Chalice defies gloom by soaring on nickel discovery

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).
27th March 2020
Resources Rising Stars

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).

Shares in the Tim Goyder-chaired company soared 21¢, or 135 per cent, to 36.5¢ today after it revealed several solid intersections including 19m at 2.59 per cent nickel, 1.04 per cent copper, 8.37g/t palladium and 1.11g/t platinum in fresh rock 48m from surface.

Chalice is still awaiting assays for the presence of cobalt in the core samples.

Managing director Alex Dorsch said the result was particularly significant given the rarity and value of nickel sulphide discoveries and the recent all-time high palladium price of more than $US2800/oz.

“The lack of nickel-copper-platinum group elements exploration on the surrounding intrusive complex, within an hour’s drive of Perth and close to established infrastructure, is quite extraordinary,” he said.

Chalice said the Julimar sat on a 26km x 7km layered ultramafic-mafic intrusive complex that was largely under cover and had never been explored for nickel.

Some punters are comparing the find to a Nova-style discovery.

The company said a further three high-priority targets to the north-east would be drilled over the coming weeks and an additional four targets were being evaluated.

Chalice holds a healthy balance of $23 million in working capital and investments.

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