“In September 2019 I told you about Silver Lake Resources (when the price was 94c), and Chalice Gold Mines (22c),” he says.
“Today the prices are $1.88 and $3.75 respectively.”
That’s a nice uptick in the value of Silver Lake and a whopping gain of around 1600 per cent for Chalice, which now has a market cap of $1.12 billion.
Mandrake’s Jimperding project lies about 30km east of Chalice Gold Mines’ world class Julimar nickel-copper-PGE discovery.
Mandrake applied for its 140sqkm exploration licence on 4 March 2020, just prior to the Julimar discovery hole announcement and before Chalice pegged over 2,000sqkm of ground contiguous to the Jimperding project.
That’s some good timing. Herein lies the attraction of Mandrake as an investment opportunity, Popple says.
“The licence is expected to be granted before Christmas (but this is obviously a risk),” he says.
“I’m hoping for a “pop” in the share price when it’s announced.
“They will be drilling the three recently identified targets at the Newleyine prospect at Jimperding before the end of the year.”
Mandrake also holds a promising gold project in the Northern Territory called Berinka.
“Prior to the Julimar discovery this was their flagship asset, but the exciting results that Chalice has delivered at Julimar has meant this has taken a bit of a back seat to Jimperding,” Popple says.
At Berinka, drilling to date indicates gold grading up to 6 g/t, silver up to 69 g/t and copper to 3.1 per cent.
“I should point out that although this is an incredibly high grade of copper, it’s just from one drill hole. (But if) it turns out that there’s a lot of high-grade copper – that could also be exciting,” he says.
“They are planning to carry out some drilling in May 2021 with a steady stream of results coming thereafter.”
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