March 2, 2022
Chalice Mining Ltd. (ASX:CHN, Not Rated, Timothy Lee) reported drilling and regional exploration results from its Julimar Ni-Cu-Co-PGM project in Western Australia. This includes assays from 78 new infill and step-out holes testing the Gonneville deposit. Drilling will help infill shallow inferred portions of the resource and step out at depths of up to 400m below the proposed pit boundary. One hole encountered massive chalcopyrite for the first time at the project, demonstrating the potential for further high-grade mineralization at depth. Four holes have also been completed thus far at the Hartog target, located immediately north of Gonneville within the Julimar State Forest. Preliminary observation indicates the presence of intrusive rocks, similar to those that hosts the Gonneville deposit. Aircore drilling has also been completed at the Jansz and Torres targets, located further north along the intrusive complex, with anomalous Ni-Cu-Co-PGM values and ultramafic mineralization. Deeper drilling is planned for these targets. Finally, a late-time AEM survey has revealed a new anomaly, named the Flinders target, located 25km northeast of Gonneville. An updated resource estimate for Gonneville is scheduled for May 2022, and drilling continues both at Gonneville and the regional exploration targets. Overall, we view these results as positive. The deeper drilling at Gonneville demonstrates the potential for an extended mine life through an underground operation below the proposed open pit. The regional exploration results highlight the massive “blue sky” potential at the project, with several targets along the intrusive complex. Read more
