Chalice Mining Ltd (ASX:CHN) (OTCQB:CGMLF) has strengthened its position at Gonneville Intrusion within the Julimar Nickel-Copper-PGE Project near Perth in Western Australia by entering binding agreements to acquire four additional key private properties.
These properties cover 723 hectares and take Chalice’s holding of private land at the southern end of the Julimar Project to a combined total of approximately 1,668 hectares or about 17 square kilometres.
Shares were more than 2.6% higher in early trade to A$6.58 while Chalice’s market cap is approximately A$2.217 billion.
Covers Gonneville Intrusion
They cover all of the current known mineralisation at the Gonneville Intrusion, the geological host to Chalice’s major PGE-nickel-copper-cobalt-gold discovery.
Total consideration for the acquisition comprises $11.25 million in cash and 1,033,294 fully paid ordinary Chalice shares.
The company says that the agreements are on terms considered customary for agreements of this nature, and settlement is not subject to any material conditions precedent.
De-risking step
This acquisition follows one in November 2020 in which Chalice entered into a binding agreement to acquire three key private properties in the same area, which is just 70 kilometres northeast of Perth.
These three properties cover a combined area of around 945 hectares with one property covering about 85% of the Gonneville Intrusion.
At the time, Chalice said securing the title to these properties was considered to be an important milestone for the project and a major de-risking step for the potential development of a future mining operation.