Ann: Chalice Mining identifies new Ni-Cu-PGE targets at Thor, page-37

Just wondering WB, did you notice that the auger program was only for the top 10 to 80cms to enable fast coverage over such a huge portion of that 20kms... yet with staggering 55% success rate so far?

That's 960 holes over a huge area including the mysterious electromagnetic interference zone within a few k's of the big powerlines, yet they still found NI-Cu-PGEs at rates higher than those further south (which compare to
gonnie down at Tor 1, 3 and 5 holes)...

And also found two very large targets inside the "mystery zone"

(Lab results for the augers were just quick tests and "not considered a total digest"... while the comprehensive lab results for the 3 DDs are still pending, and due very soon... that's the lab's definition of "soon" btw, not VMSs.)

Surpisingly, of those 960 Shallow Augers, over half (55%) were successful in confirming Ni-Cu-PGEs... and of those, 24% were at 3 higher grades than mere traces.

Also, from the map, we can see that the auger program is confirming the Tor 1, 3, 5 zone is slightly bigger than what was first suspected of Gonnie, which started with traces at about 4m down from surface, not the first meter, as best I can recall or find.

And the chromium, which is one of the main pointers that Chalice have told us they use, is now confirmed to be as strong as the EMs suggested it should be... yet it was found in only 45% of those 960 holes... which is interesting because Chalice "accidentally" found another PGE target BESIDE Gonnie... also on private land... and also with no detectable Chromium, which also made it impossible to find by EMs too.

Also worth noting: Altho the auger program was shallow, Chalice have actually dug into the soil over a MUCH larger area in much less time than they were ever able to do at Julimar so far, because the Tor forest was heavily logged and cleared just before covid, while Julimar has been slowed by protestors (after that forest was extinct of 2 species which failed, but were deliberately re-seeded by callous cruel "environmentalists" who released zoo-bred animals deliberately into harms way, even though one was known to enjoy killing the other, which conveniently helps their population charts show that they are still "struggling" at Julimar. They also released the 2 endangered species at two fully protected forests elsewhere when they had a total choice of NINE safe unmineralised forests, but the 2 rare critters at Julimar were deliberately/coincidentally put there just before the parliament debate re permitting mining & exploration to continue in Julimar, so seems to suggest the protestors were just cruelly and selfishly using the poor little domestically bred critters as expendable political footballs. sigh)

I also noticed you mention yesterday about your disappointment that Chalice did not make a separate announcement, and while I wish you great fortune wherever you go, I also think it seems fair to add:

a) this is the CHN standard practice for non-flagship projects which can't impact their share price yet (to let the lead partner make all the announcements... perhaps it was even part of the deal to generously support vms in a mutually beneficial way, due to b and c)

b) I can't recall any T200 company that would make an announcement about merely completing an auger program of the top 10 to 80cms while market-convincing lab results are still pending... and after achieving only 1% majority at a time when they are probably still trying to negotiate access agreements, perhaps over at Odin near the railway line. Surely we don't want them to pay more than they need to, simply because they are compelled by impatient short termers to make a big deal of normal early stage progress.

c) they are already being heavily shorted and down-ramped for daring to suggest that their Dampier site (only partially accessible from private land near the middle of Julimar) is akin to Gonnie at the fully private south tip, based on their first Diamond Drill results... can you imagine how pounded they would get if... only 2 days later... they say, oh and hey, look how fast Thor is shaping up, with a few kms still to explore at the north end of it too...?

Oh, and we also confirmed talc running parallel for a few k's (if it has the usual magnesium, isn't that currently akin to $11,000/t..?)

Oh, and over at Odin, we also tripped over "significant nickel and copper" just sitting on the ground for our rock samples.

The market down-rampers would have a freakin field day and attack with the same ferocity that drove their sp from 80 cents back to 50 in 2020.

No, it is well established that Chalice look after their shareholders as best they can.

They have spent 3 years trying to teach investors how to read their results on these rare and notoriously hard to find PGEs, which are a first for asx investors based in Australia...

And as a result, a good portion of their retail investors are now making a mention on their charts as HNWIs... yes even at these low market prices.

So it is now up to genuine investors to know how to read the WHOLE of their reports, including the boring fine-print in the JORC tables... most pip traders don't even read past the first 3 highlights on page 1, lol.

To me, these deeper pages and jorc tables are always the most insightful, eg where we can also see the next proposed stages, and know from the $11 million that is already budgeted for spending across the SW project, Barrabarra etc...

add to that, Chalice were so keen to get back after flooding rain delays that they arrived a week early, got crackinf and finished this stage ahead of the revised schedule.


As we all know, this is the highly speculative end of the market where the best survivors are those who go long with some of their HINs while also knowing how to work the pips and candles. So sadly, there will always be times when we each need to smack ourselves in the foreheads, and curse for missing an opportunity. Volatility = fast profit for many, so HC is rife with pip traders pretending to be genuine long termers... which is not neccessarily a bad thing either. It's just a profitable sport, for some lol.

In a bit, out a bit, shake it all about a bit, lol, but still around since the JV with Chalice.

Back in Tassie, I've been keeping up with the fine prints in the 2 revised epa's for Mt Lindsay etc too, so it's obvious there is progress still ticking away there. So at these cheap prices for VMS, I can't help secretly hoping for a 1 for 1 company split, where VMS keeps Kulin and everything in Tassie while a new spin-off for Thor and Odin gets a management team chosen by Chalice.... but that's all fanciful dreaming at this stage. If past is prologue, there are at least 3 other ways that Chalice have generously rewarded their past JV partners.

Obviously MOST of the 51 elements that Chalice have identified at Thor so far will not be in commercial grades... same as at Gonnie, but the hits so far don't seem to be anything they'd just abandon. Certainly not with so much still completely unexplored, hence the next stage proposed on page 10.

And in the meantime, it's good to see that EMs are now scheduled for Kulin, while we await those dang slow lab tests on the first 3 DDs at Thor by Chalice.

dyor &
gltah