Chesser Resources is an ASX listed (ASX:CHZ) West African focused gold exploration and development company with projects located in Senegal.
Chesser has discovered three high-grade gold prospects at its flagship Diamba Sud project in eastern Senegal to date. Diamba Sud is located within highly prospective geological terrain of the Senegal Mali Shear Zone that hosts many world class gold mines including the neighbouring Loulo, Gounkoto and Fekola mines. Diamba Sud is in the centre of an emerging gold camp with limited historic exploration and numerous recent gold discoveries both by Chesser and by Barrick on their adjacent tenements, and with a significant number of untested gold prospects within a 15km x 15km anomalous gold system.
High-grade gold mineralisation was discovered by Chesser at Area D in mid-2020 and in November 2021, Chesser delivered its maiden Mineral Resource over Area A and Area D of 781koz @ 1.6g/t gold including a high-grade core of ⁓500koz @ 3.0g/t gold.
In March 2022, Chesser released the results of a Scoping Study undertaken over the Areas A and D Mineral Resources which clearly demonstrated the merits of a technically simple, low risk, high value future mine development. Scoping Study results included: NPV5 US$301M and IRR 59%, payback 15 months @ US$1800/oz gold, 7.5 years producing 704koz gold at AISC of US$820/oz, low strip ratio 2.8:1, initial capital US$159m. The first 2 years are particularly strong producing 244koz gold at AISC of US$545/oz from the Area D pit.
A new high-grade gold discovery at Karakara, ~1km from Area D, was made in December 2021 and drilling is currently underway to define Mineral Resources at this area as well as to increase the Mineral Resources at Areas A and D. Importantly Karakara mineralisation was not included in the Scoping Study and should have a materially positive impact on the already strong result.
Chesser aims to increase the mining inventory to over 1Moz during 2022 and to continue drilling to define the full geological potential of the Project.
The Company currently holds 877km2 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.
* 09 December 2022 (AUD)
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