Tambourah Metals has swooped on additional land near Chalice Mining’s spectacular Julimar nickel-copper-PGE discovery in WA to become the second largest landholder in the Julimar region with a sizeable 1,127 square kilometres. The company has picked up two new exploration licences that it says are prospective for nickel, copper and platinum group elements in the region including the Bindoon South project just 12 kilometres north-west from Chalice and the Mogumber West project further to the north.
Chalice has been turning heads since its discovery hole at the Gonneville prospect within the Julimar project last year hit 25 metres at 2.0 per cent nickel, 0.9 per cent copper, 8.5 grams per tonne palladium, 0.9 g/t platinum, 0.1 g/t gold and 0.11 per cent cobalt from 46m.
Only this week Chalice released a maiden resource for Gonneville clocking in at a tremendous 330 million tonnes grading 0.58 per cent nickel equivalent and 1.6 g/t palladium equivalent.
Remarkably, Chalice’s share price has soared from less than $0.20 prior to discovery to an intraday high of more than $10 this week.
Only seven per cent of the 26km strike at Gonneville has been tested so far according to Chalice.
Tambourah’s Bindoon South and Mogumber West projects combine for 63 square kilometres of ground and add to Tambourah’s 80 per cent owned Mogumber, Yerecoin, Bolgar East and Tolarno projects in the Julimar region.
The company is planning to conduct a ground sampling campaign across the two projects, with heritage and landowner access negotiations set to commence soon to fast-track exploration at the tenure.
Curiously, Mogumber West lies only 20km from Caspin Resources’ Yarawindah Brook project where historical drilling returned multiple platinum and palladium intercepts along some 2km of strike.
Past hits at Yarawindah Brook include 11m at 1.78 g/t palladium and 0.56 g/t platinum and 26m at 0.69 g/t palladium and 0.31 g/t platinum.
Interestingly, Chalice is a substantial shareholder of Caspin with a 9.2 per cent stake in the company.
Tambourah is also seeking to secure 80 per cent of the Wongan Hills South tenure in the Julimar region, subject to shareholder approval.
Notably, Wongan Hills South lies just 5km east of Caravel Minerals namesake copper project where a whopping 1.86Mt of contained copper has been discovered. Caravel believes its current resources are already large enough to potentially support a 25-year plus mining operation.
Tambourah recently pocketed $8 million from a strongly backed initial public offering for its listing on the ASX in August this year and has already launched its exploration endeavours in the Julimar region.
An airborne gravity survey seeking to identify ultramafic rocks prospective for nickel, copper and PGE mineralisation at Bolgart East and Tolarno has recently concluded. A ground-based electromagnetic survey to pinpoint drill targets across the two projects is now on the agenda.
The Julimar region hosts one of Australia’s most spectacular recent mineral discoveries at Gonneville and pundits will likely be keeping a close eye on Tambourah as it muscles into this most lucrative of regions.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
