Chalice soars again as drilling continues to impress

Shares in Chalice Gold Mines shot to new highs, pushing the explorer’s market capitalisation back through the $1 billion threshold on the back of more positive drilling results from its Julimar project (reports The West Australian).
20th November 2020
Resources Rising Stars

Shares in Chalice Gold Mines shot to new highs, pushing the explorer’s market capitalisation back through the $1 billion threshold on the back of more positive drilling results from its Julimar project (reports The West Australian).

The company reported this morning that drill intersections had extended its so-called G4 deposit at its Gonneville discovery 70km north-east of Perth.

It also announced the discovery of two new mineralised zones at the southern end of the Gonneville intrusion.

Chalice said the drilling had also revealed a high-grade palladium-gold oxide zone extended over an area of 1700m x up to 750m, open to the north into the Julimar State Forest, where it is awaiting approval to drill.

The company reported a swag of significant drill intersections including 50m at 1.8g/t palladium, 0.5g/t platinum, 0.9g/t gold, 0.2 per cent nickel and 1.1 per cent copper.

Managing director Alex Dorsch said the Gonneville discovery continued to grow on multiple fronts, with another round of exceptional drill results extending the known high-grade zones, defining new zones and further reinforcing the numerous growth opportunities across the project.

He said it was clear Julimar was emerging as a globally-significant deposit of critical metals in WA.

“We now have sufficient drill density at the southern end of the intrusion to define two entirely new zones (G6 and G7), both of which have significant scale and include some of the highest platinum-group element grades seen to date on the project,” he said.

“We have also recently intersected some of the widest, highest grade oxide mineralisation at this southern end of the intrusion.

“The intrusion is now interpreted to be a 500m-thick ‘sill’ style of mafic-ultramafic intrusion, with a consistent westerly dip and northerly plunge.

“This again reinforces the prospectivity of the recently announced Hartog EM Anomaly, located immediately north of Gonneville, in the Julimar State Forest.”

Chalice has five rigs operating at Julimar and is targeting a maiden resource estimate for Gonneville by the middle of next year.

Assay results are pending for a further 45 completed drill holes.

Shares in the company were trading below 20¢ in March before it hit mineralisation in the first hole at its Julimar project

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