First pass reverse circulation drilling at Chesser Resources’ (ASX: CHZ) flagship Diamba Sud project in eastern Senegal has successfully intersected high-grade gold mineralisation.
The company released details to the market today of assays from the first phase of its planned 5,000 metre drill program, with significant shallow gold intersections encountered within the first 12 holes.
Some of the stand out results were 18m at 5.61 grams per tonne gold from 6m, including 8m at 11.84g/t gold from 14m; 10m at 2.72g/t gold from 19m, including 1m at 16.30g/t gold from 23m and 8m at 3.48g/t gold from 34m.
Chesser managing director and chief executive officer Mike Brown said the company was pleased to have intersected shallow, high-grade gold mineralisation at such an early stage in the drilling campaign.
“To intersect 18m at 5.61g/t gold in oxide from 6m is extremely encouraging and demonstrates the highly prospective nature of the project,” he said.
“In the coming months, the company looks forward to a steady stream of news flow as we continue to announce results as they become available.”
Covering 53.2 square kilometres over the gold-bearing Kedougou-Kenieba Inlier, Diamba Sud consists of block DS1 and block DS2.
The northern block, DS1, hosts a broad 4.5km by 4km ring-like gold in auger geochemical anomaly, which Chesser has interpreted as containing at least three principal trends, and are the priority targets for phase one drilling.
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.
Phase one of the drilling program at Diamba Sub is expected to be completed at the end of March, with results to be reported as assays come to hand.
Earlier this year, Chesser raised $790,000 via a placement to help fund its exploration activities in Senegal.
All up, the company holds about 400sq km of highly prospective ground in the country.
Chesser’s shares skyrocketed 33.8% in afternoon trade to $0.052.