Chase Mining Corporation Limited

Chase Mining Corporation Limited (Chase Mining or the Company) (ASX: CML) is an Australian-based mineral exploration and development company with projects in Australia and Canada.

• In New South Wales Australia, the Company has an advanced Topaz-Tungsten project 60km SSW of Tenterfield where it is focused on the recovery of Tungsten and Topaz concentrate from a large deposit of outcropping silexite,

Silexite is nominally 80% quartz and 20% topaz plus variable levels of tungsten (wolframite and ferberite) mineralisation. Metallurgical testwork and the resultant process flowsheet shows that crushing of silexite to minus 1mm followed by water (or air) based gravity separation and concentration processes followed by magnetic clean-up results in excellent recovery of both Tungsten and Topaz saleable products.

Topaz is an alumina silicate mineral that given its hardness can be used in abrasive applications, especially in high-pressure water cutting and as a raw material for castable refractory and ceramic production. It can also be used to produce castable mullite and to produce mullite fibre for use in the specialist metals / ceramic composite markets. The latter has been the subject of a recently concluded 4-year research project at the UNSW which resulted in several proof-of-concept trajectory applications, including for instance in the production of military vehicle and personnel armour, friction (brake) pads and catalytic converters.

• In Queensland Australia, the Company made a strategic investment of A$600,000 to become a 40% shareholder in Red Fox Resources Pty Limited in late 2020. Red Fox is a private Queensland focused advanced exploration Company that holds seven wholly owned granted tenements (EPMs) covering 900 square km in two highly mineralised districts: Mt Isa / Cloncurry and Georgetown. The tenements contain a pipeline of targets for discovery of Ernest Henry style IOCG Cu-Au; Tick Hill style high grade Au); and, large Century and Broken Hill style Zn-Pb-Ag deposits. Further information on Red Fox and its activities can be found on its website: http://www.redfoxresources.net.au   
• In Quebec Canada, the Company focused on Ni-Cu PGE and Gold exploration in SW Quebec and successfully intersected high-grade Ni-Cu-PGE massive sulphides at the size-constrained outcropping Alotta project. The Company and its Canadian consultant geoscientists recently completed a comprehensive data review and assessment of all historical drilling, geological mapping, geophysical and geochemical surveying of both the Alotta and Lorraine Claim blocks. The outcome of this together with the extreme difficulties in the Company’s management and consultants travelling to Canada, led to the Company deciding that no immediate additional drilling would be undertaken. The Claims remain in good standing for the foreseeable future with excess reported expenditure. The Directors are undertaking a further review to see how best to extract value for the Company from the Project areas and the market will be kept informed of the Company’s future plans.
• New project opportunities. The Company continues to review several complimentary projects that would be a strategic fit for the Company and would add substantial value for shareholders. The Board will update the market if any of these projects should they reach the binding agreement stage.