Drills Significant High-Grade Extensions At Gonneville
Chalice Gold Mines Limited’s (ASX: CHN) share price jumped 15% after it reported promising new assay results from ongoing step-out and resource definition drilling at the ~1.6km x >0.8km Gonneville Intrusion as the company continues to grow the exciting Julimar PGE-Ni-Cu-Co-Au discovery north of Perth.
Five rigs (three Reverse Circulation (RC) and two diamond) are continuing a step-out and resource definition drill programme at the Gonneville Intrusion, where Chalice recently made a major high-grade PGE- Ni-Cu-Co-Au discovery.
A total of 27 diamond drill holes (including RC pre-collars with diamond tails) and 116 RC drill holes have been completed to date at the project, of which assay results for 18 diamond and 80 RC holes have now been reported.
Managing Director, Alex Dorsch, said assay results are pending for a further 45 completed drill holes (six diamond and 39 RC).
“The Gonneville PGE-Ni-Cu-Co-Au discovery continues to grow on multiple fronts, with another round of exceptional drill results extending the known high-grade zones, defining new zones and further reinforcing the numerous growth opportunities across the Project,” Mr Dorsch said.
“Given the width and grade of the drill results we are continuing to see over a very large area, the scale of the Gonneville Intrusion itself, and the significant growth potential beyond the limits of the current resource drilling, it is clear that Julimar is emerging as a globally significant deposit of critical metals in Western Australia.
“We now have sufficient drill density at the southern end of the intrusion to define two entirely new zones (G6 and G7), both of which have significant scale and include some of the highest PGE grades seen to date on the Project.
“We have also recently intersected some of the widest, highest grade oxide mineralisation at this southern end of the intrusion. Given recent favourable leach testwork results, we believe this oxide zone could have a significant impact on project economics.
“Meanwhile, the first deep hole into EM Conductor ‘X’, approximately 800m north-west of the G4 Zone, has improved our geological understanding of the intrusion and delivered a proof-of-concept for the growth potential of the footwall contact zone (G4).
“The presence of PGE-copper-gold rich mineralisation at the bottom of JD018 is exciting, as it indicates that the entire footwall contact of the intrusion is prospective, providing a major target position going forward.
“The intrusion is now interpreted to be a ~500m thick ‘sill’ style of mafic-ultramafic intrusion, with a consistent westerly dip and northerly plunge. This again reinforces the prospectivity of the recently announced Hartog EM Anomaly, located immediately north of Gonneville, in the Julimar State Forest.
“Given that this very strong EM anomaly sits just 1.5km north of the very wide mineralised intercepts encountered in JD018, it’s not hard to see why we are so excited about the district-scale potential at Julimar. This is a large, multi-faceted mineralised complex which continues to surprise on the upside. “With five rigs drilling, we are on track to meet the mid-2021 guidance for a maiden Mineral Resource for Gonneville and continue to prioritise the growth of the high-grade mineralised zones with step-out drilling.”