Chalice Mining (ASX: CHN) closed up over 28% on Tuesday after announcing its maiden mineral resource estimate for the Gonneville Deposit within its Julimar Nickel-Copper-PGE Project, in what it describes as the world’s largest nickel sulphide discovery in over 20 years, and the largest PGE discovery in Australian history.
The ‘tier-1’ pit-constrained resource has been delivered at 10Moz Pd+Pt+Au (3E), 530kt Ni, 330kt Cu and 53kt Co, with 45% classified as indicated and 55% inferred.
“This is a major milestone for Chalice, coming just 18 months after our stunning first hole discovery at Julimar”
Speaking on the result, Chalice Mining Managing Director & CEO Alex Dorsch said: “This is a major milestone for Chalice, coming just 18 months after our stunning first hole discovery at Julimar. Since then, we have completed more than 175,000m of diamond and RC drilling and now defined a genuine tier-1 scale deposit of critical minerals, with exceptional growth potential.
“The Resource confirms that Gonneville is the largest nickel sulphide discovery globally in over two decades, and the largest PGE discovery in Australia’s history – a remarkable achievement considering that this is the first discovery in what we consider to be an entirely new district, Julimar, within a new nickel-copper-PGE province, the West Yilgarn.
Given its sheer scale, the attractive suite of six payable metals it contains and its premier location close to world-class infrastructure and services in Perth, Chalice clearly has the potential to become a leading global player in the green metals space.
The high-grade sulphide component of the maiden Resource is very important to the project, as it provides a degree of optionality for mine development that is not often seen in mining projects of this nature. The vast majority of competitor projects worldwide are narrow, high- grade underground deposits, whereas high-grade mineralisation at Gonneville starts near surface, which could be a material factor when considering project economics in the initial years of operation.
It is also important to emphasise that the current Resource covers just 7% of the Julimar Intrusive Complex, which has been interpreted to cover a strike length of more than 26km. We know that the deposit remains open along strike to the north, and we are very much looking forward to receiving the final clearances to commence our initial low impact drilling program in the Julimar State Forest.”
Chalice reports that extensional drilling continues outside of the resource at Gonneville, with five rigs testing mineralisation, and assays pending for around 160 drill holes.
Importantly, the deposit remains open at depth and to the north within the Julimar State Forest, with government approval for further drilling expected ‘shortly’.
Images: Chalice Mining Limited