A 25m mineralised zone from 49m to 74m was highlighted two massive sulphide zones - one of 2m and one of 10m - with assays awaited.
Drilling is continuing, with the five-hole program following up earlier drill success at the project.
Chase acquired and first drilled Alotta in the second half of 2018, with the company also being set to target the nearby Lorraine gold project following completion of the fifth hole.
Chase raised a total of A$1.4 million last month to fund its work with new shares bought by investors and shareholders priced at 1.25c each.
Shares in Chase were down 2.5% to 3.8c in afternoon trade, capitalising the company at $7.8 million.