Final Results

RNS Number : 1991X

Chesterfield Resources PLC

30 April 2021

 

Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining

30 April 2021

Final Results

Chesterfield Resources plc is pleased to announce its final results for the year ended 31 December 2020. The Annual Report is available to view on the Company's website at www.chesterfieldresourcesplc.com.

The Company will post the Annual Report to shareholders and provide notice for its Annual General Meeting in the coming weeks.

Follow us on Twitter at @ChesterfieldPlc   

About Chesterfield Resources  

Chesterfield Resources is a copper, gold, zinc, silver exploration company active in   Cyprus, where it holds the largest mineral exploration licence area of any operator on the island. Polymetal International, the   FTSE100 mining group, recently announced it had taken a 23% strategic investment in Chesterfield via a placing of new shares, and has appointed a director to the board.

Cyprus   is regarded as a high quality exploration location. It is a member of the EU, and its legal system is based on English common law. An opportunity exists because there has been minimal exploration activity on the island in the last 46 years since the invasion by   Turkey   in 1974 put a halt to what had been a very active mining industry.  

Since that time, exploration technology and geological knowledge has improved significantly. The company is exploring for VMS (Volcanognic Massive Sulphide) deposits, which typically occur in stacks and clusters. Historically only those deposits which were visible from surface have been mined. It is believed that many more deposits remain undiscovered buried near surface, and the company is using modern techniques to locate them.  

While copper is the main exploration target, it is noteworthy that gold was not historically exploited in   Cyprus   as its price was pegged to just   $35   per ounce when the mining industry was active in the 1960s and 1970s (less than 50 times today's price). Gold has been encountered in several locations in the exploration target area and is an important part of the exploration objective.  

The exploration team is led by senior geologists:   Neil O'Brien, formally Head of Exploration, Lundin Mining,   Dave Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike Parker who previously worked for First Quantum mining for 20 years.

The current focus of exploration is in the Troodos West group of licences belonging to the company, with around 30 defined targets in an area measuring 10km by 10km. The objective is to discover several VMS deposits in close proximity to each other to create a mining project with a centralised processing unit.  

The company announced high grade results from its late season 2020 drilling campaign. These will be used for targeting an enlarged integrated 2021 geophysics, percussion and diamond drilling exploration campaign, which has just commenced. The company has an active programme of  appraising new business opportunities within the sector and expects to significantly enlarge its copper exploration footprint.

Chesterfield Resources is committed to world-class environmental standards in all of its operations to mine copper, which is essential to developing clean technology projects worldwide. The company hopes to develop industry and opportunities for the benefit of the   Republic of Cyprus.  

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information, please visit  www.chesterfieldresourcesplc.com  or contact:

Chesterfield Resources plc: Martin French, Executive Chairman	Tel:  [phone]
Panmure Gordon (UK) Limited (Joint Broker): John Prior & Hugh Rich	Tel:  [phone]
Fox-Davies Capital Limited (Broker): Daniel Fox-Davies	Tel: +44 ( 0)20 3884 8450

 

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