CHESSER RESOURCES LIMITED - ASX: CHZ

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Chesser Resources Ltd is an ASX-listed Exploration company with an advanced gold project and a portfolio of discovery-stage gold and gold-copper properties in Turkey. Chesser's strategy is to build a portfolio of advanced gold projects with potential to develop into multi million ounce, economically favourable mining projects. The company is committed to advancing its existing portfolio while continuing to seek new advanced opportunities. Chesser has assembled a strong exploration portfolio and an experienced and motivated team, and is well-placed to continue adding shareholder value through its stated strategy.

Turkey Regional Program

Turkey covers a significant area of the well-endowed, prospective and under-explored Tethyan Mineral Belt.

The Kabatas licenses (ER3150969, ER3150993, ER3159754, ER3159755, ER3159756, ER3166330, ER3166335 and ER3167246) are located at Ordu, in north-eastern Turkey. The area shows strong potential for porphyry copper-gold mineralisation based on previous company drilling and road-cut exposures of porphyry style quartz-sericite-pyrite stockworks, along with anomalous copper and molybdenum in stream sediments. Reconnaissance sampling in the area returned rock sample values of up to 8.3% copper, 0.28 g/T gold and 188 parts per million molybdenum.

The Topcam licenses (ER3167247 ER3167378 ER3167380 ER3167381) are located in north-eastern Turkey. The geology of the area is characterised by a Jurassic to Pliocene volcanosedimentary sequence which has been intruded by Palaeocene to Eocene intrusives. Anomalous stream sediment data point to a potential for epithermal gold and porphyry copper-gold mineralisation, and a contour soil sampling program in the area produced values of up to 864 parts per billion gold and 719 parts per million copper. The company is in the process of carrying out follow-up geological mapping and additional soil and rock sampling on the property.

The Domu tenement (ER3155978) is located in north-eastern Turkey. In the tenement area, reports of previous exploration describe silicified and pyrite-altered granodiorite intruding a sequence of andesitic volcanics and minor marbles. Copper mineralization occurs only in highly altered parts of the granodiorite as small veinlets containing pyrite, malachite, azurite and chalcopyrite. Stream sediment, soil and rock sampling have been carried out by the Turkish Mining Bureau (MTA) returned anomalous copper values within the license area. The company is in the process of carrying out follow-up geological mapping and additional soil and rock sampling on the property.

The Saphane tenement (ER3157213) is located in north-eastern Turkey (Map.1). The tenement was acquired based on its similarity to known epithermal occurrences in nearby tenements. The company is in the process of carrying out follow-up geological mapping and additional soil and rock sampling on the property.

Sisorta Project

The Company announced on the 27th of August 2007 that it had entered into an option agreement with Eurasian Minerals Ltd (TSX-V:EMX) to earn up to a 70% interest in its Sisorta Property in North-Central Turkey.

The Sisorta property is a volcanic-hosted high sulphidation epithermal project, in which pre-2007 drilling had demonstrated the existence of a significant body of near-surface oxide gold mineralisation with surface chip-channel sample fire assay grades of up to 14 grams per tonne gold reported by Eurasian Minerals. The project has a large footprint of outcropping mineralisation and anomalous soil geochemistry, only a small portion of which has been drilled.

Mineralisation on the Sisorta project is associated with a 2500m by 800m northwest-trending topographic high (figure 1). The 22 drillholes carried out prior to 2007 demonstrated the clear existence of a large zone of high grade oxide gold mineralisation which remained open to the northwest and southeast. Significant pre-2007 drill results to date from the project included:

30.4 metres at 3.83 grams per tonne gold from drillhole Sis-5 starting at surface, including 22.0 metres at 5.00 grams per tonne gold
60.5 metres at 1.49 grams per tonne gold from drillhole ES-9 starting at a depth of 1.3 metres, including 20.0 metres at 3.28 grams per tonne gold
27.9 metres at 3.00 grams per tonne gold from drillhole ES-3 starting from surface, including 20.8 metres at 3.79 grams per tonne gold
52.4 metres at 1.58 grams per tonne gold from drillhole Sis-2 starting from surface, including 19.5 metres at 2.64 grams per tonne gold

