TIDMCHF
RNS Number : 6471N
Chesterfield Resources PLC
01 October 2021
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
1 October 2021
Update, broker appointment and options
Chesterfield Resources is pleased to announce that it has now
completed its initial field programme on its new Adeline copper
exploration project in Labrador, Canada, and that its drilling
campaign in Cyprus has been extended.
The company's Adeline project in Labrador extends across nearly
300 km(2) of an entire sedimentary basin. Over the last 70 years a
number of exploration campaigns have discovered over 200 copper
shows, on surface or at very shallow depth. Wide scale aerial and
ground geophysics surveys have also been conducted. However there
has been very little drilling on the project due to the lack of
road access.
During due diligence and upon completion of the acquisition,
Chesterfield conducted a re-evaluation exercise of all historic
data using modern techniques and software. This provided the basis
for a two month helicopter-supported field study across a number of
existing targets, and also delineating some new target areas. The
survey focused on mapping and sampling, especially to identify
structures that could host commercial deposits. The survey has just
been completed and the results are now being compiled and evaluated
to design detailed drill programmes.
In Cyprus, the company is pleased to report that it has extended
its drilling and exploration programme, this is to allow for
further testing of some gold encounters. The operational team has
also identified a promising waste dump opportunity in the Troodos
West licence area. Sampling indicates that it has the potential for
an early revenue heap leach project. The project has been named
Limni South Gold, and an appraisal programme is being designed.
The company is also pleased to announce the appointment of First
Equity as co-broker alongside Panmure Gordon. The company was
pleased with First Equity's efforts in our recent placement which
has left us in a comfortable financial position. The group's net
cash balance as at 30 June 2021 was GBP1,504,973.
The company has agreed to issue certain directors, employees and
consultants with options over a total of 2,200,000 Ordinary Shares
of 0.1p each in the capital of the Company, on the recommendation
of the Remuneration Committee. These options will vest immediately
and will expire five years from the date of issue with an exercise
price of 11p.
The options to be granted to director and PDMR's are set out
below:
Option holder Position Quantity
Martin French Executive Director 750,000
------------------------------ ---------------
Ajay Kejriwal Executive Director 350,000
------------------------------ ---------------
Neil O'Brien PDMR 350,000
------------------------------ ---------------
Peter Damouni Non-Executive Director 250,000
------------------------------ ---------------
Dave Cliff Non-Executive Director 250,000
------------------------------ ---------------
Paul Ensor Non-Executive Director 250,000
------------------------------ ---------------
Said Executive Chairman, Martin French, "The field programme on
our extensive new asset in Labrador commenced on completion of the
acquisition in June. With the field phase now completed the company
is now moving into detailed target and drill planning. Over the
coming weeks we will bring you more specific news of our individual
targets in Labrador.
In Cyprus we recently hosted a site visit by senior geologists
from our strategic partner Polymetal International. Their
conclusion was that the project showed particular promise in gold.
Polymetal is the world's tenth largest gold producer. We had
reached a similar conclusion from our gold study announced last
April and have decided to extend our drill programme to encompass
more gold targets.
One result of this initiative has been the identification a gold
waste material project, which we have christened Limni South Gold.
Drilling and sampling work has produced encouraging initial
results, and a programme of additional testing is now being
planned. We will bring you more news on this project soon.
Over the last year we have been building a good relationship
with the broker First Equity Ltd and we are very pleased that they
are now formally joining our team. In the recent placement the firm
has added a number of high-quality investors to our register. We
look forward to working with them, and making money for our
investors.
Incentive options are important in retaining key staff and
focusing their attention on increasing shareholder value in all
their decision-making. Unlike cash bonuses, options entail
employees and directors putting additional money into the business
rather than taking it out and closely aligning their interests with
our shareholders. It is the target of the Remuneration Committee to
maintain total incentive options at around 10% of fully diluted
share capital, which is an industry norm. We anticipate ongoing
results, and other activity, over coming months and took the
opportunity to allocate options while the compliance window was
open to do so. The options are being issued at approximately a 45%
premium to the current share price.
