Oakdale Resources Ltd’s (ASX:OAR) (FRA:F1S) reprocessed magnetic data reveals that the Crown Nickel-Copper-PGE Project has a similar geological setting to the adjacent Julimar Complex discovery of Chalice Gold Mines (ASX:CHN).
Southern Geoscience consultants (SGS) has reprocessed available geophysical and radiometric data and interpreted similar rock types as those at the Julimar Complex, which is just 9 kilometres east of Crown.
This work has been highly encouraging for Oakdale, which is even more keen to get on the ground to firm up the interpretations indicating high degree of prospectivity.
Keen to get to work
Oakdale Resources executive chairman Chris Gale said: “The reprocessed geophysical data has confirmed to us that we have a similar geological setting as the nearby Julimar discover which is tremendously gratifying for us.
“After taking this project on we now know we are well and truly in the hunt for a discovery at Crown and we look forward to completing access arrangements and getting to work.”
The Crown Nickel-Copper-PGE Project area.
Numerous geophysical trends
The new imagery highlights numerous geophysical trends interpreted to represent mafic/ultramafic rock sequences similar to those rocks reported in the adjacent Julimar Complex where Chalice made the Gonneville nickel-copper-PGE discovery.
Oakdale’s Crown Project in Chittering Valley, WA.
Oakdale will now begin work on a detailed geological and structural interpretation of the new data sets with the aim of generating an updated base map for the area.
Field reconnaissance mapping and prospecting, including field truthing of the geophysical interpretation will be undertaken, while Oakdale waits for the tenement to be granted to allow ground-disturbing activities.
Site access and Native Title
In this regard, discussions with local private landholders in the region have been productive and are ongoing.
While the negotiations with private landholders are carried out, Oakdale has engaged with representatives of the local Whadjak and Yued People in order to finalise a Native Title Heritage Agreement over the project.
The company is not aware of any registered Aboriginal Sites, or Avoidance Areas registered with the Department of Planning, Lands and Heritage within the tenement area.
Gale said: “Chalice’s Julimar nickel-palladium discovery has opened up the significant potential of this area and we are encouraged in our progress and look forward to the next steps.”
Crown Project tenure showing reprocessed geophysical magnetic image (RTP_TMI).
Initial exploration plans
Proposed initial exploration will include systematic wide-spaced geochemical soil sampling over highlighted geophysical target areas, as well as detailed regolith mapping and fact mapping of the outcropping rock units.
This work will seek to identify new targets which will be drill tested, subject to standard regulatory approvals.
Chalice’s market cap has been on the move on the back of its Julimar Complex work and now stands at approximately $848.8 million while the share price has climbed from 14.5 cents in early March 2020 to a new record of $2.92 earlier this week.
This compares to Oakdale which has a market cap of approximately $40.5 million and current share price of 2.5 cents, which represents plenty of upside potential if the Crown exploration can mirror Chalice’s efforts.