New, extensive and wide zones of mineralisation have been discovered at the fast-growing platinum group elements (PGE)-copper-gold Julimar project in further drilling by Chalice Gold Mines (ASX: CHN).
The company says recent step-out holes, with many zones still open, confirm its mineralised system has “exceptional growth potential”.
Chalice’s share price soared in March when it announced it had struck a massive sulphide zone with its first ever drill hole at the geographically large Julimar project, located 70km from Perth.
That was followed by a “land rush” as several junior explorers pegged ground around Julimar.
Now “significant” high grade PGE-copper-gold had been discovered at the Gonneville intrusion footwall.
In early July, Chalice reported it had discovered a new style of PGE-copper-nickel mineralisation over a wide interval at the Gonneville intrusion’s G1 and G2 zones.
The company said at that time drilling results were continuing to demonstrate that the Gonneville intrusion hosted both extensive high-grade PGE-nickel-copper-cobalt zones as well as widespread PGE in disseminated sulphides.
Chalice now is reporting new assay results from ongoing step-out and resource definition drilling at the 1.6km by 0.8km Gonneville intrusion.
Two more new zones
The G4 zone has been extended to more than 800m of strike length and up to 500m of dip — and the company added this zone remains “wide open”.
One new zone, named G6, has been identified over 400m of strike and up to 400m of dip extent, while another zone, G7, has been found with 350m of strike and up to 475m of dip extent.
Both these new zones remain open down dip.
Also, the high-grade PGE-gold oxide zone has also been extended to an area of 1.7km by 0.75km.
This is open to the north into the Julimar state forest, with access to that area still pending.
“Significant” drill intersections include 50m at 1.8 grams per tonne palladium, 0.5g/t platinum, 0.9g/t gold, 0.2% nickel, 1.1% copper and 0.02% cobalt; 7m at 13.8g/t palladium, 0.3g/t platinum, 0.5g/t gold, 0.2% nickel, 0.2% copper and 0.02% cobalt; and 8m at 2.2g/t palladium, 13.3g/t platinum, 0.1g/t gold, 0.1% nickel, 0.1% copper and 0.01% cobalt.
‘Globally significant’ critical metals deposit
Managing director Alex Dorsch says the Gonneville discovery continues to grow on multiple fronts.
“Given the width and grade of the drill results we are continuing to see over a very large area, the scale of the Gonneville intrusion itself, and the significant growth potential beyond the limits of the current resource drilling, it is clear that Julimar is emerging as a globally significant deposit of critical metals in Western Australia,” he added.
Assay results are pending for a further 45 completed drill holes.
A total of 27 diamond drill holes and 116 reverse circulation drill holes have so far been completed.
Chalice says it remains fully funded to continue operating five rigs at Julimar and undertake comprehensive metallurgical test work.
As of 30 September, the company had about $50 million in cash and investments.