Chalice Gold Mines has discovered a “new style” high-grade copper-gold-PGE (platinum group elements) mineralisation at the Julimar project in Western Australia.
The PGE-copper-gold zone was discovered below the known high-grade zones in the Gonneville intrusion.
Compared to the company’s high-grade major discovery in March in the JRC001 hole, the newly discovered zone, located around 40 metres north of JRC001, is made up of disseminated chalcopyrite-rich sulphides in serpentine.
The new zone was discovered as Chalice’s JD005 hole intercepted 23.9 metres at 1.7 grams per tonne of palladium, 0.4 grams per tone of platinum, 0.5 grams per tonne of gold, 0.1 per cent nickel, 0.7 per cent copper and 0.02 per cent cobalt from 314.9 metres to end-of-hole.
Chalice has now initiated step-out drilling, describing the zone as “wide-open in all directions”.
Chalice commenced a systematic, greenfield exploration program in mid-2019. Drilling to date has established the large scale potential of the 1.6 by 0.7 kilometre Gonneville Intrusion, as well as several wide zones of PGE-nickel-copper-cobalt.
Further assays from 24 completed drill holes are yet to be determined, with ongoing RC and diamond drilling scheduled at Julimar.
Chalice has $45 million in cash and is fully-funded to continue its exploration program at Julimar.