Chalice Mining JV identifies new anomalies
In an announcement by JV partner, Venture Minerals, investors were advised that Chalice Mining has generated new Electromagnetic anomalies from the early stages of the ground EM program at Venture’s South West Nickel-Copper-PGE Project.
The program is part of the first stage of the JV earn-in which Chalice may earn up to 70% by spending $3.7 million on exploration over 4 years on Venture’s Thor Target, a 20km long, “Julimar lookalike” magnetic anomaly.
The new EM anomalies are similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE discovery. In addition, one of the new EM anomalies is within 10 metres of a previously drilled hole TOR04 which intersected 86 metres of disseminated sulphides with anomalous levels of PGE mineralisation.
Chalice, upon completion of the EM program, will follow-up resultant anomalies with further infill EM and surface geochemistry with the aim to define drill targets;
The South West Nickel-Copper-PGE Project is located ~240km south of Perth in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGE Province discovered by Chalice. The two main prospects within the Project are Thor and Odin.
Thor is a 20km long ‘Julimar lookalike’ magnetic anomaly associated with chromium-rich rocks indicative of mafic-ultramafic intrusions. A recent airborne EM survey identified 13 highly conductive anomalies within the southern 6.5km of the regional magnetic feature, of which only two have been tested by single holes in Venture’s 2018 maiden drill program. The last hole drilled at Thor intersected 2.4m of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium.
At Odin, in the only hole drilled, Nickel and Copper sulphides were intersected within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies.
Venture’s Managing Director commented “Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project. The ground EM program, though only one-third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulphides with elevated PGE levels. The majority of the Thor “Julimar lookalike” Target that already hosts several airborne EM anomalies is yet to be tested by Chalice’s EM program and the Company looks forward to results from this work and potential follow up drill testing in the near future.”