Chesser shares jumped more than 40% in early trade with the release of assays from the first 14 RC holes from its second phase of drilling at its flagship Diamba Sud project.

 

The results confirm high-grade gold at Line A within the Northern Arc target, with 21m at 6.62 grams per tonne from 53m, including 1m at 30.6gpt from 69m, and 4m at 3.44gpt from 76m in a single hole.

 

Other intercepts included 14m at 9.53gpt from 75m, including 2m at 21.85gpt from 78m, and

2m at 13.15gpt gold from 83m in one hole, and 6m at 7.27gpt from 60m, 11m at 2.15gpt from 70m, and 6m at 3.17gpt from 107m in another.

 

Drilling at the Line F area was also encouraging with 2m at 4.91gpt, and 2m at 5.35gpt being a standout result for what remains a high-priority target.

 

Chesser said the Northern Arc exhibited characteristics similar to other large gold systems in the region, including the nearby Gounkoto/Loulo and Fekola multi-million ounce deposits.

 

Three holes were drilled around a 6m at 7.79gpt intersection seen at the Western Flank during earlier drilling, but didn't return any elevated gold grades, although geophysics suggests the structure remains of interest.

 

Assays from the remaining 12 holes are pending from drilling at Line D, where oxide and primarily mineralisation were noted in earlier drilling.

 

The company's next steps from October are to conduct wide-spaced drilling within the wider area looking for splays from the prolific Senegal Mali Shear Zone.

 

Once the wet season is over, the company is also considering using a diamond rig to better understand a potential fault offset at Line A.

 

Chesser's Diamba Sud covers some 53sq.km of its total 400sq.km holdings in the region.

 

Shares in the junior were trading at A5.4c this morning, valuing the company at almost $11 million. 

 

The company has bounced from its lowest point this year of 3.1c, and has traded as high as 6.2c.