- Chalice Gold Mines (CHN) has entered a binding agreement to buy three key private properties at its Julimar project in Western Australia
- Chalice will buy the properties, along with associated livestock and farming assets, for $7 million in cash and over 2.3 million shares
- The properties cover a combined area of about 945 hectares and one of these makes up 85 per cent of the Gonneville Intrusion
- This intrusion hosts Chalice’s renowned PGE-nickel-copper-cobalt discovery
- Chalice considers this to be an important milestone in de-risking the potential development of a future mining operation
- Company shares last traded up 1.8 per cent for $3.40
Chalice Gold Mines (CHN) has entered a binding agreement to buy three key private properties at its Julimar Nickel-Copper-PGE Project in WA.
The wholly-owned Julimar project is located roughly 70 kilometres northeast of Perth in Western Australia. Ever since its discovery, a number of ASX-listed explorers have targeted the region hoping to find the same success Chalice has.
The three properties cover a combined area of around 945 hectares, and one of these covers about 85 per cent of the Gonneville Intrusion. The intrusion hosts Chalice’s major platinum group element-nickel-copper-cobalt discovery.
Chalice will acquire the properties, associated livestock and farming assets for $7 million in cash and 2,303,010 ordinary fully paid Chalice shares. The company expects the acquisition will be completed next month.
The company considers the acquisition of these additional properties to be an important milestone for the Julimar project. It’s also a significant step in de-risking the potential development of a future mining operation.
Chalice has also noted this deal doesn’t affect its ongoing reverse circulation and diamond drilling program which is so far yielding encouraging results.
Company shares last traded up 1.8 per cent for $3.40 at 1:12 pm AEDT.