Monday 6th July 2020 Font size:

Chase Mining doubles with massive sulphides

Friday, June 26th, 2020

The focus at Alotta is on the high-grade copper-palladium-platinum mineralisation intersected during drilling in October 2019, which returned a 4.1-metre zone of mineralisation hosted in feldspar porphyry from 55.3 metres downhole.

Chase Mining Corporation Ltd - Chase Mining Corporation intersects massive sulphides in Alotta drilling

Massive pyrrhotite with coarse pyrite blebs and disseminated chalcopyrite from 63.7 to 67 metres in the porphyry contact zone

Chase Mining Corporation Ltd (ASX:CML) has doubled 50% after intersecting massive sulphides in its first hole for 2020 at Alotta Copper-Palladium-Platinum-Nickel Project in Quebec, Canada.

A summary quick first-pass whole core log received for the hole drilled this week has confirmed the visual continuation of the mineralisation reported in 2019 hole, ZA-19-05.

Hole ZA-20-01 was completed at 99 metres intersecting two zones of massive sulphide from 63.7 to 67 metres and 77 to 79.2 metres downhole.

Shares higher

Investors responded positively to the news with shares as much as 100% higher to 4 cents this afternoon before closing at 3.9 cenms.

Adding to the positive observations from the hole, a 25-centimetre zone of massive chalcopyrite was intersected on a feldspar porphyry contact at 75.95 metres downhole.

A variably altered and mineralised porphyry body was also intersected over 13.54 metres from 50.16 metres downhole in the hanging wall to the massive nickel-copper sulphides.

Visual continuation

Chase Mining is encouraged by the visual continuation of the mineralisation from the 2019 hole, which returned 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 and 12 g/t silver.

It also included a ‘spectacular’ porphyry hosted ‘bonanza grade’ 0.5 metres zone of chalcopyrite-pyrrhotite massive sulphide from 55.3 metres assaying 22% copper, 34 g/t palladium, 3.5 g/t platinum and 0.78% nickel, 1.4% zinc, 65 g/t silver.

While hole ZA-20-01 has yet to be logged, photographed, cut and sampled in detail, typical Alotta fine-grained massive pyrrhotite with coarse blebs of pyrite was intersected from 63.7 metres.

Second hole underway

Drilling of the next hole, ZA-20-02, has started and this was at 33 metres last night.

Chase will announce regular drilling progress updates, including photos of the visually mineralised core.

https://www.proactiveinvestors.com.au/companies/news/922815/chase-mining-up-50-with-massive-sulphides-intersected-in-first-2020-hole-at-alotta-922815.html
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