Chesser Resources confirms new high-grade gold results from Northern Arc target

First assay results from a phase three drilling program by Chesser Resources (ASX: CHZ) at its flagship Diamba Sud project in eastern Senegal have confirmed the discovery of high-grade gold mineralisation.

Assays received from zones of intense hydrothermal alteration in the first diamond holes drilled at Area A within the project’s Northern Arc target confirmed the high-grade nature and style of mineralisation with potential structural control.

Significant intersections included 4m at 9.36 grams per tonne gold from 14m; 2m at 18.20g/t gold from 14m; and 16m at 8.51g/t gold from 86m including 10m at 13.11g/t gold.

A series of step-out holes to the north and south showed the mineralisation extends up-dip and along strike for at least 300m.

At 50m north, diamond drilling intersected four wide albite-carbonate alteration zones with gold mineralisation returned from two of the zones including 6m at 4.91g/t gold from 70m and 5m at 3.75g/t gold from 83m, including 1m at 11.40g/t gold from 86m.

At 100m north, three reverse circulation holes returned 3m at 3.45g/t gold from 82m downhole.

Meanwhile 50m south, diamond drilling intersected a high-grade zone in laterite-saprolite from surface, returning 14m at 5.18g/t gold from 0m, including 4m at 15.44g/t gold from 8m.

At 100m south, reverse circulation holes returned multiple intercepts within granite, including 8m at 1.46g/t gold from 6m (saprolite), 4m at 2.05g/t gold from 60m (fresh rock), 10m at 1.90g/t gold from 78m (fresh rock) and 9m at 1.84g/t gold from 90m (fresh rock).

Profilic district

The mineralisation at Area A is believed to be associated with wide sections of intense albite-carbonate-silica-pyrite alteration.

Chesser managing director Mike Brown said it had marked similarities to Barrick Gold Corporation’s 18 million ounce Gounkoto-Loulo mining complex adjoining the prolific Senegal-Mali shear zone.

“The style and thickness [of gold] through the mineralised zone and along strike is impressive, pointing to the potential for a large system,” he said.

“The continuity of the high-grade mineralisation from 86m to 95m downhole is noteworthy, as is the intensity of alteration.”

He said assay results for the remaining drill holes, including a number of zones of less intense alteration, were still to come with drilling on track for completion next month.

Project location

Diamba Sud covers 53.2 square kilometres of the gold-bearing Kedougou-Kenieba Inlier and consists of two blocks referred to as DS1 in the north and DS2 in the south.

The project is located approximately 2km west of the Senegal Mali shear zone – a major regional structure and host to numerous world-class gold deposits including B2Gold Corporation’s 7.6Moz Fekola mine and the AngloGold Ashanti/IAMGold Corporation joint ventures at the Sadiola and Yatela mines.

Block DS1 lies 7km to the west of the 5.5Moz Gounkoto mine and to the immediate east of the privately-owned 500,000oz Karakaene mine.

At morning trade, shares in Chesser were trading 12.68% higher at $0.08.