- Write by:
-
Thursday, December 3, 2020 - 11:47:29 AM
-
644 Visit
-
Print
Mining News Pro - Chalice Gold Mines has raised $100 million to prop up its development activities at the Julimar nickel-copper-PGE (platinum group elements) project in Western Australia.
Chalice managing director Alex Dorsch said the $100 million raising was supported through a $3.75 per share placement with strong demand.
“The demand for the placement was incredibly strong, with the book covered multiple times over the desired amount,” he said.
“This is testament to the scale and quality of the discovery at Julimar, but also the potential of the region to become a new world class base and precious metals mineral province.”
Once the placement is completed, the funds will support 160,000 metres of resource definition drilling to produce a maiden mineral resource estimate for Julimar’s Gonneville intrusive.
Chalice previously uncovered widespread PGE mineralisation at Gonneville, with the company also planning to fund scoping and pre-feasibility studies by the fourth quarters of 2021 and 2022, respectively.
Dorsch said the funding would also be directed to the Hartog electromagnetic (EM) anomaly in the Julimar State Forest when approvals are granted.
“Approximately 160,000 metres of diamond and RC drilling is now planned at Gonneville to support the delivery of a maiden mineral resource in mid-2021, which will then lead into mining studies planned over the following 18 months,” he said.
“We have also earmarked significant funding for initial drill testing of the compelling multi-kilometre scale targets within the Julimar State Forest once approvals are obtained.”
Chalice will also undertake initial exploration activities at the West Yilgarn nickel-copper-PGE province, while continuing exploration at the Pyramid Hill gold project in Victoria and the Hawkstone nickel-copper-cobalt project in Western Australia.
The company will have an estimated $126 million in cash balance upon completion of the placement.
Short Link:
https://www.miningnews.ir/En/News/609576
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
The Philippines said on Friday it aimed to add three more processing plants in the effort to develop a downstream ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
No comments have been posted yet ...