Drill permits received for Karaayi Project Turkey
Thursday, 19th May, 2011
- 8 hole drill program for 2,000 metres, to begin late-April
- Numerous untested gold +/- copper porphyry-epithermal targets to be drilled
- 42 drill sites permitted
- Part of a well-mineralised district with strong gold endowment and numerous high grade occurrences
- Historical drilling results for follow up include 115.5 metres at 0.52 g/t gold and 87.1 metres at 0.62 g/t gold.
Chesser Resources Limited (ASX:CHZ) (Chesser) pleased to announce the receipt of drill permits for its planned 2,000 metre drill program at the Karaayi project, approximately 40 kilometres southwest of Kestanelik (see map).
“Our work has identified a number of high quality undrilled porphyry and epithermal gold targets at Karaayi,” said Rick Valenta, Managing Director of Chesser. “Chesser’s Karaayi project is known to be well mineralised and it lies within a district that has already yielded a million- ounce-plus resource and numerous other high grade intercepts. Drilling carried out on the property, by the previous owner, has shown strong bulk tonnage potential.
“The targets we have defined on this prospect have the potential to return wide high grade gold intercepts of the type seen in nearby properties in the area,” Rick added.
Figure 1. Regional location of the Karaayi and Kestanelik projects.
Planned Program
Following-up on the untested potential identified on the property, the company plans to carry out an initial program of eight diamond drillholes for a total of 2000 metres. A much larger number of drill sites have been permitted in anticipation of further drill programs should initial drilling prove successful. A drill company has been contracted to carry out the program, and drilling is anticipated to begin in late-April.
Figure 2. Regional setting of Karaayi area showing regional soil anomalies and selected significant results from nearby properties. Soil anomalies outside the Karaayi tenement area have been compiled from publicly available data.
Karaayi
The Karaayi prospect contains a known and previously drilled porphyry gold-copper prospect. The main prospect area has been tested by the previous owner with 28 drillholes (21 RC and 7 diamond), with best drill intersections of 115.5 metres at 0.52 g/t gold and 87.1 metres at 0.62 g/t gold. However, in 2010, Chesser carried out a program of detailed mapping, soil sampling, IP and magnetic surveys (Figure 3). This work resulted in the identification of a number of previously unrecognised, and untested strong anomalies, for both bulk-tonnage porphyry copper-gold and epithermal gold mineralisation. The surveys identified areas of high- chargeability and co-incident anomalous soil samples, which indicate kilometres of untested potential in this area.
Figure 3. Soils and drillholes (with selected historical drill results) superimposed on the 50 to 150 metre chargeability depth slice (white areas are high chargeability and purple areas are low chargeability.
The Karaayi prospect is a porphyry-related gold-copper target hosted in altered Lower Miocene volcanics that are underlain by medium to high-level Mesozoic granodiorite intrusions. Mineralisation in the area is characterised by disseminated or fracture-controlled pyrite, variable amounts of silicification, hematite/pyrite matrix breccias produced by intense fracturing of siliceous rocks. There is also moderate to weak saccharoidal to crystalline quartz stringer stockwork veining in small breccia pipes.
Chesser can earn 100% in the Karaayi project by completing exploration expenditures of US$2.5 million and issuing 800,000 shares to the underlying owner of the property. On Chesser vesting 100%, the underlying owner will retain a 2.5% Net Smelter Return Royalty. Chesser has spent approximately US$400,000 on the property to date.
