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Chalice hits largest platinum discovery in history

Shares in Chalice Mining soared almost 30% on Tuesday after the $2 billion miner released a maiden mineral resource estimate for its Gonneville deposit, located at its Julimar Project in Western Australia.

Chalice defined a tier-1 scale, pit-constrained resource which includes a mix of oxide, transitional and sulphide mineralisation and included a significant higher-grade sulphide component.

The maiden indicated and inferred, pit constrained, mineral resource estimate is for 10Moz of palladium, platinum, and gold, 530kt of nickel, 330kt of copper and 53kt of cobalt.

The company headlined the discovery as the largest nickel sulphide discovery in over 20 years and the largest PGE discovery in Australian history establishing it as a foundation for a world-class ‘green metals’ project.

Chalice advised that drilling is continuing at the ~1.9km x 0.9km deposit outside the maiden resource, with assays pending for ~160 drill holes and five rigs continuing to test for extensions of high-grade mineralisation. It is also expecting approval to drill over a further ~10km of strike length is anticipated to be received shortly.

Also ongoing is its scoping study for initial mine development options at Gonneville and is expected to be completed in the second quarter of 2022.

Chalice’s Managing Director and Chief Executive Officer, Alex Dorsch, commented: “This is a major milestone for Chalice, coming just 18 months after our stunning first hole discovery at Julimar. Since then, we have completed more than 175,000m of diamond and RC drilling and now defined a genuine tier-1 scale deposit of critical minerals, with exceptional growth potential. The Resource confirms that Gonneville is the largest nickel sulphide discovery globally in over two decades, and the largest PGE discovery in Australia’s history. Given its sheer scale, the attractive suite of six payable metals it contains and its premier location close to world-class infrastructure and services in Perth, Chalice clearly has the potential to become a leading global player in the green metals space.”

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