador.

 

·    Formal process of TSX-V listing application has commenced. An initial
listing fee has been

paid and the exchange has starting processing submissions from the company.

 

·    Listing on the US OTCQB market anticipated within weeks. The company
will be marketing in the United States this week

 

·    NI 43-101 report confirms the styles of copper mineralisation for the
Seal Lake Group. These include:

 

o  Grey-bed styles of disseminated sulfide mineralisation predominantly
hosted within grey shale and siltstone of the Adeline Island Formation;

o  Grey-bed style mineralisation with structurally focused sulfide, or
sulfide-bearing quartz and quartz-carbonate veins, emplacement of which
occurred across a broad spectrum of the project area's deformation history;

o  Occurrences of native copper plus copper sulfides in a variety of highly
deformed basalt flows, gabbroic dikes, and sills, and predominantly within the
Adeline Island Formation or the underlying Salmon Lake Formation succession;
and

o  Disseminated sulfide mineralisation in grey quartzitic sandstone of the
Adeline Island Formation, often in close proximity to the mineralized grey bed
slate or siltstone settings or adjacent to contacts with mafic dikes or sills.

 

·    Results of the reference documentation checking program as part of
the NI 43-101, showed that in all instances considered, digital and hard copy
records accurately reflect content of referenced source documents.

 

Said Executive Chairman Martin French "The submission of the NI 43-101 report
is an important milestone in the application for our secondary listing in
Canada. We are keen to broaden our investor reach to North America and, in
parallel we have also lodged an application to list on the OTC market in the
United States. We are hopeful that this strategy will bring new buyers into
the company's stock to recognise the value of the large copper exploration
project we acquired last July in Labrador. The company will be marketing in
the United States this week.

 

This will be complimentary to the value of our exploration assets in Cyprus,
which have recently enjoyed success from drilling results. The field team is
now on the ground in Cyprus and has just completed the planning process for
the 2022 season. There will be more news on this soon."

 

About Chesterfield Resources

Chesterfield Resources is a copper focussed exploration company centred around
a newly-acquired large exploration project in Labrador Canada, together with
its existing project in Cyprus.

 

The exploration technical team is led by two highly experienced industry
geologists Neil O'Brien, formally SVP Exploration & New Business
Development, Lundin Mining, and Dave Cliff, previously Head of Exploration
Europe, Rio Tinto.

 

The company has also acquired a major backer. In December 2020, Polymetal
International, the FTSE100 mining group, made a 23% investment in
Chesterfield via a placing of new shares, as strategic backing for the
company's project in Cyprus.

 

In Canada, the Adeline copper project is located within the western half of
the Central Mineral Belt, a 260 km long metal-rich belt located in Central
Labrador, eastern Canada. The Adeline property is comprised of five contiguous
mineral licenses totalling 29,725 ha (297.3 km2), covering the full extent of
the Seal Lake basin, an approximate 40km long by 10 km wide geological
structure which contains some 250 copper prospects.  The project is close to
the regional service hub of Goose Bay.

 

The Seal Lake basin has seen extensive regional exploration over the years
resulting in a rich exploration database. Trenching and channel sampling has
established the presence of laterally continuous high-grade copper beds.
However there has been relatively little drill testing, largely due to the
lack of road access. Where sulphide mineralisation becomes more concentrated
the grades are extremely high, commonly 10-30% Cu due to the high tenor of the
principal copper minerals, chalcocite and bornite.

 

The company has recently completed the compilation and re-analysis of all
historic regional exploration datasets with the latest geophysical modelling
and visualisation software tools. It has assembled a team of expert
consultants who have decades of experience in this belt.

 

An initial field season, which has just been completed, focussed on both
previously identified, as well as new prospect areas. This is expected to
generate a significant pipeline of quality drill targets to test for
significant extents of bedded copper-silver mineralisation. The company is
currently progressing project planning and permitting applications and has
also published an NI 43-101 report on the project.

 

In Cyprus the company holds the largest mineral exploration licence area of
any operator on the island.

Cyprus is regarded as a prospective copper-zinc-gold-silver exploration
location. It is a member of the EU, and its legal system is based on English
common law. Chesterfield identified a value-creative exploration opportunity
due to minimal exploration activity on the island in the last 48 years since
the invasion by Turkey in 1974 that put a halt to what had been a very
active mining industry.

 

While copper is the main exploration target, it is noteworthy that gold was
not historically exploited in Cyprus. Gold has been encountered in several
locations in the exploration target area and is an important part of the
exploration objective. This also includes a waste dump opportunity that will
be appraised, called Limni South Gold and an encouraging, potentially enlarged
mineralised zone described above.

 

The company announced high grade polymetallic results from its 2020 drilling
campaign and embarked in 2021 on an enlarged integrated geophysics, percussion
and diamond drilling exploration campaign. The company has now completed its
diamond drilling campaign for 2021 and has reported a significant gold
mineralised system at its Westline target. In addition, the company has
recently announced assays of new polymetallic mineralisation at Orchard and
encouraging gold mineralisation at Evlim. This has established the
identification of a significant 12k long geological trend which links a number
of mineralised systems. The company's forthcoming 2022 exploration campaign
will focus on this trend and the possibility of further discoveries along it.

 

Chesterfield Resources is committed to world-class environmental standards in
all of its operations that are focussed on the exploration for copper, which
is an essential metal to developing clean technology projects worldwide. The
company hopes to develop industry and opportunities for the benefit of Canada
and the Republic of Cyprus.

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

 

**ENDS**

 

For further information, please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com/)  or contact:

 Chesterfield Resources plc:                   Tel: +44 (0) 7901 552 277

 Martin French, Executive Chairman

 Panmure Gordon (UK) Limited (Joint Broker):   Tel: +44 (0) 207 886 2500

 John Prior & Hugh Rich

 First Equity Limited (joint Broker):          Tel: +44 (0) 207 374 2212

 Jason Robertson

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCJPMBTMTMTBIT