Company History

Chesser Resources Ltd was listed on the ASX on 29 May 2007 having successfully raised $6 million.

The Company was established for exploration, development and investment in resource opportunities. Initially Chesser had a number of South Australian projects covering a total of 2,604 square kilometres that were considered prospective for gold, copper, nickel and uranium.

Dr Richard Valenta was appointed as Managing Director in July 2007.

In August 2007, the Company and Eurasian Minerals Inc signed a Letter of Intent, providing Chesser with the potential to earn up to a 70 per cent interest in Eurasian Minerals Inc’s Sistorta Gold Property in North Central Turkey.

During 2008, Chesser took advantage of the knowledge and experience of its Turkish-based team by acquiring at low cost a number of high quality earlier stage gold and gold-copper opportunities. As the importance of Chesser’s Turkish assets became more apparent the Australian tenements and JV interests were relinquished during the year.

In 2009, following a major program of drilling, geophysics and metallurgy at its Sisorta Project in Northwestern Turkey a maiden JORC resource of open-pitable oxide gold with good metallurgical recoveries was declared. During this period Chesser reached agreements to acquire two projects with excellent discovery potential. At the Kestanelik project, Chesser negotiated an option to earn 100 per cent of a high-grade vein system with numerous undrilled targets, and at the same time acquired an option over the Karaayi Project - a porphyry-style stockwork system prospective for gold-copper mineralisation.

In late 2009, the Company received an operating license from the Turkish government for an economically positive open-cut mining operation to recover the Sisorta resource. Operating licenses were also received for the Kestanelik and Karaayi projects.

In 2010, an initial drilling program at the Kestanelik Project was completed and was quickly followed-up with a second program that was also successful in intercepting ore-grade mineralisation. An IP/resistivity survey extended the previously mapped 2.5 kilometres of outcropping veins to more than 21 kilometres of interpreted veins. Drilling and rock-chip sampling demonstrated high-grade gold over substantial widths, with grades and widths sufficient to hold out the potential for economic open-cut or underground mining.

The Company has an ongoing program to assess additional exploration prospects with an emphasis on drill‐stage high‐grade gold opportunities, with the aim of significantly enhancing its exploration portfolio.