Financial ReviewChesser Resources surges 167pc on gold strike
Tom Richardson
Shares in Senegal-focused gold explorer Chesser Resources climbed 167 per cent in early trade to 28 cents after it boasted of "spectacular high grade gold hits" from its Diamba Sud mine.
At 48 metres it reported drilling showed intersections of 6.7 grams of gold per tonne. This hit also included 25.14 grams of gold per tonne at 10 metres.
Chief executive Mike Brown said: “Results like this are exceptional and rare. Whilst this discovery is still at an early stage, the consistency, high- grade and thickness from near surface is remarkable.
"With pending results from 8 holes at Area A, a strong cash balance and the recent appointment of Mark Connelly as Non-Executive Chairman, the Company is well positioned for a transformational year ahead.”
The company has no revenue and reported cash on hand of $1.3 million as at June 30, 2020. It raised $6 million after issuing 75 million shares at 8 cents each in July 2020.
The gold price is at a record high of $US1967 this morning.