About Chesterfield Resources
Chesterfield Resources is a copper focussed exploration company
centred around a newly-acquired large
exploration project in Labrador Canada, together with its existing project in Cyprus.
The exploration technical team is led by two highly experienced
industry geologists Neil O'Brien, formally SVP Exploration &
New Business Development, Lundin Mining, and Dave Cliff, previously
Head of Exploration Europe, Rio Tinto.
The company has also acquired a major backer. In December 2020,
Polymetal International, the FTSE100 mining group, made a 23%
investment in Chesterfield via a placing of new shares, as
strategic backing for the company's project in Cyprus.
In Canada, the Adeline copper project is located within the
western half of the Central Mineral Belt, a 260 km long metal-rich
belt located in Central Labrador, eastern Canada. The Adeline
property is comprised of five contiguous mineral licenses totalling
29,725 ha (297.3 km2), covering the full extent of the Seal Lake
basin, an approximate 40km long by 10 km wide geological structure
which contains some 250 copper prospects. The project is close to
the regional service hub of Goose Bay.
The Seal Lake basin has seen extensive regional exploration over
the years resulting in a rich exploration database. Trenching and
channel sampling has established the presence of laterally
continuous high-grade copper beds. However there has been
relatively little drill testing, largely due to the lack of road
access. Where sulphide mineralization becomes massive the grades
are extremely high, commonly 10-30% Cu due to the high tenor of
chalcocite-bornite.
The company has recently undertaken the re-modelling of the all
the historic regional exploration datasets with the latest
visualization software tools. It has assembled a team of expert
consultants who have decades of experience in this belt.
An initial field season, which has just been completed,
investigated and new prospect areas. This is expected to generate a
significant pipeline of quality drill targets to test for
significant extents of high-grade copper-silver mineralized grey
beds.
In Cyprus the company holds the largest mineral exploration
licence area of any operator on the island.
Cyprus is regarded as a high-quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. An opportunity exists because there has been minimal
exploration activity on the island in the last 46 years since the
invasion by Turkey in 1974 put a halt to what had been a very
active mining industry.
The current focus of exploration is in the Troodos West group of
licences belonging to the company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS (volcanogenic massive sulphide) deposits in close
proximity to each other to create a mining project with a
centralised processing unit.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus . Gold has been
encountered in several locations in the exploration target area and
is an important part of the exploration objective. This also
includes a waste dump opportunity that will be appraised, called
Limni South Gold.
The company announced high grade polymetallic results from its
late season 2020 drilling campaign and has this year embarked on an
enlarged integrated 2021 geophysics, percussion and diamond
drilling exploration campaign. The company is in the process of
completing its diamond drilling campaign with results expected in
November.
Chesterfield Resources is committed to world-class environmental
standards in all of its operations to explore for copper, which is
essential to developing clean technology projects worldwide. The
company hopes to develop
industry and opportunities for the benefit of Canada and the Republic of Cyprus.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Martin French
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 750,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 750,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Ajay Kejriwal
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 350,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 350,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Neil O'Brien
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: PDMR
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 350,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 350,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Peter Damouni
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 250,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 250,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Dave Cliff
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 250,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 250,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Paul Ensor
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: C hesterfield Resources
Plc
----------------------------------------- -------------------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 0.1
type of instrument: pence
Identification code: GB00BF2F1X78
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
11 pence 250,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 11 pence 250,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2021-10-01
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
**ENDS**
For further information, please visit
www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0) 7901 552277
Panmure Gordon (UK) Limited (Joint Broker): Tel: +44 (0)207 886 2500
John Prior & Hugh Rich
First Equity Limited (joint Broker):
Jason Robertson Tel: +44 ( 0) 207 330 1883
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END
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(END) Dow Jones Newswires
October 01, 2021 02:00 ET (06:00 GMT)
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