Chalice Mining's (ASX:CHN) already world-class Gonneville find near Perth is facing a massive upgrade after the surprise news on Tuesday of the discovery of what appears to be a whole new area of significant mineralisation.
So far, Chalice has reported a total resource at Gonneville of 560 million tonnes @ 0.88g/t 3E (palladium, platinum, and gold), 0.16% nickel (Ni), 0.09% copper (Cu), and 0.015% cobalt (Co). However, the company indicated in the latest announcement that the resource will almost certainly be increased as a result of the latest drilling.
"Exploration activities are currently focused on wide-spaced step-out and resource definition drilling at the Gonneville Deposit, with four diamond drill rigs operating," said the company.
"Drilling is currently testing the depth extent of the Deposit well beyond the limit of the current Mineral Resource Estimate," Chalice said.
News of the new assays came less than a week after Chalice revealed in its June quarterly report that drilling had exposed the potential for Gonneville to be bigger, wider, and deeper, with no end to the mineralisation being outlined to the north of the find and at depth beyond 800 meters.
On Tuesday, Chalice released a surprise update which revealed the company had found new areas of mineralisation on top of the earlier discoveries.
"Exceptional new zones of high-grade sulphide mineralisation intersected in step-out drilling at the Gonneville Ni-Cu-PGE Deposit (that's nickel, copper, PGE palladium, platinum, and gold – and a bit of cobalt)," the company stated.
Chalice said that wide-spaced step-out drilling at the 100%-owned Gonneville Project has intersected new wide high-grade Cu-PGE zones ~900 meters down-plunge of the current Gonneville Resource. These zones are wide open and appear to be associated with a gabbro unit (a type of rock) that is not present in drilling up-dip, opening up a highly prospective new horizon for exploration.
"Step-out drilling shows the Gonneville Intrusion remains ~500 meters thick as it dips to the west-north-west – significant potential to further increase the mineralised footprint of the Deposit," the company added.
"The Gonneville Intrusion remains ~500m thick in the deepest intersection to date, and hence there is considerable potential to further expand the mineralised footprint of the Deposit," Chalice said.
"Wide-spaced drilling is assessing the potential for large-scale, high-grade sulphide zones at depth which could potentially add material value to the Project through early underground mining. The drilling is also aiming to define new Inferred Resources at the northern end of the Deposit. Promising new results have also been received from the previous phase of regional exploration drilling at the Hooley Prospect, with follow-up drilling planned in H2 2023" (Hooley is to the northeast of the main Gonneville area of mineralisation).
