Chalice Mining further enhances Julimar with new high-grade zone discovered

Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) has received high-grade drilling results from its Julimar Nickel-Copper-Platinum Group Element (PGE) Project situated 70 kilometres north-east of Perth in Western Australia. Significant new high-grade step out results include: 9 metres at 3.6g/t palladium, 0.6g/t platinum, 1.7% nickel, 0.7% copper, 0.1% cobalt from 237 metres; 14 metres at 2.7g/t palladium, 0.9g/t platinum, 0.1g/t gold, 0.3% nickel, 0.2% copper, 0.02% cobalt from 135 metres; and 16 metres at 1.3g/t palladium, 0.3g/t platinum, 0.1g/t gold, 0.2% nickel, 0.2% copper, 0.02% cobalt from 197 metres. The company’s recent drilling has defined a twelfth high-grade zone (G12), extended the G8-G9 high-grade zones significantly to the northeast and extended the G2 zone down-plunge. In addition, Chalice’s step-out and resource definition drill program at the Gonneville Intrusion is continuing, with over 136,000 metres of drilling completed to date and a significant number of assay results pending. “New zone remains wide open” Chalice managing director Alex Dorsch said: “The fact that we are still discovering new high-grade zones and identifying significant extensions in step-out drilling so far into the resource drill-out is testament to the exceptional scale and quality of the Gonneville deposit. “We have now identified a 12th high-grade zone in drilling targeting the non-magnetic, pyroxenite rich north-western contact of the intrusion. “This is an exciting development, with the newly defined zone projecting some ~380m down-dip to a previous intersection in deep diamond hole JD018. “The new zone remains wide open and requires further drilling to refine.” “In addition, step-out drilling has delivered some exceptional new high-grade results, extending the existing G8 and G9 zones by over 500m along strike.” Drilling results Chalice’s wide-spaced drilling targeting the north-western end of the Gonneville Intrusion has intersected a zone of mineralisation in serpentinite between a gabbro and pyroxenite contact that returned:  10 metres at 1.7g/t palladium, 0.6g/t platinum, 0.1g/t gold, 0.2% nickel, 0.1% copper, 0.02% cobalt from 93 metres. Infill drilling across multiple high-grade zones continues to support the geological model and continuity of mineralisation, with significant new high-grade results including: 15.4 metres at 7.1g/t palladium, 1.3g/t platinum, 0.6% nickel, 0.3% copper, 0.05% cobalt from 48 metres; 30 metres at 1.7g/t palladium, 0.4g/t platinum, 0.2g/t gold, 0.2% nickel, 0.3% copper, 0.02% cobalt from 132 metres; and 7 metres at 8.1g/t palladium, 3.7g/t platinum, 0.5g/t gold, 0.5% nickel , 0.5% copper, 0.03% cobalt from 226 metres. Infill drilling continues to support geological interpretation A total of 131 diamond drill holes and 372 reverse circulation (RC) drill holes have been completed to date at the project of which assay results have now been reported for 88 diamond and 300 RC holes. The current geological interpretation indicates the G8 and G9 zones have been extended significantly along strike to the north-east, while a new high-grade zone (G12) has been defined at the north-western hanging wall contact of Gonneville. Infill drilling has confirmed that the G5 zone merges with the G2 zone at the northern end, and step out drilling has closed off the G7 and G10 zones. Importantly, infill drilling continues to support the geological interpretation and in selected cases defines new mineralised zones not seen in wide-spaced drilling. Resource drill-out continuing at pace Dorsch added: “Infill drilling elsewhere within the deposit continues to support our geological model and demonstrate the continuity of the mineralisation. “Our resource drill-out is continuing at pace, with assays currently pending for 116 holes. “We remain on track to deliver our maiden Mineral Resource Estimate next quarter, providing a strong foundation for preliminary economic studies, which are also advancing in parallel. “We continue to receive positive feedback from the relevant State Government departments regarding access to the Julimar State Forest for initial drill testing to the north of Gonneville.  “Initial wide-spaced drilling anticipated to commence at Hartog in late Q3 2021, subject to access approval.” Maiden resource in Q4 2021 Chalice’s Julimar Project strategy is to concurrently advance studies for an initial development at Gonneville and to define the full extent of mineralisation along the 26-kilometre long Julimar Complex. In addition, the company anticipates that its maiden mineral resource estimate will be released in Q4 2021 with several deep geological holes planned in the current quarter to test the down-plunge extension of the high-grade zones towards the north-west. Furthermore, assay results are pending for a further 116 completed drill holes, with lab turnaround times currently averaging about seven weeks. - Ephrems Josesph