Chalice extends Julimar matrix sulphide zone

THE latest drilling at Chalice Gold Mines’ Julimar discovery has confirmed the presence of a wide, continuous, open high-grade zone over about 200m of strike.
Chalice extends Julimar matrix sulphide zone Chalice extends Julimar matrix sulphide zone Chalice extends Julimar matrix sulphide zone Chalice extends Julimar matrix sulphide zone Chalice extends Julimar matrix sulphide zone

Drilling at Julimar, northeast of Perth

The latest result from Julimar's G2 Zone (formerly known as the East Zone) was 17.6m at 5.3 grams per tonne palladium, 1gpt platinum, 1.3% nickel, 0.6% copper and 0.07% cobalt from 191.4m.

The diamond hole also intersected widespread PGE-rich disseminated sulphides above and below the 17.6m interval, down to roughly 450m below surface. 

The hole was drilled about 190m north of the March discovery hole, which hit 9m at 2.6% nickel, 1% copper, 0.1% cobalt, 8.4gpt and 1.1gpt platinum from 48m, including a massive sulphide zone of 13m at 3.15% nickel, 1.19% copper, 8.85gpt palladium and 1.09gpt platinum and a matrix/stringer sulphide zone of 6m at 1.39% nickel, 0.72% copper, 7.33gpt palladium and 1.16gpt platinum.

Assays for a further 10 holes are pending with one hitting 6.5m of breccia/matrix sulphides from 32m, interpreted as a new open parallel zone dubbed the G3 Zone.

Other hits included 6.5m of matrix sulphides from 167m and 4.4m of matrix sulphides from 107m.

The G2 Zone has now been extended over a strike length of about 200m and a dip extent of up to 100m.

The zone does not have a consistent electromagnetic response, opening up the potential for further ‘blind' discoveries.

Chalice is currently assessing the results of a deep-penetrating SQUID EM survey over the 1.6km by 700m Gonneville Intrusive and said the early results were promising.

Chalice raised A$30 million last month at $1.05 per share to accelerate Julimar.

The company has about $46 million cash, with three rigs drilling at the project, 70km northeast of Perth.

The company is aiming to report a maiden resource within 12 months.

Shares in Chalice opened 4.3% higher at 96c, valuing the company at $291 million. The company will join the All Ordinaries index next week.

Most read Exploration / Development

Most read Exploration / Development