Chesterfield Resources Share Discussion Threads

[pensionplanner] 19/5/2021 09:17

"Project is eligible for a Provincial JEA grant"

The Junior Exploration Assistance Program (JEA) aims to grow the mineral inventory of the Province through the discovery of new mineral districts, occurrences, prospects and deposits. The program also aims to advance mineral discoveries through the stage of defining NI 43-101 compliant mineral resources and to enhance Newfoundland and Labrador’s competitiveness as a world class mineral exploration destination. Companies primarily engaged in mineral exploration and/or mining may be eligible, and are permitted to be in receipt of direct or indirect revenues from mineral/mining operations.

The Program guidelines have been split into two parts: the first covering the basics of the Program and requirements for submitting a Letter of Intent; the second covering the requirements / standards for the final report. There has been no significant change to the Program. The JEA 2021 Program Guidelines, Letter of Intent and Letter of Intent Guide have all been modified for clarity. It is the responsibility of parties interested in JEA support to be familiar with and meet the requirements of the Guidelines. The Final Report Form and Final Report Guide are currently being updated and will be posted at a later date.

Pending JEA budget approval for the 2021-2022 fiscal year, funding will provide financial support of 40-75% of approved exploration costs, to a maximum of $150,000 per project on the island of Newfoundland and $225,000 for Labrador-based projects. Please review the JEA 2021 Program Guidelines for more details.

[excellance] 19/5/2021 09:12

"a further 10% via a three-year warrant exercisable at 20p."

So, we pay £1.3m in shares now, plus a warrant for 10% of our share capital in three years time, for just 20p per share.

We'll probably have 200m shares in three years time, so 20m X 20p in 2024 or £4m if things go to plan.

This deal is more about getting control of CHF cheaply than anything.

What will our share price be in three years given developments at olive?

The timing of this deal is a big tell tail too. Why not wait three months?

[wassapper] 19/5/2021 09:11

Pension - "Does this mean they are not impressed with their Cyprus leases.?" That is a stupid question, but why not register for the webimar and ask them?

Cyprus has the potential to be huge in itself and for low costs investment. The strategy was always to aquire other sites, with more to come. CHF is PolyMetals' copper explo vehicle with a very experienced team that are copper experts.

[wassapper] 19/5/2021 09:08

Scroll down FFS

hxxps://zoom.us/webinar/register/WN_LCY92uNDQWGIG4nPZ_8NdA

[pensionplanner] 19/5/2021 09:03

Also worth noting from Altius.

"Project is eligible for a Provincial JEA grant"

[excellance] 19/5/2021 09:02

There is clearly considerable opportunity for further exploration work, and especially carefully targeted drilling. The regional exploration database includes results of extensive, high-quality geological, geochemical and geophysical surveys. Using advanced techniques, these databases can now be quickly combined and analysed to generate high priority target areas for field follow up prior to drill target definition.

An initial field season is already being planned to investigate prospects and more specific field-based targeting methods based upon a re-evaluation and re-modeling of the regional exploration datasets with the latest visualization software tools and with expert consultants who have decades of experience in this belt. This is expected to generate a significant pipeline of quality drill targets

[pensionplanner] 19/5/2021 09:01

We also need to know if there's an Inuit benefit plan as often these are compulsory and give indigenous occupants rights to block projects, although I'm not sure it applies in this area.

Does this mean they are not impressed with their Cyprus leases.

[linz22] 19/5/2021 08:59

It's about long term growth, Ex., not short term gain.
Chesterfield's eyeing a foothold in a copper driven future.
That's what was meant by them not being spivs...

[talkman2] 19/5/2021 08:58

Can someone please post the link to tomorrow’s webinar .

Can’t seem to find it on the website

[pensionplanner] 19/5/2021 08:57

One good point is the locals seem very friendly to mining, although I'm sure there was a TV documentary about Inuits objecting to further mining development?

Mining & Mineral Exploration
In 2005, Vale began operations of its open-pit mine and concentrator at Voisey’s Bay, located 356 air kilometers north of Happy Valley-Goose Bay and 35 kilometers south of Nain. The facility produces 6,000 tonnes-per-day of two types of concentrate, nickel-cobalt-copper and copper. This deposit is one of the highest grade ore bodies in the world and is expected to continue until 2021. Vale employs approximately 450 workers including many Labradorians with specific employment commitments for Innu and Inuit.

