Chalice Gold Mines has received strong backing for the next stage of the Julimar project in Western Australia, raising $30 million.
The next phase of the Julimar project is now fully funded and will see further exploration activities take place, following on from Chalice’s high-grade greenfield nickel-copper-PGE (platinum-group elements) discovery at the project.
Activities for the next stage include diamond drilling that targets high grade nickel-copper PGE mineralisation; reverse cycle (RC) and diamond drilling to test the potential of Julimar’s wide mineralised system; and preliminary metallurgical test work.
This is in addition to initial studies for mining, processing, environmental and economic scoping.
Chalice also plans to undertake a regional-scale exploration program in the coming months along 24 kilometres of Julimar, which has not been explored yet.
Chalice chairman Tim Goyder sold 10 million shares at $1.05 per share to expand investments from other parties due to the strong interest received for the Julimar project.
“We are of the view that Julimar has the potential to become a world-class project, and hence we are gearing up to accelerate our exploration and development activities,” Chalice managing director Alex Dorsch said.
“Recent investor engagement revealed significant investor demand that was reflected in this capital raising. We welcome the addition of a number of significant sophisticated investors to Chalice.
“We look forward to advancing our exciting projects and look forward to releasing more exploration results from Julimar and Pyramid Hill in the coming weeks.”