Chesser Resources

Website: www.chesserresources.com.au
Primary ticker: ASX:CHZ
Stage of development: Exploration
Primary minerals: Gold
Project to promote: Diamba Sud

Live financials

Chesser is an Australian listed explorer focused on advancing the newest high-grade gold discovery in West Africa. The company is well funded and will commence drilling after the wet season in Senegal as soon as feasible. The discovery at Area A is shallow high-grade gold in pyrite in fresh rock. It lies within a large geochemical target where other significant targets are to be followed up or tested, with wide spaced drilling to date. The mineralisation shares characteristics with the world class deposits that lie on the Mali side of the Senegal-Mali Shear zone (Fekola, Loulo, Sadiola) and is just 7km from Gounkoto. Management is highly experienced technically and in running public companies.

Management Profile

Mike Brown, CEO and Managing Director

Michael Brown, MD &CEO, has over 25 years experience in the resource sector as an exploration and mine geologist, senior executive and CEO. He has worked in Australia, Indonesia, Chile, Argentina, Ecuador and Canada with RioTinto, CRA, Homestake, Goldfields, Pacific Hydro, Kinross Gold, Argentex and Austral Gold. He has a MBA, BSc-Hons and a BA.


What is your rationale for attending 121 Mining Investment?

We have a recent high-grade gold discovery in Senegal, adjacent to belt that hosts over 45Moz of gold. Chesser hasn’t been marketed in Europe, and London is perhaps the most West Africa centric market. We are seeking to inform investors of our exciting results, and the potential opportunity based on a significant discovery. We are fully funded and will have diamond drilling underway during the last Quarter of 2019.


What recent news would you like to highlight to investors attending?

On 26 of August we announced a discovery at our A Area, within a large geochemical anomaly and just 2kms to the west of the Senegal-Mali shear zone (a belt that hosts >45 million ounces of gold). Subsequently we announced final results on 3 September, with another exceptional hit on a mineralised fault 1km to west of A area, and within the same Northern Arc geochemical anomaly. On 12 September we announced a capital raise of AUD1.9m, which will comfortably fund a 2000m diamond drill program we hope to commence in the last Quarter of 2019.


What are your key goals for the next 3, 6 and 12 months?

3 Months:

Grow the Area A discovery, define mineralisation at D area (53m@2.61g/t gold, including 17m@4.97g/t gold).

6 Months:

Explore high priority untested targets within Northern Arc anomaly, test the Western Splay and Southern Zone.

12 Months:

Add other discoveries to the A Area, such as Area D, and continue to define the extents of the shallow pyrite hosted mineralisation in fresh rock at Area A. Advance drilling to build inventory to have enough data and confidence to start preparing a resource.


What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Financing for continuing to run exploration is the main risk. However, we have just raised $1.9m, more than sufficient for planned activities, so hopefully good results are continued to enable us to finance any further activities.


In a sentence, what do you think makes your company such a compelling investment?

We have a new discovery in an under explored belt adjacent to one of the most prolific orogenic gold belts in the world (having had >45Moz put into production in last 20 years). The discovery is high-grade, shallow and in fresh rock, making it potentially very easy for future development in an area where other mines are world-class. Senegal is a very safe and stable jurisdiction and our market cap is still very modest, creating a unique lower risk opportunity.