Kestanelik Gold Project

The Kestanelik property consists of a series of epithermal quartz veins of up to 30 metres thickness, outcropping over an aggregate strike length of approximately 2550 metres, a large proportion of which remains untested by drilling. Geophysical data suggest that a further 18,500 metres of quartz veins occur on the property under shallow cover, for a total of at least 21 kilometres. The host sequence is partially covered by a post-mineral sequence of sediments, volcanics and alluvium. Mineralisation on the property is typical of low sulphidation epithermal vein systems, examples of which include Vera Nancy in Queensland (North Queensland Metals) and the Eureka project in Argentina (Andean Resources).

The property is located in northwestern Turkey in an area with good access and infrastructure. The property is at low elevation and can be easily explored 12 months of the year.

Previous exploration on the property included collection of 122 sample profiles across outcropping veins, which returned values of up to 7.7 metres at 23.4 g/t gold; 4.5 metres at 31.5 g/t gold and 6.1 metres at 20.2 g/t gold. The length-weighted average gold grade from all surface sample profiles is 3.8 g/t gold over an average profile width of 3.73 metres.

The previous operator drilled 30 shallow drill holes (20 percussion and 10 diamond) atKestanelik, averaging 49 metres in depth, with the deepest drillhole reaching140 metres depth. Best results fromdrilling on the property include 4 metres at 14.6 g/t gold; 3 metres at 12.8 g/t gold and 5.6 metres at 10.2 g/t gold. The weighted average grade of all drill intercepts through vein material and associated stockwork andsilicification is 1.68g/t gold.

February 2010 Drilling Results

The company drilled 16 holes as part of the first phase program, focusing on areas where historical surface chip channel sampling and shallow drilling have returned high gold grades over significant intervals. Highlights from the recent program include:

6 metres at 15.44 g/t Au from 21m (est. true thickness of 5.6m) in hole KERC-01, as part of a larger intersection of 30 metres at 4.41 g/t Au from 3m (est.true thickness of 28.1m), including 10 metres at 10.32 g/t Au from 20m

4 metres at 8.37 g/t Au from 23m (est. true thickness of 3.7m) in hole KERC-02, as part of a larger intersection of 22 metres at 3.47 g/t Au from 7m (est. true thickness of 20.1m) inhole KERC-02, including 7 metres at 5.58g/t Au from 22m (est. true thickness of 6.4m)

14 metres at 3.46 g/t Au from 14m (est. true thickness of 11.2m) in hole KERC-03, including 4 metres at 8.6 g/t Au from 24m (est. true thickness of 3.2m) with a highgrade interval of 2 metres at 14.79 g/tAu from 26m (est. true thickness of 1.6m) in hole KERC-03

10 metres at 3.05 g/t Au from 33m (est. true thickness of 6.4m) in hole KERC-08, including 4 metres at 6.1 g/t Au from 37m (est. true thickness of 2.6m)

9 metres at 6.27 g/t Au from 27m (est. true thickness of 6.4m) in hole KERC-10, including 3 metres at 9.81 g/t Au from 32m (est. true thickness of 2.1m

12 metres at 3.49 g/t Au from 38m (est. true thickness of 7.8m) in hole KERC-12, including 3metres at 8.23 g/t Au from 43m (est. true thickness of 2m) in hole KERC-12

8 metres at 3.42 g/t Au from 65m (est. true thickness of 5.2m) in hole KERC-13, including 4 metres at 5.94 g/t Au from 67m (est. true thickness of 2.6m) in hole KERC-13

Mine For

gold, copper, molybdenum

Location of operation(s)

Turkey

Address

96 Stephens Rd
SOUTH BRISBANE, QLD, AUSTRALIA

Phone

(61 7) 3844 0613

Email

Website

http://www.chesserresources.com.au

Last Updated

10/5/2011