Voisey’s Bay Mine Expansion Project
Voisey’s Bay underground mine expansion project will focus on the development of two separate deposits, Reid Brook and Eastern Deeps. The construction of this development is expected to take place between 2016 and 2021 with the graduate transition from open pit to underground mining beginning in 2020. Approximately 400 additional full-time positions will be created to support the underground operations.

The underground expansion project will extend the life of the Voisey’s Bay operation until 2032 and at peak production, will produce approximately 40,000 tonnes of nickel-in-concentrate per year. This concentrate will be shipping to Vale’s processing facility in Long Harbour, Newfoundland for further processing into finished nickel. For more information on opportunities, please click here.

This is from the Economic Development plant Happy Valley/Goose Bay

hxxp://happyvalley-goosebay.com/business/economic-development/

[excellance] 19/5/2021 08:55

This line is the most important.

Altius, will be issued 10% of Chesterfield's stock as payment for the project, with an option to purchase a further 10% via a three-year warrant exercisable at 20p.

[pensionplanner] 19/5/2021 08:52

Worth a read

[excellance] 19/5/2021 08:50

The moon is close to earth, but try building a road!

[excellance] 19/5/2021 08:49

PP,

That's one way of looking at it.

I think the new project is a long way from development stage, and I doubt we'll drill there until 2023. So they've swapped a long term huge project for 10% of much nearer term monetiser.

[pensionplanner] 19/5/2021 08:49

Yes, and Canada is close to the USA. ha ha

[onedayrodders] 19/5/2021 08:49

yep ... but these things are never next to the M1

[excellance] 19/5/2021 08:44

"close" is a relative term.

"The paved, all-weather Trans-Labrador Highway is located approximately 110 km to the south of the project and the 5,428 MW Churchill Falls hydroelectric facility (the tenth largest in the world) is located approximately 180 km to the southwest. A hydro access road is located within approximately 60 km of the western end of the project."

[cinoib] 19/5/2021 08:43

Wel that was a nice wake up call, looks very fair on the surface. Let's see what the market thinks of it by close of play, but looks good enough.

[pensionplanner] 19/5/2021 08:41

Good news...here comes the but

but I note there are safeguards for Chesterfield regarding voting etc., but there doesn't appear to be a safeguard if the asset proves non viable, in which case 20% of Chesterfield may have been acquired for a non viable asset and safer to have some safety net regarding the asset viability.

Otherwise if the asset proves worthless (unlikely I know) they can effectively own 20% of Chesterfield for selling a non viable asset?

Could not see any safeguards regarding the asset accept royalty to the seller?

[soulsauce] 19/5/2021 08:41

Cheers someuwin.

[onedayrodders] 19/5/2021 08:38

excellence ..

"The project is close to the regional service hub of Goose Bay, and in range of major road and rail infrastructure to the coast"

[excellance] 19/5/2021 08:35

The consideration of this deal hints more about the expected value of CHF and Cyprus than it does about Adeline.

20p coming quick, then some more.

[excellance] 19/5/2021 08:21

Excellent news.

Huge future potential for 10% dilution.

We do have a spending commitment that will require servicing, and that will require a placing, but future placings were always going to happen anyway.

Very large scale, no roads or infrastructure, a lot of work to do over many years, I hope they have immediate targets.

[someuwin] 19/5/2021 08:20

Format the RNS better and its clear they are just ensuring that Altius does not have too much influence, i.e they can't vote for CHF to delist for example. All positive imo.

"Chesterfield and Altius have also entered into a relationship agreement. The principal terms are that...

1) Altius is required to exercise its voting rights so as to ensure the independence of Chesterfield's board;

2) Altius is required not to control or influence the running of Chesterfield at an operational level;

3) Altius is required not to exercise its voting rights in respect of any resolution relating to
- (a) any transaction with Altius;
- (b) the cancellation of Chesterfield's admission to trading on the Main Market; or
- (c) any amendments to Chesterfield's articles of association which would be inconsistent with the agreement and

4) Altius has the right to participate in any issue of shares or other equity securities by Chesterfield by subscribing for such number of shares as will ensure that the total proportion of all voting rights held by Altius is not reduced following such issue. These rights and restrictions shall apply for so long as Altius maintains an interest in more than 5% of Chesterfield's voting rights."

[32campomar] 19/5/2021 07:55

I imagine they feel hindered by the main market rules on raising money via issuing new shares, it's capped at 20% of equity in a year. No such limits on AIM for example.