Chesser Resources Ltd (ASX:CHZ) is pleased to announce that a two phase drilling programme totalling up to 21,000 metres has commenced at the Kestanelik gold project in NW Turkey.
Phase one of the program, totalling 12,000 metres, is to convert additional resources to the JORC Indicated category, with Phase two being step-out holes aimed at increasing the size of the Kestanelik resource. There are currently two drill rigs on site (one RC and one diamond), and that number is expected to increase to 4 rigs (2 RC and 2 diamond) within two weeks.
Phase one drilling is expected to be completed by the end of the 2013 calendar year, with a JORC resource upgrade to follow as soon as possible in 2014. The initial programme will comprise 3,586 metres of diamond drilling in 28 holes and 8,612 metres of RC in 79 holes. Seven holes have already been completed on the programme and first assay results are expected in early December 2013.
The drilling for phase one of the programme is being conducted utilising the Company’s existing forestry permits. Phase two of the programme comprising an additional 9,000 metres of infill and step-out drilling will be undertaken once forestry permits currently before the Turkish General Directorate of Forestry are approved.
CHZ Price at posting:
11.5¢ Sentiment: LT Buy Disclosure: Held
