REG - Chesterfield Res PLC - Update on Cyprus Operations

Chesterfield ResourcesAnnouncement

08/11/2022 07:01

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RNS Number : 5708F  Chesterfield Resources PLC  08 November 2022

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

 

8 November 2022

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

 

 

 

 

Update on Cyprus Operations

 

 

Chesterfield is pleased to update the market with respect to its Cyprus
strategy for 2023.

 

Chesterfield remains committed to build upon the successes that it has enjoyed
on a licence group of three areas that are close together (two are adjoining)
on the Westline Trend, a highly prospective mineral trend containing the
Westline and Orchard areas in the West Troodos area, with a history of
positive drill results announced most recently in late 2021 and early 2022.

 

At Westline, this recent work produced some long polymetallic intersections
with consistently elevated gold shows, indicating potential for a for a larger
nearby copper-zinc massive sulphide deposit with the target open in all
directions. At Orchard, which has a history small scale trial mining in the
1950s, drilling in 2018 and 2021 encountered semi-massive sulphides.

 

Plans, currently being developed, include more drilling to continue to test
the mineralised system for massive sulphide with potential in all directions.
The scope and timing of the plans will depend on factors that will include the
sale of the Adeline interests and prevailing market conditions. Chesterfield
will also entertain proposals for joint venture or direct investment in the
Cyprus licences though no such discussions are currently advanced. The Company
will in due course update the market on the specifics of its plans for
exploration work which it aims to carry out in 2023.

 

The Company is also rationalising its large exploration licence portfolio in
Cyprus to reduce unnecessary spending and potential shareholder dilution while
continuing to advance its most highly prospective retained Westline and
Orchard assets. In line with this approach Chesterfield has recently informed
the relevant authorities in Cyprus of its plan to surrender a number of
licences as they expire over the next six months. As the affected licences
expire in the coming months, Chesterfield's portfolio of licences will be
reduced from a total of 26 licences covering 110.42 km2 to 3 licences (licence
numbers: AE4664, AE4672 and AE4673) covering 13.39 km2. This will allow the
Company to focus on the most prospective licences and also mitigate the need
for substantial costs that would be payable for the renewal of licences that
were likely to be of lesser interest.

 

Chesterfield Executive Chairman Paul Ensor said, "We are excited by the
potential for additional exploration in 2023 in the properties that we are
retaining and the decision to reduce our portfolio overall will make it easier
for us to devote the resources to them that they deserve. Before giving up
these extensive non-core properties we had more licences than we could
possibly explore, with a considerable and potentially growing holding cost and
required expenditures in the near future."

 

Update on Sale of Canadian Licences

Chesterfield entered into an Agreement with Pacton Gold Inc ("PAC.V")
("Pacton") as announced on 19 October 2022. The agreement is conditional,
inter alia upon the approval by the relevant authorities at the TSX Venture
Exchange, and a successful equity raise by Pacton. The Company is advised that
progress is being made on all fronts and we hope to advise the market further
in due course.

 

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.

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

 Chesterfield Resources plc                                  Paul Ensor, Executive Chairman  Tel: +44 (0) 7595 219 011
 First Equity Limited (https://www.brandonhillcapital.com/)  Jason Robertson                 Tel: +44 20 7330 1883

 

 

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