Chesser Resources is an ASX listed (ASX:CHZ) West African focused gold company with projects located in Senegal.
Chesser has discovered two high-grade gold Projects at its flagship Diamba Sud project in eastern Senegal.
Diamba Sud is located in a highly prospective area that hosts many world class gold mines including the neighbouring Loulo, Gounkoto and Fekola mines just over the border in Mali.
The Company currently holds or has under application ~1,000km2 of highly prospective ground in this underexplored world-class gold region. Chesser’s Board and Management offers significant technical and financial management experience and a strong track record in discovery, development, operating and M&A in West African gold.
Senegal is one of the best investment jurisdictions in West Africa.
It has a stable democracy with a transparent and modern mining code.
Senegal was a former French colony which gained its independence in 1960.
Population of approximately 16 million with a strong economy, real GDP growth averaging over 5% pa since 2014.
Senegal enjoys significant international investment in natural resources including oil and gas, gold and mineral sands.
There have been two commercial gold mines built in recent years, both of which fully repaid their external debts and both which have traded on market without any country risk issues.
Woodside are investing approximately $4.5bn in the development of their off-shore oil reserves.
The President, Macky Sall, is supportive of the mining having worked in the industry as a geological engineer and former Senegalese Minister of Mines.
Drilling since 2020 has been focused on defining the controls and size of the mineralised systems at Area A and Area D, with a maiden resource planned for late 2021.
Drilling in 2020 lead to the discovery in July of the thick high-grade oxide mineralisation at Area D with an intercept of 48m @ 6.7g/t gold from 24m in DSR155, one of 5 strongly mineralised holes drilled on that traverse. The share price increased from 10c per share to over 25c per share on the back of the discovery announcement, dated 28/07/2020.
RC drilling in 2019 identified numerous mineralised intercepts over the Northern Arc, Western Flank and Southern Zone anomalies and identified a large scale mineralised hydrothermal system in the Northern Arc area, Area A).
During 2018 Auger drilling over the Diamba Sud tenement defined a significant 4.5km x 4.0km high grade geochemical anomaly.
Several Senegalese grass roots exploration assets, including Diamba Sud, were vended into Chesser in April 2017 through the acquisition of Boya Gold Pty Ltd and Erin Resources Pty Ltd.
Chesser acquired the high-grade Kestanelik Gold Project, in western Turkey, in 2009 and through to 2014 developed the asset to a pre-feasibility level. It was sold in 2014 for A$43 million cash to a local Turkish company, and A$33 million was returned to shareholders through a capital return.
Chesser floated on the ASX and was focused on exploration of epithermal gold in Turkey.