Join our daily newsletter At The Bell to receive exclusive market insights
- Chalice Mining’s (CHN) latest results from its drilling program at the Julimar project in Western Australia confirm the continuation of mineralisation
- Drilling is testing the Gonneville intrusion, which hosts several styles of PGE-nickel-copper-cobalt-gold sulphide mineralisation
- The latest results indicate continuous zones of high-grade mineralisation, and step-out drilling has extended several high-grade zones along strike
- Looking forward, infill drilling and wide-spaced reverse circulation drilling continues, the company is also gearing up to start drilling at its Hartog Target
- Shares last traded 5.9 per cent lower at $6.98
Chalice Mining’s (CHN) latest results from its drilling program at the Julimar project in Western Australia have confirmed the continuation of mineralisation.
The stepout and resource definition drill program at the nickel-copper-platinum group element (PGE) project extends for more than 160,000 metres, with 120,000m of drilling, comprising 118 diamond drill holes and 324 reverse-circulation drill holes completed to date.
Drilling is testing zones of high-grade mineralisation at the Gonneville intrusion, as the potential site for an initial mine development.
At the intrusion, which hosts Chalice’s Gonneville Discovery, several styles of PGE-nickel-copper-cobalt-gold sulphide mineralisation are said to be present, with eleven high-grade zones defined to date.
CHM said the latest results from infill drilling on the Gonneville eastern footwall contact continues to confirm continuous zones of high-grade mineralisation.
Those results include 25metres at 3.0 grams of palladium per tonne (g/t), 1.4 g/t platinum, 0.2 g/t gold, 0.3 per cent nickel, 0.3 per cent copper, 0.03 per cent cobalt from surface.
Another intercept included 14 metres at 4.2g/t palladium, 1.1g/t platinum, 0.2g/t gold, 0.5 per cent nickel, 0.8 per cent copper, 0.03 per cent cobalt from 85 metres.
Additionally, the company said step-out drilling has extended the high-grade G3, G5 and G10 zones along strike, with significant results including seven metres at 3.8g/t palladium, 0.8g/t platinum, 0.8 per cent nickel, 0.1 per cent copper, 0.08 per cent cobalt from 189 metres.
Further assay results are pending for another 137 completed drill holes.
Looking forward, infill drilling is ongoing and CHM is also continuing initial wide-spaced reverse circulation drilling which is targeting the extension of the G4 and G11 zones to the northeast of the project.
Plans are also in place for the commencement of drilling at the 6.5-kilometre-long Hartog Target, late in quarter three of 2021, subject to access approval.
The Chalice Board of Directors has approved a comprehensive work program for Julimar in financial year 2022, which encompasses exploration, resource definition, environmental baselining and studies.
With this, the company is aiming to accelerate the development of Gonneville and determine the ultimate scale of the Julimar Complex as rapidly as possible.
Shares last traded 5.9 per cent lower at $6.98.
