Chesser Resources reports ‘spectacular’ hits during drilling at Diamba Sud gold project

Chesser Resources (ASX: CHZ) has announced multiple “spectacular” high-grade gold hits during drilling at its flagship Diamba Sud gold project in West Africa.

Drilling at the Area D target intersected thick, shallow, high-grade oxidised gold mineralisation across a 200m wide zone in five adjacent holes.

Results were 48m at 6.70 grams per tonne gold from 24m, including 10m at 25.14g/t from 62m; and 38m at 4.63g/t gold from 8m, including 4m at 18.30g/t from 30m.

Other assays were 55m at 4.27g/t gold from 16m; and 36m at 2.93g/t gold from 6m including 10m at 6.13g/t from 16m.

The mineralisation remains open to the south-west, north-east and north-west.

Western Splay

At the Western Splay target, drilling confirmed a mineralised trend of approximately 300m which is believed to extend by another 200m to artisanal workings on strike, and remains open in both directions.

Best results were 2m at 19.80g/t gold from 4m; 6m at 1.79g/t from 28m; 3m at 1.09g/t from 91m; and 10m at 1.10g/t from 111m.

To date, the large main structure at Western Splay and multiple other sub-parallel anomalies remain untested.

The broader Western Splay area has been considered highly-prospective and these targets will be tested in future drilling.

Exceptional results

Managing director and chief executive officer Mike Brown said the results were “exceptional and rare”.

“While this discovery is still at an early stage, the consistency, high-grade and thickness from near surface is remarkable,” he said.

“We have achieved significant success at Western Splay [and] mineralisation along strike to a structure that is parallel to the [target] has been confirmed.”

Further exploration

Mr Brown said assays received to date provide Chesser with an “excellent platform” to conduct further exploration at Diamba Sud, funded by a recent $6 million capital raising which issued 75 million new fully paid ordinary shares in the company at $0.08 per share.

“The placement will enable us to significantly advance this discovery and the new prospective trends encountered in recent drilling, as well as continue to test additional compelling targets,” he said.

At midday, shares in Chesser were trading 166.67% higher at $0.28.