Special Report: Chesser Resources (ASX:CHZ) will test the size of two significant gold discoveries including ‘Area D’, where thick high grade hits — including 48m at 6.70g/t gold — have sent the stock up ~170 per cent since July.
A fully funded 20,000 metre drilling campaign has kicked off at Diamba Sud following the end of the wet season in Senegal, West Africa.
The main focus will be exploring around the recent shallow, high grade Area D discovery at depth and along strike.
In July, Chesser caught the market’s attention with some extremely high-grade gold intercepts at Area D, including 10m at 25 grams per tonne (g/t) gold within a broader result of 48m at 7 g/t gold.
“Results like this are exceptional and rare,” Managing Director Mike Brown said.
“Whilst this discovery is still at an early stage, the consistency, high-grade and thickness from near surface is remarkable.”
Investors agreed, and the stock went flying:
Chesser Resources (ASX:CHZ) share price chart
Chesser will also be looking for extensions at the adjacent Area A where the alteration and mineralisation indicate “a large hydrothermal system”.
First discovered in 2019, drilling at Area A has returned highlight intercepts including 21m at 6.62 g/t gold, 14m at 9.53g/t gold and 16m at 8.51g/t gold.
Thick, shallow, and high grade – these intercepts at Area A and D are very impressive.
Chesser believes that Area D is the offset continuation of Area A “offering significant strike potential to extend mineralisation”.
There’s also the potential for additional discoveries. Initial drilling will be conducted at promising new ‘greenfields’ (untouched) areas, including Area H and the Western Splay.
Investors can expect first assay results in November, with a steady flow of news expected thereafter, the west African explorer says.
This 20,000m program will double the total metres of drilling undertaken to date on the licence, Brown says.
“Diamond drilling will assist us in understanding of the controls and potential depth extensions of the high-grade gold system at Area D into fresh rock, with exploratory RC drilling designed to test extensions of the mineralisation footprint at both Area D and Area A,” he says.
“Both discoveries are near surface, allowing us to quickly and efficiently test both systems.
We look forward to sharing regular progress updates as we continue to advance with this large-scale drill program.”
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.