- Chalice Gold Mines (CHN) is up more that 69 per cent this morning after the company received significant drilling results from its Julimar Project in Western Australia
- A new high-grade palladium-nickel-copper zone has been identified and has been named the Gonneville Intrusive
- Results peaked at 6.5 grammes per tonne palladium, 1.6 per cent nickel, and 0.7 per cent copper
- As COVID-19 has had a minimal impact on operations so far, Chalice will continue to identify new targets at the intrusive
- Chalice has skyrocketed 69.9 per cent in mid-morning trade, with shares currently trading for 96 cents each
Chalice Gold Mines (CHN) is up more that 69 per cent this morning after the company received significant drilling results from its Julimar Project.
The company’s Julimar Nickel-Copper-PGE Project is located approximately 70 kilometres northeast of Perth in Western Australia.
Since Chalice received results in mid-March from Julimar, reverse circulation (RC) drilling has intersected a new palladium-nickel-copper zone that its located approximately 60 kilometres east from JRC001.
JRC001 was the first RC hole to be drilled and it aimed to test a MLEM (moving-loop electromagnetic) target that was identified last year.
Significant results from this hole include 19 metres at 8.4g/t palladium, 1.1g/t platinum, 2.6 per cent nickel, one per cent copper, and 0.14 per cent cobalt from 48 metres.
Based off geophysics, results from this recent program are expected to be similar to that from JRC001.
Chalice has now received assay results for six RC holes and all have intersected broad zones of PGE (platinum group element) mineralisation at the newly named Gonneville Intrusive.
This intrusive spans a length of 1.6 kilometres, a width of 700 metres, and has an irregular shape which makes it favourable for large-scale magnetic sulphide deposits.
A recently completed drone-based magnetic survey highlighted the potential structure and further analysis is ongoing.
“Activities at Julimar have ramped up significantly since our outstanding discovery hole, and the new exciting results confirm that we appear to have a very large palladium-nickel discovery on our hands,” Managing Director Alex Dorsch commented.
“We have defined what appears to be a new parallel high-grade palladium-nickel-copper zone to the east of the discovery intercept that remains wide open and appears to have significant potential,” he said.
Significant results from the Gonneville Intrusive include 33 metres at 6.5g/t palladium, 0.7g/t platinum, 1.6 per cent nickel, 0.7 per cent copper and 0.1 per cent cobalt from 44 metres.
All other PGE samples (iridium, rhodium, ruthenium, and osmium) are waiting to be sampled.
As COVID-19 has had minimal impact on Chalice’s operations so far, the RC drill rig will continue to test new targets that have been identified via DHEM (downhole electromagnetic) surveys.
Soil sampling over the Gonneville Intrusive will also begin soon.
Chalice has skyrocketed 69.9 per cent in mid-morning trade, with shares trading for 96 cents each at 10:27 am AEST.