Advanced minerals explorer Chase Mining Corporation (ASX: CML) has reported a “spectacular bonanza-grade” intersection of copper, palladium and high-grade nickel from an October drilling program at its Alotta nickel-copper project in Canada.
The seven-hole diamond program for 705m targeted extensions to known mineralisation within the nickel-copper wireframe and a shallow downhole electromagnetic anomaly.
Five of the seven holes contain “appreciable zones” of massive sulphide mineralisation.
Drilling confirmed the continuity of wide mineralised zones intersected by a 2018 maiden program and intersected a number of additional massive sulphide zones of high-grade nickel-copper-platinum group elements.
A 0.5m interval of chalcopyrite-pyrrhotite massive sulphide assayed bonanza grades of 22% copper, 34 grams per tonne palladium, 3.5g/t platinum, 0.78% nickel, 1.4% zinc and 65g/t silver.
The section is believed to form part of a wider 4.1m zone of mineralisation assaying 5.3% copper, 4.9g/t palladium, 0.9g/t platinum, 0.26% nickel and 12g/t silver.
Further high-grade massive sulphide nickel copper intersections were encountered, with best result being 22.6m at 0.8% nickel, 1.2% copper, 4g/t silver, and 1g/t PGE from 49m, including 6m at 2.1% nickel, 2.9% copper, 10g/t silver, and 2.4g/t PGE.
Chase said the discovery was a style of mineralisation and mineral assemblage previously unknown at Alotta.
“It is quite different from the usual nickel-copper-PGE-silver association of the nickel-copper massive sulphides and it may indicate additional high-grade potential at Alotta,” it said.
The company is planning a follow-up drill program in the new year to investigate the significance of the bonanza-grade intersection.
Good news flow
Drilling at Alotta has generated a flow of good news for Chase.
Last month, the company announced it had uncovered two thick mineralised intercepts at the early part of the program.
Both holes extended the project’s known mineralisation.
And in October, the company reported one of the project’s biggest downhole mineralised intercepts to date as well as the intersection of a second zone of massive sulphides.
At midday, shares in Chase were 3.57% higher at $0.029.