Market Herald logo


Be the first with the news that moves the market
  • A seven hole diamond drilling program has been completed at Chase Mining’s Lorraine Project in Quebec, Canada
  • Downhole electromagnetic (DHEM) surveying is planned for all of the holes which may be followed by a second round of drilling if justified by the DHEM data
  • The drill rig in now mobilising to the Alotta deposit to undertake deeper drilling

Chase Mining has completed a seven hole diamond drilling program at its Lorraine Project area in Quebec, Canada.

Two batches of samples have been submitted to the Sudbury laboratory for assay and the next batch of drill core is currently being prepared for dispatch later today.

The results will be announced to the market once all assays from the initial Phase 1 drilling program have been received and evaluated.

Historically, the Lorraine mine is reported to have produced 600,000 tonnes of ore at 1.08 per cent copper, 0.46 per cent nickel, 14,000 ounces of gold, and 86,000 ounces of silver.

The Phase 1 program for Lorraine has been completed with seven holes, for 1473 metres, being drilled.

Downhole electromagnetic (DHEM) surveying is now planned for all of the holes and a second round of drilling, if justified by the DHEM data, has been budgeted.

The drill rig is now mobilising to the high-grade nickel-copper-platinum group element (PGE) Alotta deposit to test for the possible depth extension.

One hole has recently been drilled at Alotta to test for a depth extension of a massive sulphide lens which was outlined during historical 2001 drilling.

This hole successfully extended mineralisation with an intersection of 6.17 metres at 3.48 per cent copper, 0.95 per cent nickel, and 0.1 per cent copper.

While this hole was initially drilled to 102 metres, it will be extended to 300 metres because it intersected gabbro, feldspar porphyry, and ended in a magic dyke.

Chase has now received and is assessing quotes for the DHEM survey of all eight holes from several geophysical contractors.

It anticipates that the selection process will be completed early next week so that the survey can begin once drilling is completed at Alotta.

In both historic 2001 and 2018 drilling, the Alotta lens is intruded by feldspar porphyry with breccia and massive sulphides on the margins.

Chase interprets that the breccias indicate local mobilisation which has led the company to believe that the shallow Alotta mineralisation could continue at depth beneath the porphyry body.

Shares in Chase are steady today, trading for 2.8 cents apiece in a $5.794 million market cap.

CML by the numbers
More From The Market Herald

" Jervois Global (ASX:JRV) sees higher costs to bring its Idaho cobalt operation to production

Jervois Global (ASX:JRV) will experience higher costs to bring its Idaho cobalt operation (ICO) in the…
The Market Herald Video

" Aeris Resources’ (ASX:AIS) Round Oak buy gets “overwhelming” shareholder approval

Aeris Resources (ASX:AIS) has received "strong support" from its shareholders at the Extraordinary General Meeting over…
The Market Herald Video

" Parkway Corporate (ASX:PWN) boosts stake in Karinga Lakes project to 40pc

Parkway Corporate (ASX:PWN) has increased its ownership of the Karinga Lakes potash project (KLPP) in the…
The Market Herald Video

" Horizon Minerals (ASX:HRZ) eyes $6m for WA projects

Emerging mid-tier gold producer Horizon Minerals (ASX:HRZ) has received firm commitments to raise $4 million via…