Chesser Resources Ltd.

Published : May 02nd, 2013

Kestanelik Drilling Update

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Keywords :   Diamond | Gold | Lead |

Kestanelik Drilling Update

LARGE DRILLING STEPOUTS ON K-ZONE VEINS DELIVER MULTIPLE HIGH GRADE GOLD RESULTS

Highlights

Chesser Resources Ltd (ASX:CHZ) has received assay results for a further 25 holes from the current drill program at its 100%-owned Kestanelik gold project
.
Step-out drilling continues to identify extensions to gold bearing vein systems.

A number of holes stepping up to 175 metres to the southwest of the initial JORC-compliant resource have returned significant intercepts including:
  • 22m @ 2.9/t Au and 8.2g/t Ag from 45m, including 5m @ 8.7g/t Au and 24.4g/t Ag
  • 18m @ 2.9g/t Au and 1.3g/t Ag from 41m, including 5m @ 9.0 g/t Au and 4.1g/t Ag
  • 4m @ 5.3g/t Au and 3.6g/t Ag from surface, including 2m @ 9.4g/t Au and 5.9g/t Ag as well as a deeper interval in the same hole of 3m @ 7.1g/t Au and 9.5g/t Ag from 24m

Other Highlights include:
  • 12 m @ 5.4g/t Au and 6.2g/t Ag from surface, including 7m @ 8.9g/t Au and 10.2g/t Ag
  • 2.6m @ 6.3g/t Au and 3.1g/t Ag from 49.8m, including 1.5m @ 8.7g/t Au and 3.9g/t Ag
  • 6.3m @ 3.8g/t Au and 7.8g/t Ag from 125.6m, including 1.1m @ 11.1g/t Au and 10.3g/t Ag
  • Multiple significant gold intercepts returned from high priority scout holes targeting extensions to the south and west of the main area of drilling

The Managing Director of Chesser Resources, Dr Rick Valenta, said "drilling was continuing to deliver very encouraging results and would lead to an increase in the JORC Mineral Resource at Kestanelik following the completion of the campaign."

"This update contains exciting new developments from a number of areas on the property. 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. 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."

"The initial JORC resource we released last year for Kestanelik was based on 70 Diamond holes and 118 RC holes. We now have 253 Diamond and 139 RC holes which should form part of the resource update. " The originally planned 15,000 metre program was completed on time at the end of March.
Encouraging results warranted a continuation of drilling into early April for a total of 16,000 metres. Results have now been released from the first 91 holes totalling 14,400 metres with results pending for a further 10 holes totaling 1,600 metres.

Work is also expected to commence soon on the Kestanelik Prefeasibility Study ("PFS"), with the aim to complete the PFS and commence the EIA permitting process by the end of calendar 2013.

DRILLING RESULTS

This release relates to 25 holes totalling 4,400 metres from the company's 15,000 metre drilling campaign which commenced in October 2012. Results from the first six holes in the program were released in November 2012, 25 holes in January 2013 and a further 37 holes in March. The drilling targeted down-dip and along strike extensions to K3 West, K3 East, K2 - KS and the A3C vein / breccia mineralisation. Scout drilling was also conducted between the K3 and K2 veins, to test for NW trending mineralised faults. The drilling results are summarised in Table 1. A total of 21 RC holes were drilled testing the Karakovan 1, 2, 3 vein extensions to the southwest; the K1 W vein and western extension to the K2 and K1 veins. Results for most of these holes are pending and expected to be received by mid-May. K2-KS-K1 Intersection zone Five RC holes were drilled in an area up to 175 metres beyond the furthest extent of prior shallow drilling on the KS and K2 zones. Results have been received so far for three of those holes, and all have intersected significant zones of gold mineralisation with associated high grade intervals at shallow depths. Highlights from this drilling include:
  • 22m @ 2.9g/t Au and 8.2g/t Ag from 45m, including 5m @ 8.7g/t Au and 24.4g/t Ag in hole KERC-136
  • 18m @ 2.9g/t Au and 1.3g/t Ag from 41m, including 5m @ 9.0 g/t Au and 4.1g/t Ag in hole KERC-135

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Chesser Resources Ltd.

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Chesser Res. is a gold and copper exploration company based in Australia.

Chesser Res. holds various exploration projects in Turkey.

Its main exploration properties are SISORTA and KESTANELIK in Turkey.

Chesser Res. is listed in Australia. Its market capitalisation is AU$ 10.7 millions as of today (US$ 7.8 millions, € 6.8 millions).

Its stock quote reached its highest recent level on November 12, 2010 at AU$ 1.27, and its lowest recent point on December 05, 2014 at AU$ 0.02.

Chesser Res. has 119 330 000 shares outstanding.

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Corporate news of Chesser Resources Ltd.
1/26/2016• Quarterly Activities & Cash Flow Report Dec 2015
10/31/201424 October 2014: Sale of Kestanelik Project transaction upda...
10/31/201427 October 2014: Chesser closes sale of Kestanelik Project
10/31/201431 October 2014: September 2014 Quarterly Activities Report ...
5/2/2013Kestanelik Drilling Update
5/2/2013Quarterly Report for period ending March 2013
3/28/2013Clarifying Statement in Relation to pre-Feasibility Study
2/28/2013Expiry of Employee Options February 2013
2/28/2013Appendix 3B Eldorado shares February 2013
2/7/2013Appendix 3B
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