Chesser Resources Limited ('Chesser' or 'the Company' (ASX:CHZ)) is pleased to provide an update on the exploration and development activities from the Diamba Sud Gold Project in Senegal, West Africa.

This release reports on the fifth and final batch of assay results from the Phase 8 drill program and includes:

Karakara: eleven diamond drill ('DD') holes, totalling 2,092.3m and four Reverse

Circulation ('RC') holes, totalling 582m

Kassassoko: two DD holes, totalling 318m

Area D: one DD hole, totalling 60m

Area D South: one DD hole, totalling 69.7m

Area A: one RC hole, totalling 168m

Area A South: one DD hole, totalling 251.2m DIAMBA SUD DRILLING KARAKARA

Karakara is located 1.2km southwest of Area D and over a geochemical anomaly coincident with the interpreted trend of the Northern Arc structure. Drilling has defined shallow, highgrade mineralisation over at least ~250m of strike. Mineralisation appears to be predominantly associated with quartz-carbonate-hematite-albitepyrite alteration within hydrothermally altered brecciated sedimentary rocks, however mineralisation in the granites has also been observed. The north-south trending, east dipping sedimentary sequence is bounded by granite to the east and west. The geometry of the mineralisation is complex but may be associated with folding and an anticlinal structure observed in core and geophysics. Locally there are very high grades associated with a northeast-southwest trending dyke that transects the mineralisation (Figure 1). This final batch of drill results has extended mineralisation to more than 250m strike with mineralisation remaining open to the northeast, east and possibly to the southeast. In the north drilling intersected very high-grade mineralisation adjacent to the northeastsouthwest trending dyke with mineralisation remaining open in that direction. Intercepts included

KASSASSOKO

Kassassoko is located 2.5km south of Karakara and may form the southeast extension of the Western Splay structure. The area has been actively exploited by the local artisanal miners over the past six months. Mineralisation appears to be hosted within an east-west sheared and stockworked granite with associated pyrite alteration. Two DD holes were drilled under the pit to follow up the previously reported5 very significant high-grade results returned from fifteen rock chip samples collected from within the Kassassoko artisanal workings (Figure 4). Both DD holes returned mineralised intervals associated with stockworked granite, however the grades and widths did not reflect what has been observed in the pit. Additional investigation will be undertaken over the area during the next field season.

The Phase 8 drill program has been completed and all assays have now been released. Maiden Mineral Resource estimates over Karakara and Bougouda plus a full update of the Mineral Resources for the whole Project area has commenced and will be released once completed. Definitive Feasibility Studies have commenced. Metallurgical testwork is currently underway with additional samples from the recently completed metallurgical drilling to be delivered in September

Contact:

Media

Andrew Grove

Managing Director and CEO

E: andrewg@chesserresources.com.au

Mobile: +61 414 011 383

Michael Vaughan

Fivemark Partners

Mobile: +61 422 602 720

ABOUT CHESSER RESOURCES

Chesser Resources is an ASX listed gold exploration company with projects located in Senegal, West Africa. Chesser has discovered three high-grade gold Projects (Areas A and D and Karakara) at its flagship Diamba Sud Gold Project. The Company currently holds 872km2 of highly prospective ground in this underexplored world-class gold region. The Company has corporate offices located in Brisbane and Perth, Australia and a corporate and technical team based in Dakar, Senegal. Diamba Sud, covers an area of 53.2km2 and is located ~2km to the west of the Senegal Mali Shear Zone ('SMSZ'), a major regional structure that host numerous multimillion-ounce world class gold deposits including: B2Gold's 7.6Moz Fekola mine, Barrick's 18Moz Loulo-Gounkoto complex and Allied Gold's Sadiola and Yatela mines. Diamba Sud lies just 7km to the west of Barrick's 5.5Moz Gounkoto mine and to the immediate east of the privately owned 0.5Moz Karakaene mine.

Forward looking statements

Statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Chesser Resources Limited's planned work at the Company's projects and the expected results of such work are forwardlooking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, forecasts, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

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