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Chesser Resources extends Diamba Sud gold discovery targets after IP survey

The survey has revealed similarities to intrusive related mineralisation at Barrick Gold’s 3 million ounces Massawa project, 50 kilometres to the west of Diamba Sud.

Chesser Resources Limited - Chesser Resources extends Diamba Sud gold discovery targets after IP survey
Fully funded diamond drilling program expected to commence in October

Chesser Resources Limited (ASX:CHZ) has completed a dipole-dipole induced polarisation (DDIP) survey over the Northern Arc and Western Flank targets within its flagship Diamba Sud Project in Senegal.

The survey has revealed similarities of the Area A and Area D discoveries to intrusive related mineralisation at Barrick Gold Corp’s (TSE:ABX) 3 million ounces Massawa project, 50 kilometres to the west of Diamba Sud.

The high-grade gold mineralisation recently intersected at Area A correlates with a broad chargeability anomaly coincident with an interpreted granodioritic intrusive, indicating potential for the mineralisation to be more extensive.

Diamba Sud Project showing location of drilling, IP survey locations showing resistivity and interpreted structures overlaid by gold >15ppb auger geochemistry.

Chesser has also revealed the results of a Gradient array induced polarisation (GAIP) survey over the Northern Arc and Western Flank targets:

  • Two northerly trending interpreted structures passing through Area A and Area D high grade intersections;
  • Northerly trends are the main structural trend hosting mineralisation at all of the tier 1 deposits on the Senegal-Mali Shear Zone (SMSZ); and
  • Presence of the highly prospective Western Splay structure extending from the prolific Senegal-Mali Shear Zone (SMSZ) confirmed passing to the west of the Western Flank Target.

Northern Arc Target: GAIP resistivity image with interpreted structures (dashed orange lines), selected significant intersections from the Phase 1 & 2 drilling programs and gold auger geochemistry.

Chesser managing director and CEO Mike Brown said: “The IP survey results are very encouraging from two perspectives.

“The first is confirmation of a potential intrusive body associated with the Area A discovery. This is very encouraging in terms of the potential deposit style, noting Barrick’s nearby multi-million ounce, intrusion-related, Massawa gold project in Senegal.

“The second is the identification of at least three significant resistivity anomalies associated with potential structures passing through the Area A discovery, Area D and confirmation of the interpreted Western Splay structure.

“Two of these have returned significant high-grade intersections, are on the same trend as the mineralisation controlling structures in the SMSZ hosting over 45 million ounces of gold and are essentially untested along strike.

“We are currently incorporating this latest information into planning for our follow-up drilling programs, which we hope to commence in October, weather conditions permitting.”

Next steps

Chesser is currently finalising preparation for the next phase of drilling, with clearing of access underway.

This program is expected to initially focus on testing for extensions and controls to the high-grade gold mineralisation at Area A and Area D, with about 2,000 metres of diamond drilling and 5,000 metres of RC drilling planned.

The recently announced successful capital raising is anticipated to cover the expected costs of these drilling programs.

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ASX:CHZ
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Market Cap: $19.07 m
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Chesser Resources advances exploration in Senegal with new boss and drilling...

Chesser Resources (ASX:CHZ) managing director Mike Brown sat down with Steve Darling from Proactive Investors Vancouver to talk about their flagship project in Senegal called Diamba Sud. Brown talked about the project location and how it is surrounded by some major players in the...

on 19/3/19

3 min read