14th MAY 2019

DIAMBA SUD DRILLING IDENTIFIES

THREE HIGH GRADE GOLD TARGETS FOR

FOLLOW-UP

HIGHLIGHTS

Assay results received from the final 22 (RC) holes drilled at Chesser’s flagship Diamba Sud Project in Senegal.

Further shallow gold intercepts encountered, including:

6m at 4.70g/t gold from 26m, saprolite

19m at 1.49g/t gold from 39m, fresh rock

4m at 6.51g/t gold from 26m including 2m at 12.00g/t gold, saprolite

17m at 1.33g/t gold from 20m, fresh rock

2m at 5.84g/t gold from 49m, fresh rock

6m at 1.19g/t gold from surface, saprolite

7m at 1.14g/t gold from 33m, fresh rock

4m at 2.67g/t gold from surface, saprolite

4m at 2.33g/t gold from 12m, saprolite

All Phase 1 program results now received with three large gold targets delineated for follow-up drill testing; Northern Arc, Western Flank and Southern Zone.

The targets exhibit similar characteristics to other large gold systems in the region, including the nearby world-class Gounkoto/Loulo (5.5/12Moz) and Fekola (7.6Moz) deposits;

Spatially related to splays off the Senegal Mali Shear Zone (SMSZ)

Northerly trend of mineralisation

Association of potassic alteration with mineralisation and pyrite with high gold grades

Northern Arc target: a 1km wide zone with numerous high-grade gold intercepts on interpreted northerly trending structures.

Western Flank target: a potential trend of up to 10km in length, as defined by artisanal workings, an aeromagnetic feature (potential splay off the SMSZ) and supported by drill hole intersections from Chesser’s Phase 1 program and previous drilling.

14th MAY 2019

Southern Zone target: numerous widespread drill intersections located 200m to the northwest of significant previous drill results (including 14m at 2.85 g/t gold, including 4m at 4.43g/t gold) 1

Follow-up Phase 2 drill program expected to commence by early June, with drill rigs already at site.

“The highly promising results received from our first pass RC drilling program at Diamba Sud has outlined at least three high quality targets for immediate follow-up drill testing. The geological attributes of these targets are considered very similar to the nearby world-class deposits associated with the SMSZ. In particular, the Gounkoto, Fekola and Loulo gold deposits, which range from 5.5 to 12 million ounces in size, are spatially associated with splays extending from the SMSZ, and have a marked potassic alteration with pyrite as the dominant sulphide mineral. Taking into consideration the results from the first phase of drilling, this bodes well for the future discovery potential at Diamba Sud and we look forward to further encouraging developments on this front in the upcoming RC drilling program which is expected to commence shortly.”- said Mike Brown, Managing Director and CEO of Chesser Resources

Chesser Resources Limited (“Chesser” or “the Company”; ASX:CHZ) is pleased to announce the receipt of

final assay results from the Phase 1 RC drilling program at its flagship Diamba Sud Project, located in eastern Senegal (Figure 1).

Covering 53.2km2 over the gold-bearing Kedougou-Kenieba Inlier, Diamba Sud consists of two blocks referred to as DS1 in the north and DS2 in the south.

The Project is located ~2km to the west of the Senegal Mali Shear Zone (SMSZ), a major regional structure and host to numerous multi-million ounce gold deposits including; B2Gold’s 7.6Moz Fekola mine, Barrick’s 18Moz Loulo-Gounkoto complex and IAMGold’s Sadiola and Yatela mines. DS1 lies 7km to the west of the 5.5Moz Gounkoto mine.

The Company currently holds ~400km2 of highly prospective ground in this underexplored world-class gold region.

1Refer to 3 April 2017 ASX announcement for details of 2016 drill results released. The Company is not aware of any new information or data that materially affects the information contained in that announcement.

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