Commenting on the results, Chalice's Managing Director,
'Airborne EM is an effective first-pass screening technique that can detect shallow conductive sources, such as nickel sulphide mineralisation. It is important to emphasise though that our experience at Gonneville to date has shown that some high-grade mineralised zones do not necessarily have a strong EM response using either airborne or ground-based techniques. Therefore, the absence of a strong latetime airborne EM response does not preclude the presence of mineralisation elsewhere within the
'We are expecting initial feedback shortly regarding access to the
Airborne EM survey
A helicopter-borne low frequency electro-magnetic (EM) survey was recently flown across the entirety of Chalice's granted tenure on 200m line spacing at the
The survey has outlined three new extensive EM anomalies within the
The lack of outcrop in this region precludes a definitive geological interpretation, however non-magnetic mafic rock-types (gabbro) have been identified in drilling at Gonneville and therefore may occur elsewhere in the district. This suggests that less magnetic areas within the Complex may also be highly prospective - also a positive indication for EM Conductor X, currently being tested by diamond drilling immediately north-west of Gonneville. The peak AEM response of the Hartog anomaly is significantly stronger than the peak AEM response at the high-grade
The Baudin EM Anomaly is located proximal to a discordant feature in the magnetic signature of the
Final geophysical survey data is yet to be received and it is possible that additional anomalies may be identified. The final modelled anomalies will be followed up with ground-based geophysics in order to define drill targets, upon access being granted to the
Forward plan
The Company has been actively liaising with the
Contact:
Tel: +61 8 9322 3960
Email: info@chalicegold.com
About the
The 100%-owned
Chalice commenced a systematic, greenfield exploration program in mid-2019 in the southern portion of the Project, on private land, targeting high-grade Ni-Cu-PGEs. An initial RC drill program commenced in Q1 2020 and resulted in the discovery of high-grade nickelcopper-cobalt-PGE mineralisation at the newly named Gonneville Intrusion. Drilling to date has established the 1.6km x 0.8km Intrusion has widespread zones of PGE mineralisation as well as several wide zones of high-grade PGE-Ni-Cu-Co +/- Au. The significant discovery established the new
Four high-grade massive / matrix / heavily disseminated sulphide zones have been intersected to date, which are up to 30m wide and have been defined over a 400m x 350m area. The zones typically have a grade range of 3-15g/t PGEs, 0-1.2g/t Au, 0.5-3.3% Ni, 0.4-4.5% Cu and 0.03-0.27% Co. Broad intervals of PGE mineralisation have been confirmed in all holes drilled to date at the Intrusion and disseminated sulphides (trace to 3% on average) have been identified down to 450m below surface.
Disseminated sulphide zones intersected to date typically have a grade range of 0.5-2.0g/t PGEs, 0.1-0.2% Ni, 0.05-0.15% Cu and 0.01-0.03% Co. In general, metal content appears to show a positive correlation with sulphur content and levels of potentially deleterious elements (arsenic, cadmium, selenium) are all low. Weathering appears to extend down to 30-40m below surface and a well-developed saprolite profile after serpentinite contains elevated PGE grades (typically ranging from 1.2-4.5g/t PGEs) from near surface to a depth of 25m.
About Platinum Group Elements and Palladium
The Platinum Group Elements (PGEs) are a group of six precious metals clustered together on the periodic table: platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru). PGEs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for vehicles), but are also used in jewellery, electronics and hydrogen fuel cells.
Palladium is very rare and is currently one of the most valuable precious metals, with an acute supply shortage driving prices to a recent record high of
Forward Looking Statements
This report may contain forward-looking information within the meaning of Canadian securities legislation and forwardlooking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this report and
Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, the Company's strategy, the price of
In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'planning' 'expects' or 'does not expect', 'is expected', 'will', 'may', 'would', 'potential', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', 'believes', 'occur', 'impending', 'likely', 'indicative' or 'be achieved' or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors may include, among others, risks related to actual results of current or planned exploration activities; assay results of visually interpreted mineralised intersections; whether geophysical anomalies are related to economic mineralisation or some other feature; obtaining access to undertake additional exploration work on EM anomalies located in the Julimar State Forrest; the results from testing EM anomalies; results of planned metallurgical testwork; changes in project parameters as plans continue to be refined; changes in exploration programs based upon the results of exploration; future prices of mineral resources; possible variations in mineral resources or ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; movements in the share price of
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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