Chalice Mining further extends holy grail of minerals

Chalice Mining (ASX:CHN) has once again expanded its Gonneville Nickel-Copper-Platinum Group Elements (PGE) Project thanks to a recent bout of step-out drilling in the area.

The $570 million market capitalisation company says the wide-spaced drilling has intersected ‘wide’ zones of high-grade copper-PGE sulphide mineralisation, enhancing the underground potential of the project. 

Chalice’s latest drilling results come as the company continues to advance its Pre-Feasibility Study (PFS) work on the project and its ongoing partnership process. 

At the same time, the company says the Gonneville resource model is being re-wireframed and re-modelled to incorporate its latest drill results and smaller block sizing suitable for selective open-pit and underground mining approaches. 

Chalice plans to publish a high-grade sulphide resource update before the end of March 2024. 

The latest round of drilling results from Gonnevile come from outside the current resource area and include hole JD415 with 8m @ 5.83 grams per tonne (g/t) palladium, platinum, and gold (3E), 0.15% Ni, 1.12% Cu, and 0.01% Co from 543m; hole JD426 with 14m @ 5.72 g/t 3E, 0.19% Ni, 0.36% Cu, and 0.02% Co from 1,096m; and hole JD389 with 16m @ 6.17 g/t 3E, 0.21% Ni, 0.15% Cu, and 0.02% Co from 478m. 

Chalice says these results expand the deposit to the northwest and enhance its high-grade underground potential. 

The company has also completed infill drilling at the southern end of the resource, with results continuing to demonstrate shallow, high-grade mineralisation in the starter pit area, including hole JD402 with 7.9m @ 10.7 g/t 3E, 0.56% Ni, 4.74% Cu, and 0.05% Co from 90.5m 

Over the near term, Chalice plans to continue to focus on improving feed grades and metallurgical recoveries through a high-grade open-pit and underground starter case. 

The company’s metallurgical testwork to date has shown that any improvement in feed grade to the processing plant could result in higher recoveries and therefore could have a ‘positive’ impact on the Gonneville project economics. 

Chalice’s Gonneville deposit has a mineral resource estimate of 16 million ounces of PGEs, 860,000 tonnes of nickel, 520,000 tonnes of copper and 83,000 tonnes of cobalt. According to the company, this makes it one of the largest recent nickel sulphide discoveries in the world and the largest PGE discovery in Australian history.

As of 30 September, Chalice had $127 million cash and cash equivalents at hand. 

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Images: Chalice Mining
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.