Chesterfield Resources (LSE:CHF) bounced 6.3pc to 4.3p this morning after hiring a senior geologist as its chief operating officer. Michael Parker will take on the role at Chesterfield’s 100pc-owned copper exploration project in Cyprus.
Parker is a geologist with more than three decades of experience in both exploration and project development. He began his career in gold exploration across South Africa and Gabon. He then then joined First Quantum Minerals (FQM) in 1997 as an exploration geologist in Zambia and Zimbabwe.
He remained at FQM for 20 years, holding numerous senior country manager positions while playing a key part in major copper discoveries. These included the Frontier Mine, which contains 2.1Mt of copper, and the high-grade Lonshi, which boast 250,000ts of contained copper at an ore grade of 5pc. Parker modelled the resources and oversaw mine planning and operations at both mines.
In his country manager roles, Parker took on administrative management responsibility for up to 3,000 staff, including a large expat contingent. He also oversaw government and community relations, environmental management, and exploration permitting.
Chesterfield controls three project areas in Cyprus. These comprise seven granted prospecting permits and six applications for prospecting permits. According to the firm, these project areas cover abandoned mines, known prospects with exposed mineralisation, and other indicators of nearby massive sulphide systems. The company’s initial focus will be on advancing the Troodos West Project, where it has already identified numerous high-priority prospects.
Chesterfield’s executive chairman Martin French said: ‘Mike brings a tremendous amount of experience in exploration and management from his long career at First Quantum Minerals. Most importantly, he has experience in making large discoveries. Mike has already been working with Chesterfield over the past three months on a Project Management basis helping to expand our copper exploration programme in Cyprus.
‘During this time Mike has become very confident in our prospects, which has attracted him to take a permanent role. The Company has been encouraged by its early drilling results and so has made the decision to significantly enlarge its exploration programme in Cyprus. We will provide more details of this in the coming weeks.’
Author: Daniel Flynn
Disclosure: The author does not own shares in the company mentioned in this article