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Chase Mining Corporation Ltd

Chase Mining Corporation chairman continues to build holding in company

Leon Pretorius has this week purchased another parcel of 1 million shares on-market and now holds 16 million.

Map of Chase Mining holdings
The company’s holdings are in southwest Quebec, Canada

Chase Mining Corporation Ltd (ASX:CML) executive chairman Leon Pretorius continues to build his holding in the Canadian focused exploration company through on-market share purchases.

On February 12 Pretorius purchased a further 1 million shares on-market with a total value of $18,600.

This adds to the acquisition of 1 million shares in transactions between February 4 and 8 valued at more than $17,600.

READ: Chase Mining Corporation chairman acquires 1 million shares on-market

The latest purchase takes the chairman’s overall holding to 16 million with a value of $320,000 at today’s price of 2 cents, which is up more than 5% on Thursday’s close.

Pretorius’ acquisitions follow those in January of director Charles Thomas, who bought more than 1.435 million ordinary shares through on-market trades with a total value of almost $25,000, taking his total indirect holding to 5.7 million ordinary shares.

READ: Chase Mining signs contract for VTEM survey over Canadian project areas

Earlier this week Chase announced that it had signed a contract to fly an airborne electromagnetic (EM) geophysical survey over two areas within its Zeus project in southwest Quebec, Canada.

The 718-kilometre survey will be flown by Geotech utilising a helicopter-borne VTEM Max system.

Targets are nickel-copper-cobalt-precious metal massive sulphides associated with the basal zone of differentiated gabbro sills in the Belleterre-Angliers Greenstone Belt (BAGB).

Focus on Lorraine and Alotta

At Alotta-Delphi-Zullo (ADZ) project diamond drilling has outlined a substantial near-surface nickel-copper-cobalt-precious metal massive sulphide lens at Alotta prospect.

Massive sulphides in core from the Alotta prospect at ADZ.

The survey will target the strike and depth extensions to the host gabbro body, which is complexly folded within the ADZ claims.

Within the Lorraine project area, the survey will test the depth and strike of extensions at the Lorraine Mine which produced 600,000 tonnes of nickel-copper massive sulphide ore from 1965-68.

Earlier this year Chase changed its name from TopTung Ltd to better reflect its new strategic direction which encompasses the battery metals of nickel, copper, cobalt and PGE as well as gold at the Zeus projects.

These properties are held through Chase’s wholly-owned Australian subsidiary Zeus Minerals Pty Ltd and its wholly-owned Canadian subsidiary Zeus Olympus Sub Corp.

Chase aims to advance multi-commodity prospects in the BAGB, focusing on Lorraine and ADZ.

While seeking early exploration success in Quebec, the company is also continuing to advance the Torrington Topaz-Tungsten Project in northern NSW.

Recent testing has demonstrated that pure, separable, mullite whiskers can be produced from topaz concentrate sourced from Torrington.

Quick facts: Chase Mining Corporation Ltd

Price: $0.05

Market: ASX
Market Cap: $9.31 m
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Chase Mining updates the market on Canadian operations

Chase Mining Corporation Ltd (ASX:CML) director Martin Kavanagh updates Proactive Investors on recent key company announcements, particularly regarding its Canadian nickel-copper project. Among work undertaken this year is a VTEM survey over the Lorraine and ADZ project areas with the...

on 4/7/19

3 min read