Chesser Resources Limited provided an update on drilling results from the Diamba Sud Gold Project in Senegal, West Africa. This release reports on the initial batch of assay results from the Phase 8 drill program from two diamond drill ("DD") holes, totalling 445m, and two reverse circulation ("RC") drill holes, totalling 252m, over the Karakara prospect on the Diamba Sud tenement. 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 late in 2021 defined shallow, high-grade mineralisation over 125m of strike. An extensive drill program has been completed over Karakara to define the strike and depth extents of mineralisation. A total of nine DD holes for 2,049m and 21 RC holes for 2,374m have been drilled thus far.

Consistent with other jurisdictions, assay returns have been disappointingly slow, and measures have been put in place to try and expediate the return of results. Mineralisation appears to be associated with quartz-carbonate-hematite-albite-pyrite alteration within hydrothermally altered brecciated sedimentary rocks. The north-south trending, east dipping sedimentary sequence is bounded by granite to the east and west.

The geometry of the mineralisation is complex. The outstanding assay results should assist in better understand the controls and geometry of mineralisation. Drill results from the existing two most northern drill traverses confirmed historical high-grade mineralisation.

Results included: DSR348 (1,428,400mN) (Figure 2): 6m @ 5.0 g/t Au from 66m. 5m @ 19.0 g/t Au from 99m. DSDD069 (1,428,375mN) (Figure 3): 8m @ 4.2 g/t Au from 75m.

2.3m @ 2.3 g/t Au from 94.8m. Drilling on section line 1,428,450mN, 50m north of the existing drilling, did not intersect the favourable sedimentary rocks and may represent the northern extent of mineralisation in that area. Results from one of the holes drilled on that line were returned with a modest mineralised intersection close to surface.

DSR347 (1,428,450mN): 5m @ 1.5g/t Au from 2m. DSDD070 was drilled on section line 1,428,200mN approximately 75m south of the existing drilling and was drilled at a low angle (50 degrees) to the west to test below the extensive historical artisanal workings prior to the area being fully rehabilitated and safe to operate over. Results returned multiple high-grade intercepts in the eastern sedimentary package.

DSDD070 (1,428,200mN) (Figure 4): 1m @ 16.6 g/t Au from 46m. 5m @ 1.7 g/t Au from 57m. 5m @ 7.5 g/t Au from 66m.

6m @ 4.1 g/t Au from 75m. 1m @ 18.1 g/t Au from 98m. 3m @ 6.6 g/t Au from 203m.

Drill coverage over the artisanal workings is still very sparse with additional drilling required to fully test the area. Drilling immediately north of the workings has intersected numerous zones of strong quartz-carbonate-hematite-albite-pyrite alteration in sedimentary conglomerates (example being DSR365, Figure 5) that may represent additional mineralised structures emanating from the artisanal working area and west of the existing mineralisation trend. Assay results are pending.

Follow up drilling is programed to follow up on the receipt of positive assay results from the current drilling, however based on the results to date Karakara is highly likely to add significantly to the Mineral Resource inventory at Diamba Sud. An initial resource estimate for Karakara will be undertaken during 2022.