Chalice Shares Down — Finds Electromagnetic Conductors (ASX:CHN)

Chalice Shares Down — Finds Electromagnetic Conductors (ASX:CHN)

Chalice Mining Ltd [ASX:CHN] is an Australian exploration company. Its main focus is the Pyramid Hill Gold Project in Victoria and the Julimar Nickel-Copper-Platinum Group Element (PGE) project, of which they own 100%.

Chalice’s portfolio also includes the Hawkstone Nickel-Copper-Cobalt Project in Western Australia.

Chalice finds new ‘highly prospective’ electromagnetic (EM) conductors at Hartog Target

Hartog Target is part of the Julimar Project, which is located around 70km north east of Perth, in Western Australia.

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 Chalice said today that after some initial soil sampling and a first-pass ground Moving Loop Electromagnetic (MLEM) survey, they’ve found a cluster of 29 low to moderate conductors. Chalice thinks these could be ‘interpreted to be potentially significant Nickel Copper-PGE targets’, similar to those found further south at Gonneville.

While most of these happen within a 6.5km long and 1.2km wide corridor, four of these are north and north east of the main corridor in what appears to define a new trend.

Chalice Managing Director Alex Dorsch said:

Initial reconnaissance exploration activities along the Julimar Complex to the north of our Gonneville discovery have identified exciting results, with a significant number of EM-soil targets already defined at the highest priority Hartog Target.

The identification of discrete EM conductors together with extensive nickel-copper soil anomalies highlights the significant potential of this area to deliver further growth at Julimar directly along strike to the north of where we have a major resource drill-out underway.

Chalice shares up on early trade

Chalice says they have the funding it needs to continue with the Julimar Complex reconnaissance program with more surveying underway. The objective is to identify drill ready targets, something they expect to finalise by mid-April.

Once they have the drill targets, they will be looking for approval from the state government for first-pass drill testing, which they expect to happen in the third quarter of 2021.

Chalice mining share price jumped to a high of $4.97 in an early trade. At time of writing though, shares are trading lower, about 3.4% down from yesterday’s close. Still, Chalice has seen its shares increase by more than 1,000% in the last 12 months.

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Best,

 Selva Freigedo

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