Brisbane, Dec 5, 2007 AEST (ABN Newswire) - Chesser Resources Limited (ASX: CHZ) is pleased to announce the discovery of a new zone of high grade oxide gold mineralisation in new drilling on the Sisorta property.
Significant new drill results from the project include:
- 35.2 metres at 3.60 grams per tonne gold from drillhole Sis17 starting at a depth of 113.3 metres, including 10.1 metres at 6.04 grams per tonne gold
- 34.7 metres at 1.62 grams per tonne gold from drillhole Sis13 starting at surface,
- 37.7 metres at 0.66 grams per tonne gold from drillhole Sis16 starting at surface,
- 20.8 metres at 0.6 grams per tonne gold and 0.38 percent copper from drillhole Sis15 starting at a depth of 30.45 metres
Drillholes Sis16 and Sis17 were designed to test the topographically high silica cap zone to the west of the known zone of mineralisation, where previous soil and chip-channel sampling had returned encouraging gold results. The positive results in those holes, combined with the broad extent of surface soil and rock gold anomalies in this area, show that there is significant potential to extend the intersected mineralisation to the northwest and southeast. High grade gold mineralisation in hole Sis17 is hosted in siliceous breccia with a silica-hematite matrix. Clasts and matrix within the breccia do not appear to show a preferred orientation which could be used to infer the geometry of the zone.
Drillhole Sis13 tested the northwest extent of the existing high grade zone, while drillholes Sis14 and Sis15 were stepouts to the west from the outcropping high grade zone.
Mineralisation on the Sisorta project is associated with a 2500m by 800m northwest-trending topographic high. The 28 drillholes carried out to date have shown the clear existence of a large zone of high grade oxide gold mineralisation which remains open in all directions.
The 2007 drill program is now over, with the completion of six diamond drillholes for approximately 1000 metres of drilling. Drilling will recommence in 2008 once access is regained after the melting of winter snow.
"The discovery of the new high grade zone in the current drilling has shown that there is abundant potential to add to the known mineralisation at Sisorta," said Dr Rick Valenta, Chesser's Managing Director. "There is a lot more drilling to be done in order to drill test the extent of alteration and anomalous gold soil geochemistry, and we are planning a much more ambitious drill program of over 6,000 metres by June 2008".
About Sisorta
The Sisorta property is located in close proximity to the Black Sea coast in northern Turkey. Geologically, Sisorta is a volcanic-hosted high sulphidation epithermal project within the Tethyan Belt that extends from the Balkans in the west to Iran and Pakistan in the east. The Belt hosts a number of significant gold and base metals deposits and has a current mineral endowment of 89 million ounces of gold and 34 million ounces of copper metal.
At Sisorta drilling to date has demonstrated the existence of a significant body of nearsurface oxide gold mineralisation with surface grades of up to 14 grams per tonne gold. The project has a large footprint of outcropping mineralisation and anomalous soil geochemistry, only a small portion of which has been drilled. Worldwide, this style of deposit has hosted multi-million ounce bulk tonnage mining operations. Deposits of this type, while low grade (1-2g/t gold), often have excellent economics due to their open-pittable geometry and simple metallurgy, examples of which include Rosia Montana, Romania (15.8Moz), Agi Dagi/Kirazli, Turkey (3.5Moz) and Yanacocha, Peru (33.1Moz).
Drill collar details for the new holes reported are as follows:
-------------------------------------------------------------Hole-ID Easting Northing Elev. Length Bearing Inclination-------------------------------------------------------------Sis13 418525 4478145 2037 154.90 265 75Sis14 418520 4478081 2033 124.50 270 75Sis15 418530 4478029 2029 106.00 330 70Sis16 418110 4478017 2165 269.15 170 60Sis17 418059 4477990 2146 197.30 140 65Sis18 418445 4478118 2080 150.00 90 75-------------------------------------------------------------Significant drill results from the current program include:-------------------------------------------------------------Hole-ID From To Interval Au Ag Cu (m) (m) (m) (ppm) (ppm) (%)-------------------------------------------------------------SIS13a 0 34.7 34.7 1.62including 0 9.5 9.5 2.19 13.2including 11.6 23.5 11.9 1.66 9.7including 24.9 25.5 0.6 1.39 23.3including 26.6 34.7 8.1 0.92 5.5SIS14 19.6 30.1 10.5 0.62 2.7SIS14 65.6 82.7 17.1 0.47 2.0including 70.1 76.6 6.5 0.89 3.9and 71.3 90.5 19.2 0.39and 79.8 83.5 3.7 0.93SIS14 101.6 107.7 6.1 1.98SIS15 0 19.7 19.7 0.57 2.8SIS15 30.45 51.25 20.8 0.60 2.9 0.38SIS15 43.9 48.8 4.9 0.95 3.3SIS15 68 71 3 0.22 5.9 0.48Sis16 0 37.7 37.7 0.66 0.7including 0 1.5 1.5 5.58 2.2including 33.4 37.7 4.3 1.51 0.7Sis16 114.2 125.5 11.3 0.72 4.8Sis16 194.5 204.3 9.8 0.63 11.1 0.22Sis16 216 221 5 0.55 2.7 0.05Sis17 0 4.5 4.5 0.56 0.6Sis17 40.6 89.8 49.2 0.50 0.9Sis17 52 55 3 1.13 0.6Sis17 61.9 65.4 3.5 0.80 0.9Sis17 74.2 80.4 6.2 0.78 1.1Sis17 114.8 150 35.2 3.60 1.2including 118.5 128.6 10.1 6.04 1.9including 119.5 123.5 4 12.40 1.8including 136 150 14 4.43 0.7 0.02-------------------------------------------------------------Table 1. Selected drill results from Sisorta.
The Company has entered into an option agreement with Eurasian Minerals Ltd (TSXV: EMX) to earn up to a 70% interest in the Sisorta Property.
Contact
Dr Rick Valenta
(07) 3369 4000
info@chesserresources.com.au
www.chesserresources.com.au
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