nice announcementDRILLING CAMPAIGN IDENTIFIES NEW MINERALISED...

nice announcement

DRILLING CAMPAIGN IDENTIFIES NEW MINERALISED ZONES AT THE
KESTANELIK GOLD PROJECT IN NW TURKEY
Step-out drilling continues to identify extensions to gold bearing vein systems and new gold
zones, in areas outside of current JORC Mineral Resource.
Highlights
Chesser Resources Ltd (ASX:CHZ) has received assay results for a further 34 holes from its
current 15,000 metre drill program.
Further positive results include:
? Diamond drilling at the new 300 metre-long A3C zone returned intercepts of:
? 1.4m @ 10.2 g/t Au
? 1.4m @ 3.6 g/t Au
? 1.1m @ 29.5g/t Au in the KS vein from a zone at the margin of the maiden JORC resource
? Step out drilling on the Karakovan 3 (KK3) zone outside the area of the existing resource
included:
? 3.2m @ 3.66g/t Au
? 4.6m @ 6.42g/t Au, including 1.5m @ 19g/t Au
? 2.9m @ 5.03g/t Au
? Step out drilling on the Karakovan 1 (KK1) zone outside the area of the existing resource
included:
? 3.5m @ 2.91g/t Au
? Further zones of near-surface gold mineralisation outside the maiden JORC resource at the
junction area at the eastern end of K3, KS, K4 and Topyurt veins including:
? 20.8m @ 1.73g/t Au from surface
? 13m @ 1.5g/t Au from surface
? 12,500 metres of drilling now completed in the 15,000 metre program, with results released
from the first 65 holes totalling 10,000 metres.
? 48 of the 65 holes released to date in this campaign (74%) have intercepted veins with
significant gold mineralisation
? Drilling is continuing to focus on extensions to known veins, scout drilling at indicated veins
and other higher priority targets. The average hole depth is less than 250 metres, with the
campaign focused on identified near-surface mineralisation to support development of open
cut mining.
Chesser Resources Managing Director Dr Rick Valenta said the program was continuing to
deliver very encouraging results and would lead to an increase in the JORC compliant Mineral
Resource at Kestanelik following the completion of the campaign.
Page 2
“This drilling has confirmed that the mineralised zones at Kestanelik extend well beyond the
existing resource. We are continuing to explore a major, new high-grade extension to the
Karakovan zone in the north west of the field, which remains open to the north-east and the
south-west. The drilling continues to add confidence in the potential to expand the resource in
preparation for the forthcoming pre-feasibility study.
“We are also finding further wide intercepts of near-surface mineralisation at the junction of the
K3 East, KS, K4 and Topyurt veins beyond the eastern edge of the current resource boundary,”
he said.
This release relates to 34 holes (KED-203 to KED-239) from the company’s 15,000 metre
drilling campaign which commenced in October 2012. Results from the first six holes in the
program were released in November 2012, and a further 25 holes in January 2013.
The holes covered by this release tested targets from the Karakovan 3 (KK3), Karakovan 2
(KK2), K2, KS and the K3E-KS- K4- Topyurt junction, along with a number of scout drill targets.
The drilling results are summarised in Table 1.
A3C Vein
The A3C vein, located to the northwest of the K1 vein, was originally identified as a gradient
array IP resistivity anomaly. The only previous hole to intersect the zone was KERC-060, which
returned a 5 metre-wide anomalous interval including 1 metre at 6.2 g/t Au at a downhole depth
of 95 metres. Drill hole KED-236A was drilled as a 100m stepout to KERC-060 and intersected
1.4m @ 10.2g/t Au from 10.5m within quartz vein. This is in an area completely outside the
JORC resource. The A3C zone has a strike length of approximately 300 metres and has
returned significant grades down to 100 metres below surface. The zone remains open along
strike and at depth.
Karakovan 3 Vein
Drillhole KED-223 tested the Karakovan 3 vein and was drilled up-dip of a previously-reported
high grade result in KED-178 (see 29 November 2012 release – 8.6 metres at 11.0 g/t gold) and
KED-193 (reported on 23rd January 2013). KED-223 returned 24.4m @ 1.31g/t Au and 1.65g/t
Ag from 40.9m, which included 0.9m @ 7.82g/t Au and 11.1g/t Ag from 44.5m. This intercept,
which is almost entirely outside the bounds of the JORC resource, is approximately 20m above
the KED-178 intercept and 30m along strike to the north of KED-193.
Drillhole KED-227, which also tested the Karakovan 3 vein, was drilled down-dip of KED-