Vancouver – Coming out of nowhere, Golden Chalice Resources (GCR-V, GCRIF-O) soared up the stock charts on a wide nickel intercept from its Langmuir project located just south of Timmins in northeastern Ontario.
The company’s first hole testing a linear cluster of airborne electromagnetic (EM) anomalies, GCL-07-06, intersected 72.5 metres (from 99.5-metres downhole depth) grading 1.14% nickel.
It included two higher-grade sections of 13.1 metres of 1.74% nickel, 0.12% copper, 0.2 gram platinum per tonne and 0.47 gram palladium per tonne, followed by a deeper 17.5-metre interval of 2.23% nickel, 0.22% copper, 0.2 gram platinum and 0.5 gram palladium.
Nickel mineralization occurs as disseminated, fracture filling and as blebs of sulphides hosted in an altered peridotitic komatiitic flow.
The Langmuir property covers over 20 km of favourable ultramafic and mafic flows.
Likely now a strong believer of the effectiveness of airborne EM on the property, Golden Chalice points out that only about half of the favourable stratigraphy on its project has been covered by the VTEM (Versatile Time-Domain Electromagnetics) survey.
Eighteen separate clusters were identified in its initial survey with the company planning to drill test them all.
The property is about 35 km south of Xstrata‘s (XTA-l, XSRAF-O) Kid Creek metallurgical complex.
Shares of Golden Chalice rocketed 543% on the hot drill hole, gaining $1.52 to close at $1.80 apiece on 20.3 million shares of volume in May 16th trading.
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