VTEM survey confirms potential for significant nickel discovery at Chase Mining’s Zeus project
Chase Mining has identified massive sulphide conductors, which indicate the potential for a nickel discovery at its Lorraine and Alotta-Delphi-Zullo targets.
Minerals explorer Chase Mining Corporation (ASX: CML) has confirmed the potential for a significant nickel discovery at its wholly-owned Zeus project area in Canada after receiving positive results from an airborne geophysical survey at the Lorraine and Alotta-Delphi-Zullo targets.
A total of 718 line-kilometres was completed during the VTEM (versatile time domain electromagnetic) Max survey in March over high-priority targets containing nickel, copper, cobalt and precious metal massive sulphides (or conductors) associated with the basal zone of differentiated gabbro sills in the Belleterre-Angliers greenstone belt of southwest Quebec.
Extreme weather conditions including high winds, whiteout snowstorms and frozen rain plus equipment malfunctions were believed to have caused delays in completing the survey, which kicked off in February.
Processing of samples by Core Geophysics identified six strong massive conductors including five anomalies near the historic Lorraine mine and one over the drilled high-grade Alotta deposit.
Within the Lorraine claims, 31 target anomalies were defined comprising five high priority targets, 10 medium priority, 12 low priority and four which have been considered cultural.
All targets are within known nickel-copper massive sulphide deposits and have been earmarked for further drill testing.
Preliminary results
In March, preliminary results from first pass evaluation identified a number of robust anomalies in the project areas requiring further modelling and interrogation of existing drilling, geophysical databases and ground truthing.
The results indicated several strong, late time anomalies including a response from the historic Lorraine nickel-copper mine which produced 600,000 tonnes of ore for processing from 1964 to 1968.
Chase said the anomaly appeared to be oriented in a north-east direction and could represent previously-unmined mineralisation.
It said a strong negative response was also apparent to the north-west of the mine, corresponding to surficial mine waste and tailings.
Preliminary results over the Alotta-Delphi-Zullo claims imaged a strong, late time response over the known Alotta nickel-copper massive sulphide deposit.
Responses were also evident over the Delphi and Zullo prospects where previous drilling at Delphi had intersected minor zones of massive sulphides.
Chase will conduct further modelling of the anomalies to determine if there are any untested extensions to the known mineralisation.
Name change from TopTung
Chase Mining Corporation was previously listed on the ASX as TopTung Ltd.
The company changed its name in January to reflect a new multi-commodity focus following the October acquisition of Australian company Zeus Minerals Pty Ltd, its wholly-owned subsidiary Zeus Olympus Sub Corp, and a suite of strategic nickel-copper-precious metals properties in Canada.
Earlier this year, Chase directors met with the Lorraine mine’s former operators to confirm the existence of files and plans relating to the mine’s historical production period.
The data will be key to delineating the mine’s stoped areas, remnant resources and the extensive lateral development, as well as providing more information of channel sampling activities reported in September which returned 28.04m at 37.42 grams per tonne gold and 33.74g/t silver.
At midday, shares in Chase were up 19.35% to $0.037.