Special Report: Spectacular drilling results have confirmed – and extended – Chesser Resources’ (ASX:CHZ) company-changing ‘Area D’ gold discovery at Diamba Sud.

Chesser caught the market’s attention in July this year with some extremely high-grade gold intercepts in five successive holes at Area D, including 10m at 25.1 grams per tonne (g/t) and 48m at 6.7g/t.

Thick, shallow, and high grade – that’s the trifecta investors look for in drilling results.

The explorer has now reported assay results from 11 holes totalling ~1,600m in follow-up drilling at Area D – the first of a wider 20,000m program across Diamba Sud.

Drilling intercepted widespread intervals of thick, shallow, high-grade oxide mineralisation, significantly extending the gold zones in multiple directions. Deeper drilling also intersected wide zones of mineralisation in fresh rock, with the potential to be source zones to the overlying oxide mineralisation.

Results were spectacular:

  • 44m at 4.37 g/t gold from 18m (including 4m at 13.29 g/t gold from 20m)
  • 4m at 9.96 g/t gold from 54m and 1m at 13.30 g/t gold from 60m
  • 49m at 3.64 g/t gold from 10m (including 8m at 10.75 g/t gold from 34m)
  • 38m at 4.36 g/t gold from 2m (including 22m at 6.66 g/t gold from 10m)
  • 24m at 2.87 g/t gold from 10m (including 2m at 12.0 g/t gold from 12m)

All eight reverse circulation (RC) holes intersected significant wide gold mineralisation in saprolitic (weathered) rock.

This thick shallow gold trend has been significantly extended and remains ‘open’ (i.e. it keeps going), Chesser says.

Meanwhile, deeper drilling hit gold in fresh rock “as likely feeder zones to overlying oxide mineralisation”, Chesser says.

These hits – like 17.9m at 2.36 g/t gold from 82.3m, including 0.95m at 19.40 g/t gold — suggest the gold system may be extensive.

“We are delighted to report very positive results from the first 11 of 27 holes drilled at Area D following the wet season,” Chesser managing director Mike Brown says.

“We have extended the thick oxide mineralisation by over 100m in multiple directions from the original discovery mineralisation with these step outs with more results pending.

“Deeper drilling has also intersected wide zones of mineralisation, with numerous mineralised structural zones pointing to likely controls on mineralisation.

“Results from the remaining program will assist to fully understand the controls of mineralisation.”

While this discovery is still at an early stage, extensions to the thick oxide zones are very exciting, Brown says.

Results from an additional 16 holes from Area D are pending, as well as extensional drilling at Area A, which is ongoing.

The company is looking to complete the expected 20,000m program in Q1 2021, with a steady flow of results expected until late April 2021.

Chesser is well funded to complete all these activities following a ~$6million private placement in July.


This article was developed in collaboration with Chesser Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.