- Chalice Gold Mines' (CHN) share price has soared after discovering high-grade nickel-copper-PGE sulphides at its Julimar Project in WA
- Chalice recently began its reverse circulation drilling program to test four high-conductance moving loop electromagnetic targets that were identified late last year
- Assays have returned for the first drill hole and have shown high-grades of nickel, copper and platinum group elements; palladium and platinum
- Over the next few weeks, three more high-priority holes will be targeted and further drilling is also being planned
- In light of the positive results, Chalice has applied for over 2300 square kilometres of new exploration licences in the region
- Following today's news, Chalice is up a staggering 90.6 per cent and shares are trading for 30.5 cents each
Chalice Gold Mines (CHN) has discovered significant high-grade nickel-copper-PGE sulphide mineralisation at its Julimar Project.
The Julimar Project is located roughly 70 kilometres north-east of Perth in Western Australia.
It covers 26 kilometre-by-7 kilometre layered ultramafic-mafic intrusive complex, that is largely undercover and has never been explored for nickel.
The company recently commenced a reverse circulation (RC) drilling program at Julimar to test several high-conductance moving-loop electromagnetic (MLEM) targets identified late last year. These targets appeared to be associated with a 'lens-shaped' magnetic anomaly.
The first RC drill hole, JRC001, was drilled to test MLEM Conductor 'E', located south-west of the magnetic anomaly.
It returned a significant intersection in the fresh rock of; 19 metres at 2.59 per cent nickel, 1.04 per cent copper, 8.37g/t palladium and 1.11g/t platinum (down-hole width) from 48 metres, including a massive sulphide zone of 13 metres at 3.15 per cent nickel, 1.19 per cent copper, 8.85g/t palladium and 1.09g/t platinum from 48 metres.
Results also showed a matrix or stringer sulphide zone of 6 metres at 1.39 per cent nickel, 0.72 per cent copper, 7.33 g/t palladium and 1.16g/t platinum from
"Given the rarity and value of nickel sulphide discoveries, particularly in WA, and the recent all-time high palladium price of more than US$2,800 per ounce, the result is especially significant," Managing Director Alex Dorsch said.
The sulphide zones are within a broader zone of disseminated sulphides containing high-grade palladium and elevated platinum including 25 metres at 2.02 per cent nickel, 0.88 per cent copper, 8.50g/t palladium and 0.91g/t platinum from 46 metres.
"While we are obviously still at a very early stage of exploration at Julimar, the discovery of a shallow high-grade massive sulphide zone within a large layered ultramafic-mafic intrusion is very exciting," Alex added.
Cobalt and other platinum group elements (PGEs) assays are pending.
The second drill hole JRC002, which is approximately 900 metres north-east of JRC001, is currently being drilled to test MLEM Conductor 'A'.
Over the next few weeks, three more high-priority holes will be targeted and further drilling is also being planned.
A down-hole electromagnetic (EM) survey will commence shortly to better define the conductors with the aim to provide step-out drill targets as drilling continues.
Additionally, Chalice is refining its MLEM model based on logged geology. It will be updated with down-hole EM as received.
Samples will be submitted for petrographic analysis to understand the host geology and sulphide mineralogy.
"Our recent success vindicates our corporate strategy of identifying high-potential greenfield gold and nickel exploration opportunities in safe jurisdictions and creating value through discovery," Alex stated.
In light of the positive results so far, Chalice has applied for over 2300 square kilometres of new exploration licences in the region to expand its footprint in a potential new nickel-copper-PGE province.
Chalice is up a staggering 90.6 per cent and shares are trading for 30.5 cents each at 11:09 am AEDT