viewChase Mining Corporation Ltd

Chase Mining’s 2020 drilling to target copper, palladium, gold and nickel in Canada

Australian-based Chase Mining is a minerals development and exploration company primarily focused on projects in Quebec, Canada.

Chase Mining Corporation Ltd - Chase Mining’s 2020 drilling to target copper, palladium, gold and nickel in Canada
Core rich in copper and palladium from the Alotta project

Chase Mining Corporation Ltd’s (ASX:CML) upcoming drilling at the Alotta and Lorraine projects in Quebec, Canada, will target copper, palladium, gold and nickel.

The company is preparing Scope of Works (SOW) for additional drilling at the Alotta and Lorraine Mine projects to start in the June quarter, subject to weather and access constraints.

Alotta plans

At Alotta, drilling will focus on the new style of late-stage porphyry mineralisation and a ‘bonanza’ grade copper plus palladium dominant mineral assemblage.

The new discovery relates to a 4.1-metre zone of mineralisation hosted in feldspar porphyry from

55.3 metres downhole assaying 5.3% copper, 4.9 g/t palladium, 0.9 g/t platinum, 0.26% nickel, 12 g/t gold.

Within this was a 0.5-metre intersection of chalcopyrite – pyrrhotite massive sulphide from 55.3 metres assaying 22% copper, 34 g/t palladium, 3.5 g/t platinum, 0.78% nickel, 1.4% zinc and 65 g/t silver.

Chase Mining is preparing a SOW for a four-hole diamond drilling program of around 400 metres to follow-up the results.

Consultants Orix will provide updated cross-sections and a long-section for planning and targeting purposes focusing on the porphyry bodies.

Lorraine gold program

Chase Mining will undertake a gold exploration program at the Lorraine Mine site with drilling also scheduled to begin in the second quarter.

It will focus on reported historic bonanza-grade gold initially at around 250 to 300 metres depth within the mine.

An SOW is also being prepared for the Lorraine program and this is expected to be completed by the end of February.

The number of holes to be drilled will be determined by the outcome of the SOW, but the company has budgeted for up to 3,000 metres of core drilling.

Renewing access agreements

Chase will need to renew access agreements for drilling with the Town of Laverlochere for Alotta and with The Anishinabeg of Kakinwawigak (The Long Point First Nation) to prepare drill site access off existing trails at the Lorraine Mine site.

Once drill collars have been determined the company will apply for a permit from the Quebec Ministry of Forests, Wildlife and Parks to undertake the drilling planned for 2020.

According to USA Kitco quoted closing prices on Friday, January 17, palladium reached a record high price in excess of US$2,500 per ounce; gold is at US$1,550 per ounce; copper is at US$6,250 per tonne and nickel at US$14,240 per tonne.

Quick facts: Chase Mining Corporation Ltd

Price: 0.019 AUD

Market: ASX
Market Cap: $6.06 m

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