Chalice Mining revealed drained coffers in its 2023–24 half year report (H1 FY24) but remains optimistic that its critical minerals project can refill them.
The company’s Gonneville nickel-copper-platinum group element (PGE) project in Western Australia made progress over H1, with resource drilling significantly expanding the deposit.
Several new high-grade zones were intersected in recent step-out drilling, with significant results returned largely from the Gonneville ‘G4’ footwall position within the host intrusion.
Chalice now plans to move ahead with a feasibility study at the deposit. The currently underway pre-feasibility study is scheduled for completion by mid-2025.
Ongoing planned projects at Gonneville include the development of key infrastructure routes for power, water and transport, and completing initial engineering.
Last year the company said it received “excellent results” from recent bench-scale hydrometallurgical test work, confirming Gonneville intermediate products as highly suitable for hydrometallurgical ‘midstream’ processing.
The company reported an overall loss of $27.8 million for H1 due to its exploration activities, but expects to spend 40 per cent less over the next 12 months now that drilling programs at Gonneville have been completed.
Chalice also ramped up exploration and drilling programs across its various other WA projects.
Drilling programs began at its Julimar nickel-copper-PGE exploration project, scheduled for completion in H2 FY24.
The company anticipates the Julimar deposit is similar to Gonneville, and significantly expanded its target area last year.
Other WA projects to see a ramp up in exploration movement include the Kings, Northam, Barrabarra, Narryer, South West, and Auralia nickel-copper-PGE exploration projects.
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