Join our daily newsletter At The Bell to receive exclusive market insights
- Chase Mining has completed the planned eight-hole program at the Lorraine and Alotta projects in Quebec, Canada
- Hole CM-19-06 found unmineralised gabbro and was intersected from 6 metres to 203 metres downhole
- Hole CM-19-07 was designed to intersect the EM plate at 270 metres but the hole missed the target plate
- Follow-up drilling for DHEM is planned in October to test for possible extensions of the Alotta deposit
Chase Mining has completed the planned eight-hole program at the Lorraine and Alotta projects in Quebec, Canada.
Chase is an Australian-based minerals development and exploration company with projects in Australia and Canada.
The company was previously listed as TopTung, but changed its name to Chase Minerals at the start of the year. The name change comes after it obtained Zeus Minerals and Zeus Olympus.
The first phase of drilling at the Lorraine Project, which aimed to test the recent VTEM (versatile time domain electromagnetic) and a historic DHEM (downhole electromagnetic) anomaly, has been completed.
VTEM hole CM-19-06 had a target depth of 90 metres and is located to the east of the mine pit. Unmineralised gabbro was intersected from 6 metres to 203 metres downhole with the hole finishing in mafic volcanics at 213 metres.
“The shallow VTEM target was modelled at approximately 90 metres downhole however only trace sulphides were logged in the hole,” the company stated.
DHEM CM-19-07 was designed to intersect the EM plate at 270 metres but the hole missed the target plate.
At the Alotta project, hole ZA-18-01 was successfully deepened by 198 metres to 300 metres to allow access for DHEM target in the search for an extension to the exisiting high-grade deposit.
“There were no logged sulphides at the modelled plate depths and as such the deep Alotta VTEM anomaly remains unexplained,” the company said.
Follow-up drilling for DHEM is planned in October to test for possible extensions of the Alotta deposit.
The completed DHEM survey data will determine which of the VTEM anomalies have not been adequately explained by the recent eight-hole drilling program.
“At the Lorraine mine site, the hole targeting the historic DHEM plate will be redrilled as follow-up to the narrow Ni-Cu intercept in CM-19-07,” the company said.
“The DHEM survey results for VTEM Targets 1 to 4 will be evaluated for further drilling pending receipt of a final report.”
Chase Minerals says its been a steep learning curve and is hopeful with the further drilling planned for 2019.
Chase has dropped 14.8 per cent on the ASX today and is currently selling shares for 2.3 cents apiece at 2:02 pm AEST.
