Welcome to 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 Canada and Australia.

  • In Canada, the Company is focussed on Ni-Cu-PGE and Gold exploration in Southwestern Quebec having successfully intersected high-grade Ni-Cu-PGE massive sulphides at the Alotta project. Further work including desktop evaluation of nearby historical drilling, lower order AEM anomalies, mapping and ground EM followed by additional drilling is planned.
  • Nearby, the Company has completed its assessment of the gold potential at depth of the historic Lorraine Ni-Cu-PGE mine. The 6-hole deep diamond drilling programme was successfully completed but the overall low-grade gold assays severely downgraded the project’s gold prospectivity and leaves little room for any tonnage potential not tested by the drilling that may have been missed. The logical way forward is re-assaying of the recent core for a range of elements including REE which is being assessed by the Company’s management. The market will be kept informed of the Company’s future plans for the Lorraine Project.
  • In Australia, the Company has an advanced Topaz-Tungsten project in northern NSW where it is focussed on production of clean topaz concentrate for industrial minerals and beneficiation in the specialist metals / ceramic composite markets and more recently in the friction (brake) pad industries. Tungsten will be a byproduct of any topaz recovery operation.

Canada

The Company through its wholly owned Canadian subsidiary Zeus Olympus Sub Corp is pursuing a multi-commodity programme which is focused on advancing its 100%-owned Belleterre-Angliers Greenstone Belt (BAGB) nickel-copper-PGE and gold projects in Southwestern Quebec, Figure1.

Figure1: Project Locality Map

 

Nickel-Copper-PGE: The Company’s first drill programme in Canada (ASX 8 October 2018) at the Alotta Project successfully intersected significant widths of 2-3% Ni, + 2% Cu, 0.1% Co and 2-3g/t PGE (ASX 13 November 2018). Further drill programmes in 2019 continued to highlight the potential of the Alotta prospect with a bonanza copper + palladium intercept (ASX 16 December 2019) returned at relatively shallow depth, namely:

  • A spectacular ‘bonanza grade’ 0.5mintersection of chalcopyrite (cpy) – pyrrhotite (po) massive sulphide hosted in feldspar porphyry assaying 22% Cu + 34g/t Pd + 3.5g/t Pt and 0.78% Ni, 1.4% Zn, 65g/t Ag was returned from Hole ZA-19-05 from 55.3m;
  • This forms part of a wider 4.1m zone of mineralisation assaying 5.3% Cu, 4.9g/t Pd, 0.9g/t Pt, 0.26% Ni and 12g/t Ag.

In June 2020, the Company drilled five additional core holes from the 2019 CM-19-05 drill pad targeting extensions to the copper + palladium mineralisation (ASX Announcement 4 August 2020).

Whilst no bonanza grade palladium intercepts were returned from the drilling several significant extensions to the depth and strike of the Alotta mineralised body were made as reported in ASX Announcement 4 August 2020 which included:

  • Hole CM-20-04
    • 27.5m at 1.19% Ni, 1.6% Cu, 5g/t Ag, and 1.5g/t PGE from 48.5m; including,
    • 17.0m at 1.67% Ni, 2.12% Cu, 5g/t Ag, and 1.9/t PGE from 48.5m; and,
    • 8.5m at 2.05% Ni, 2.1% Cu, 4g/t Ag and 2.3g/t PGE from 56.0m.

Alotta Project Future Work:

Future work in the Alotta hinterland and wider Alotta, Delphi and Zullo (ADZ) claim area (Figure 1) will be undertaken, subject to COVID-19, access and weather restrictions.

The Company will review additional historic drilling together with its 2019 VTEM survey data in the Alotta hinterland where historic drilling (1988 by Alotta Resource Ltd and in 2002 by Aurora Platinum Corp) returned several Ni-Cu intercepts 400 to 500m NW of the main deposit. Results include*:

  • DB-88-27, 16m of disseminated sulphides with 2.9m massive sulphide with 15% cpy in gabbro from 49m;
  • DB-88-28, 7m of disseminated sulphides 5% po-pyrite (py) and 1% cpy in gabbro from 49m;
  • DB-88-47, 10m of 15% py-po and 1% cpy in gabbro from 45m;
  • DB-88-48, 4m of 1-2% po-py from 45m;
  • DB-88-49, 9m of 5% py-po and 0.5% cpy in gabbro from 51m; and,
  • BT-02-57, 2.2m at 0.32% Ni and 0.9% Cu

* data associated with the historic drilling is not 100% complete in the Company’s Quebec database.

There are several mid-priority VTEM anomalies (2019 survey data) east of Alotta that need ground truthing and if warranted followed-up with ground EM and ultimately diamond drilling.

