Chesser Resources intersects high-grade gold in fresh rock at Diamba Sud project

Chesser Resources (ASX: CHZ) has uncovered multiple high-grade gold intersections in fresh rock at its flagship Diamba Sud project in eastern Senegal.

The company released details of assay results received from the second and third reverse circulation (RC) drill traverse testing the extensive Northern Arc target within the project.

Numerous high-grade gold intercepts within fresh rock were retrieved, such as 12m at 3.65 grams per tonne gold from 42m, including 8m at 4.47g/t gold from 46m.

Other encouraging hits included 3m at 6.19g/t gold from 80m, including 1m at 16.1g/t gold from 81m; 11m at 3.54g/t gold from 38m and 2m at 2.58g/t gold from 58m.

The latest round of encouraging results follows on from the first batch of RC assays released to the market in March, with the company encountering significant shallow gold intersections.

Chesser managing director and chief executive officer Mike Brown said intersecting high grade mineralisation in fresh rock in multiple holes was an encouraging step forward for the Diamba Sud project.

“These additional fresh zone results significantly enhance the potential of the extensive gold anomalies, although we are still in the very early stages of testing Diamba Sud,” he said.

“With the phase one drilling program now complete, we look forward to receiving the remaining results, advancing the interpretation of the significant gold intersections and planning future activities.”

Upcoming work

Drilling has now been put on pause mode to enable the interpretation of results from phase one. All up, the drilling program saw 70 holes drilled for 4,671m.

Chesser said it would also plan a small IP geophysical survey over the Northern Arc target area to assist in the geological interpretation and future target generation.

In particular, the identification of potential host structures from the survey is considered a key step in advancing the geological model and targeting of potential gold mineralisation.

Following interpretation of all the results from phase one, Chesser will move forward with another phase of RC drilling of approximately 5,000m.

Covering 53.2 square kilometres over the gold-bearing Kedougou-Kenieba Inlier, Diamba Sud is strategically located just 2km to the west of the Senegal Mali Shear zone (SMSZ), a major regional structure.

The SMSZ is host to numerous multi-million-ounce gold deposits, including: B2Gold’s 7.1Moz Fekola mine, Barrick’s 18Moz Loulo-Gounkoto complex and IAMGold’s Sadiola and Yatela mines.

All up, the Brisbane-headquartered company holds about 400sq km of highly prospective ground in Senegal.

Chesser’s shares jumped 3.5% in late morning trade to $0.058.