Chalice’s neighbour set to start drilling

1 minute read

By Trevor Hoey. Published at May 31, 2021, in Mining

Mandrake Resources Limited (ASX:MAN) has received all permits and access required to commence its drilling program at the promising Newleyine PGE-nickel-copper prospect in Western Australia.

Department of Mines, Industry Regulation and Safety (DMIRS) has approved the Programme of Work (PoW) application for Newleyine relating to the forthcoming diamond drilling programme.

A drill contractor has been secured with drilling now scheduled to commence on 14 June 2021.

Mandrake’s ground sits just 30km from Chalice Mining’s $3 billion dollar Julimar nickel-copper-PGE discovery.

You don’t have to be a magician to estimate what is likely to happen with Mandrake’s share price if it strikes Julimar type mineralisation in upcoming drilling.

Investors are already showing confidence in the stock with its shares up 200% since management announced that it had secured Newleyine land access.

When news broke today that drilling was about to commence the company’s shares surged more than 25%.

Interestingly, another player in that area in Caspin Resources has spiked 230% since it released drilling results last week.

As indicated above, directly east of the Julimar and to the north of Newleyine lies Mandrake’s Jimperding Project.

Management has completed comprehensive geological mapping, sampling and portable XRF works across the entire project with particular emphasis on anomalies identified by the recently conducted heli-VTEM survey, making it potentially a source of further positive news for the group.

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