Positive Article, page-4

Article was from the 3rd of March.

MANDRAKE RESOURCES (ASX:MAN)Another small explorer with a market value of around $38m.Mandrake has tenements to the east of Chalice’s mammoth Julimar nickel-copper-PGE discovery – the reason Popple liked them in the first place.In March 2020, the very first hole at the Julimar project hit 19m at 8.4g/t palladium, 2.6 per cent nickel and 1 per cent copper.The discovery sparked a ~2,500 per cent gain in the Chalice share price, from 17c to $4.38 currently.The ‘drill-ready’ Newleyine prospect is in the bottom right corner of Mandrake’s Jimperding project.“Newleyine is a well-developed target with the hallmarks of Julimar-style mineralisation,” Popple says.“Through recent work including surface geochem, mapping, ground mag, FLEM and AEM they have identified three targets which they’ll shortly be drilling (probably this month).”Following a recent heliborne electromagnetic survey (EM) covering the entire permit, Mandrake has identified several EM conductors that are associated with magnetic anomalies interpreted to be due to mafic or ultramafic intrusive rocks, which are known to host the PGE-Ni-Cu mineralisation at the Gonneville intrusion (Julimar).The EM survey has generated a pipeline of eight targets where follow-up work is underway to develop drill targets, Popple says.“The managing director told me the new EM prospects ‘are as good, and in some instances better, than Newleyine’,” he says.Drilling of the new EM targets is likely to take place in Q3 – if they continue to stack up, says Popple.