Latest drill results just released.
http://www.asx.com.au/asxpdf/20120629/pdf/4273qxkbqjssmj.pdf
DRILLING CONTINUES TO EXTEND GOLD MINERALISATION OUTSIDE THE RESOURCE AT KESTANELIK
Highlights
o 41.1 metres at 7.2 g/t gold including 9.2 metres at 29.1 g/t gold
o 15.6 metres at 16.2 g/t gold including 4.0 metres at 59.5 g/t gold
o 5.6 metres at 14.9 g/t gold including 1.8 metres at 41.5 g/t gold
o 13.8 metres at 2.6 g/t gold including 2.1 metres at 9.3 g/t gold
o 5.3 metres at 6.4 g/t gold including 1.5 metres at 19.9 g/t gold
o 4.2 metres at 4.4 g/t gold
o 2.5 metres at 5.3 g/t gold including 1.3 metres at 8.3 g/t gold
o 3.0 metres at 7.3 g/t gold including 1.0 metre at 9.8 g/t gold
• Approximately 26,000 metres of the planned current 30,000 metre drilling program has now been completed, with results released to date from 23,500 metres.
• The current program is projected to continue until the end of July, with regular release of results to continue
Just completed a successful cap raising.
http://www.asx.com.au/asxpdf/20120614/pdf/426tj8hlzp364v.pdf
Chesser Resources Limited (ASX: CHZ) (“Chesser” or the “Company”) has successfully completed the recently announced A$8 million equity capital raising through a placement of ordinary shares in the Company to sophisticated and institutional investors at A$0.335 per share (the “Offer”).
The Offer enjoyed strong demand from existing shareholders and new investors.
Settlement of the approximately A$6.5m unconditional placement component of the Offer is scheduled for Tuesday, 19 June 2012. The conditional placement component of the Offer, of approximately A$1.5 million, is subject to Chesser shareholder approval which will be sought at a General Meeting expected to take place on Tuesday, 31 July 2012.
• The Metals and Energy Capital Division of Macquarie Bank Limited has committed to subscribe for A$4 million at the offer price
• Drill Programs – 2012/2013
– Current drill program expected to complete in July 2012
– New 15,000 metres drill program with 4 drill rigs to take place over late 2012 and 1H 2013
– New drill program is anticipated to lead to a resource update based on an additional 33,000m meters of drilling post the maiden resource
• Updated resource expected in mid 2013
– Subject to the successful completion of the drill programs
– This resource will be included in the planned scoping study
• Scoping study – 2H CY2013
– Scoping Study on Kestanelik Project is expected to commence in mid 2013 and complete later in 2013
– Chesser will continue to assess metallurgy and compilation of information relevant to project economics ahead of scoping study in 2013
– Scoping study results will be assessed and decision made on project development timeline to prefeasibility
and permitting
• Permitting process – Late 2013 / 2014
– Subject to successful completion of the scoping study, Chesser will begin permitting process and submittal of project description
Gold exploration in Turkey
– Flagship property is Kestanelik – NW Turkey
– Now vested 100% (subject to 2.5% NSR)
– Epithermal vein project
– High grade, wide veins, top of gold zone, big system, open at depth
– JORC Inferred 5.9mT @ 2.4 g/t gold for 462,000 oz – likely to be open‐pittable
– 90% untested, 5100m to go in current program
Also has Sisorta Karaayi and Catak up its sleeve
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