Chalice Mining (ASX:CHN) Updates Gonneville MRE Deposit – The Market Herald

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  • Chalice Mining (CHN) Provides an Updated Mineral Resource Estimate (MRE) for the Gonneville Deposit at its World-Class Julimar Project in WA
  • The Gonneville MRE amounts to 350 million tonnes at 0.96 grams g/t 3E, 0.16% nickel, 0.1% copper and 0.015% cobalt
  • Recent drilling has also succeeded in increasing the indicated portion of the Gonneville resource by 45-70%, which will support an exploratory study nearing completion.
  • Chalice continues to drill through Julimar with two rigs at Gonneville and four rigs currently drilling the Hartog and Dampier targets north of the resource
  • CHN shares are up 0.75% to trade at $4.03 at 11:04 a.m. AEST

Chalice Mining (CHN) has updated the mineral resource estimate (MRE) for the Gonneville deposit at its world-class Julimar project in Western Australia.

Gonneville has an MRE of 350 million tonnes at 0.96 grams per tonne (g/t) of platinum, palladium and gold (3E), 0.16% nickel, 0.1% copper and 0.015% of cobalt.

The deposit also contains 11 million ounces of 3E, 560,000 tonnes of nickel, 360,000 tonnes of copper and 54,000 tonnes of cobalt.

Chalice announced a first MRE for the Gonneville deposit, the first discovery from its Julimar project, in November last year.

Since then, the company has undertaken shallow infill drilling to upgrade the Gonneville resource from the Inferred to the Indicated category. Positively, the proportion of indicated resources increased from 45% to 70% of total MREs.

The resource remains open to the north along strike and at depth and Chalice Mining believes there is potential for further material growth.

Managing Director and Chief Executive Alex Dorsch said work completed since the first MRE has continued to demonstrate “the world-class endowment, scale and quality” of the Gonneville deposit.

“As well as further increasing the contained metal, this resource update has resulted in a significant increase in the indicated resource with a higher confidence level – which is now 70% of the total. It is important to note that 90% Resources above a depth of 250 meters are now classified as Indicated, representing a major risk reduction step for the project,” he said.

The indicated component of the ERM will support a scoping study for the Gonneville deposit which is progressing well and is expected to be completed in the current quarter.

Additionally, drilling continues through Julimar with two rigs doing incremental drilling at depth at Gonneville and four rigs are currently drilling along strike north of the resource on the Hartog and Dampier targets.

The company recently saw encouraging sulfide intersections at the Dampier target, which highlighted the potential for additional discoveries of nickel-copper-platinum group elements along the 30 kilometer long Julimar complex.

Shares of CHN rose 0.75% to trade at $4.03 at 11:04 a.m. AEST.

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