UK's Chesterfield Resources jumps on better prospects for Adeline project
19/10/2022 09:30
** Shares of miner Chesterfield Resources CHF.L rise as
much as 37% to 2.68p, set for best day in nearly six months, if
gains hold
** Co says Canadian unit to sell 100% of its Adeline project
stake in Labrador to Canadian explorer Pacton Gold Inc PAC.V
urn:newsml:reuters.com:*:nTUC8WSRZX
** Chesterfield says it expects Adeline development to
progress much more quickly and effectively than had it pursued
the funding and carried out work on its own
** Stock hits highest level since Sept 12
* Chesterfield says Pacton to issue consideration shares
equalling a 19.99% stake, making its unit a significant
shareholder in the Canadian firm
** Co to obtain a seat on Pacton's board and participate in
the development of Adeline project
** As of last close, stock down more than 74% this year
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))