Patry-Delphi and Zullo Prospects

The Patry-Delphi and Zullo Prospects are located 2.2 to 3.6km respectively south of the Alotta deposit

Patry Prospect: Historic Patry drilling by Aurora Platinum Corp in 2001 was designed to test the down-dip extension of disseminated to blebby sulphides (pyrite-pyrrhotite-chalcopyrite and pentlandite) in a chloritized and carbonate altered gabbro unit with the following results:

  • Hole BT-01-36 returning 1.15m of massive sulphide with 8.3% combined Ni-Cu from 51.55m;
  • Hole BT-01-40 returning 19m at 1.38% combined Ni-Cu from 79.30m; and,
  • Hole BT-01-49 returning 29m of low-grade Ni-Cu from 49m.

Delphi Prospect: Ni-Cu-PGE mineralisation in and associated with an E-W trending shear zone. No mineralisation of economic significance returned however anomalous values occur in sheared gabbro. Downhole IP (2001) identified an off-hole conductive zone for follow-up.

Zullo Prospect: Anomalous to low-grade copper (1m at 0.96% Cu and 1.5m at 0.38% Cu) in 1964 diamond drilling to be evaluated. Mineralisation is localised at a gabbro / felsic volcanic contact.

Drilling in 1987 returned several gold intercepts, best being in Hole R87-3 with 3.0m at 2.55g/t Au from 102.7m.

The Company has a 2017 detail aeromagnetic survey including ‘inversion data’ over the ADZ claims area that will assist in targeting further drilling.

Ground EM surveys as required will be conducted over the prospective areas.

Further work including desktop evaluation of nearby historical drilling, lower order AEM anomalies, mapping and ground EM followed by additional drilling is planned.

Gold-Silver-Copper: Evaluation of historic data from the Lorraine Project area outlined the gold potential of the district centred on the Lorraine Cu-Ni Mine where high-grade gold veins were sampled during the drift development in the footwall to the Cu-Ni mine in the 1960’s (ASX Announcement 1July 2020) as detailed below.

  • 28m at 45.24g/t Au, 41g/t Ag and 3.19% Cu channel sample on the 601 W; and,
  • 9.4m @ 14.12g/t Au, 22g/t Ag and 3.16%Cu channel sample on the 601 W drift.

In addition, the collar location of underground hole U-6-76 was confirmed on the 601 S crosscut. The hole returned an intersection of:

  • 1m @ 53.47g/t Au and 12g/t Ag, located ~12m below the 28m channel sample.

A 6-hole deep diamond drilling programme for 2,928m targeting the high-grade gold (plus copper and silver) mineralisation reported from historic sampling and limited drilling associated with the 6 Level development as detailed above of the Lorraine Nickel Mine was successfully completed. (ASX Announcement 2 September 2020).

All assays from the six targeted deep diamond holes drilled at the Lorraine Mine failed to validate the historically reported high-grade gold mineralisation from the mine’s 6th level (~300 vertical depth) development drives. This outcome was not expected given all the holes not only intersected the original Footwall Contact Target Zone but also intersected additional deeper veining and brecciation and importantly intense silica-carbonate (±sulphides) alteration zones below the FCTZ.

Minor amounts of fine-grained visible gold were also reported from holes CM-20-01 and 02 in ASX Announcements of 14 July and 10 August 2020 including photos. The restricted nature of the visible gold was unfortunately not an indication of widespread gold mineralisation and did not increase the low-grade tenor of the core that contained it.

The drilling programme was primarily designed to test for resource panels (tonnage potential) on 40m spaced sections with two holes spaced ~25m apart above and below the 6-Level datum containing the reported high-grade gold mineralisation (Figure 2). This was successful and leaves little room for any tonnage potential not tested by the drilling that may have been missed and the deep gold potential beneath the old mine workings has been severely downgraded.

Figure 2: Long Section showing the CM-20-01 to 05 traces and pierce points of the FCTZ and Hole CM-20-05 targeting the reported historic very high-grade gold zones localised on the 6-Level drift.

Lorraine Project Future Work

Given the extensive veining and brecciation and importantly the intense silica-carbonate (±sulphides) alteration zones intersected in all 6-holes drilled, the Company’s management are yet to decide what additional evaluation of the core needs to be undertaken. The logical way forward is re-assaying of the recent core for a range of elements including REE.

There remain reported anomalous gold assays from historical trenching and shallow drilling to the west of the Lorraine mine to be followed up as well.

The market will be kept informed of the Company’s future plans for the Lorraine Project.

Australia

Company through its wholly owned subsidiary Torrington Minerals Pty Ltd is progressing the development of its Torrington Topaz-Tungsten Project in northern NSW with a Mining Lease application and a well-advanced Environmental Impact Studies in place .

In addition, through its wholly owned subsidiary Topfibre Pty Ltd, the Company is involved a 3-year Federally ARC Linkage grant funded UNSW collaboration Topaz research project into the production of mullite fibre from topaz until ends 2020.

There has been constant reported progress with quantifiable results and proof-of-concept being achieved on several goals.

Shareholders

It is the Company’s dual strategy to unlock value for shareholders through early stage exploration success in Canada (for Ni-Cu-PGE and gold) and through the continuation of the development of the Torrington Topaz-Tungsten deposit in Australia.

Contact Us

+61 (0)439 310 818

+61 (0)419 702 616

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