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Chase Mining pursues strategy to unlock value

Snapshot

The company’s strategy is to grow shareholder value with early-stage exploration in Canada as it holds and progresses Australian topaz-tungsten assets.

Chase Mining Corporation Ltd - Chase Mining pursues strategy to unlock value

Quick facts: Chase Mining Corporation Ltd

Price: 0.023 AUD

ASX:CML
Market: ASX
Market Cap: $4.76 m
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  • The company’s Canadian assets are in Quebec and Australian assets in New South Wales.

  • Exploration efforts in Canada are a focus.

  • Federally-funded topaz research in Australia with the University of New South Wales continues and has proved fruitful.

When the company acquired the Canadian exploration assets of Zeus Olympus Sub Corp (Zeus) in Southwestern Quebec the vendors had already arranged for diamond drilling to occur at the high-grade Alotta nickel-copper-PGE-cobalt prospect, which allowed the company to commence a 9-hole diamond drilling program a couple of days later.

The drill program totalling 801 metres successfully intersected mineralisation in all nine holes drilled, including some wide zones of high-grade massive sulphide mineralisation.

Chase Mining Corporation executive chairman Dr Leon Pretorius, September 2019

What does Chase Mining Corporation do?

Chase Mining Corporation Ltd (ASX:CML) is a Queensland exploration company with projects in Canada and Australia.

The Brisbane-based company previously known as Toptung Ltd and Krucible Metals hopes to grow shareholder value with early-stage exploration success in Canada and further development of a project in New South Wales.

Who leads Chase Mining Corporation?

The company is led by executive chairman Dr Leon Pretorius with the assistance of geologist and non-executive director Martin Kavanagh.

Pretorius is a geochemist with 46 years' international mineral and mining experience.

He settled in Australia in 1978 and has enjoyed a long career in the gold, industrial minerals, uranium and tungsten sectors.

The experienced corporate leader has 24 years’ experience serving as a director of companies, previously serving on Paladin Energy’s board.

He was managing director of Deep Yellow Limited and executive chairman of Carbine Tungsten.

Kavanagh is a geologist with more than 45 years of exploration and mining experience.

He has served as director of ASX-listed companies for more than 18 years and is principal of minerals industry consultancy KEM Resources.

What does Chase Mining own in Canada?

Chase’s key focus is on its nickel-copper opportunities in Quebec it picked up a year ago with the acquisition of Zeus Minerals Pty Ltd, an Australian company with a Canadian subsidiary Zeus Olympus Sub Corp.

The Canadian opportunities are in nickel-copper-PGEs and gold and are found on the company's wholly-owned Belleterre-Angliers Greenstone Belt.

Among these opportunities are the Alotta-Delphi-Zullo (ADZ) project and Chase’s flagship asset Lorraine is part of the Quebec tenements.

The historical Lorraine mine had bonanza-grade results of 28.04 metres at 37.42 g/t gold and 33.74 g/t silver in the 1960s.

Lorraine mine produced about 600,000 tonnes of ore and more than $100 million in metal in less than 24 months between 1964 and 1968.

Tonnage grades were 1.57% copper, 0.62% nickel and 0.02 ounces per ton gold, with unspecified amounts of silver, platinum group elements (PGE) and cobalt.

Chase recently completed an 8-hole 1,671-metre drill program at Lorraine and the Alotta deposit in Canada.

Down-hole electromagnetic (DHEM) surveys were completed for seven Lorraine holes to understand geology and mineralisation.

One hole was drilled at Alotta, deepening it by 298 metres to 300 metres so DHEM surveying could be used to highlight extensions.

The two areas are expected to be drilled again this month, as discoverers drill another 1,000 metres to test possible Alotta extensions and test new anomalies identified from DHEM work for Lorraine.

What does Chase Mining own in Australia?

In Australia, Chase has the Torrington Topaz-Tungsten deposit in northern NSW.

The former flagship project has a mining lease application and well-advanced environmental impact studies.

Chase’s drilling efforts at the project resulted in a 341,400-tonnes resource for the Wild Kate and Mt Everard prospects with 958ppm tungsten and 327.5 tonnes of tungsten.

Topaz continues to hold importance for Chase which is collaborating on topaz research with the University of New South Wales through the company’s Topfibre Pty Ltd.

The research partners are being federally-funded to look at how mullite fibre can be produced from topaz and reported encouraging results.

Inflection points

  • Further in-field and laboratory findings from drilling at Lorraine project in the Canadian province of Quebec
  • Drilling milestones and lab assay results for the Alotta-Delphi-Zullo (ADZ) project area, also in Quebec
  • Scoping studies and feasibility study activity
  • Divestments and acquisitions and effect on cash flow
  • Financing milestones and achievements
  • Significant transactions such as mergers and acquisitions

Chase Mining will hold its annual general meeting at 22 Townsend Road, Subiaco in Western Australia at 9am Western Standard Time on October 16, 2019.

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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

4 min read