New Discovery at Western Australia Julimar Copper-Nickel Mine Exploration

CHALICE Mining Company has encountered more sulfide mineralization in drilling at the Hooley prospect area, 5 kilometers north of the Gonneville multi-metal deposit in Western Australia.

The main findings from 22 new drill holes include:

• Mineralization encountered at 88 meters depth, 32 meters thick (estimated true thickness of 22 meters), with a combined grade of 2.2 grams/ton for palladium, platinum, and gold (3E), 0.2% nickel, 0.2% copper, 0.01% cobalt, and a nickel equivalent grade of 1%. This includes a 24-meter-thick zone (estimated true thickness of 16.5 meters) with a 3E grade of 2.6 grams/ton, 0.2% nickel, 0.2% copper, 0.01% cobalt, and a nickel equivalent grade of 1.2%.

• Mineralization encountered at 133 meters depth, 59.1 meters thick (estimated true thickness of 40 meters), with a 3E grade of 1.3 grams/ton, 0.1% nickel, 0.1% copper, 0.01% cobalt, and a nickel equivalent grade of 0.7%. This includes a 28-meter-thick zone (estimated true thickness of 19 meters) with a 3E grade of 1.6 grams/ton, 0.2% nickel, 0.2% copper, 0.01% cobalt, and a nickel equivalent grade of 0.8%.

The Gonneville deposit has a mineral resource of 560 million tons, with a 3E grade of 0.88 grams/ton, 0.16% nickel, 0.09% copper, 0.015% cobalt, a nickel equivalent grade of 0.54%, or a palladium equivalent grade of 1.7 grams/ton.

Both Gonneville and Hooley are part of the Julimar project.

Chalice Mining states, "Drilling continues to encounter ultramafic intrusions, further indicating the large scale of the Julimar mineralized system, with locally possible high-grade mineralization."

The company plans further drilling at Hooley and preliminary drilling at the untested Baudin-Jansz-Torres target area.

Progress has also been made in the Gonneville deposit expansion drilling. Mineralization was encountered at 396 meters depth, 125.8 meters thick, with a 3E grade of 2.8 grams/ton, a nickel grade of 0.2%, 0.2% copper, 0.02% cobalt, and a nickel equivalent grade of 1.2%. This includes a 34-meter-thick zone with a 3E grade of 7 grams/ton, 0.2% nickel, 0.6% copper, 0.02% cobalt, and a nickel equivalent grade of 2.9%.

Chalice Mining currently has four diamond drilling rigs at the Julimar project and will continue drilling, advance feasibility studies, and look for potential partners.