Golden Chalice Resources (GCR-V) saw its stock plunge by 20% in morning trading after results released yesterday from its Langmuir nickel project, near Timmins, Ont., appeared to disappoint investors.
Drill hole 11, the third at Langmuir, was collared 75 metres south of the discovery hole, no. 6, which returned 72.9 metres (drilled width) of 1.14% nickel.
The more recent hole, drilled downdip of the first two, returned three separate intervals of mineralization: 7.8 metres of 0.89% nickel, 0.06% copper, 0.21 gram palladium per tonne, and 0.18 gram platinum (from 213 metres down-hole); 6 metres of 1.52% nickel, 0.21% copper, 0.29 gram palladium and 0.13 gram platinum (from 264 metres); and 11.6 metres of 1.11% nickel, 0.13% copper, 0.23 gram palladium, and 0.11 gram platinum (from 314 metres).
Assays are pending for lengths of core between the three mineralized zones, which were sampled first because of visible sulphides. Golden Chalice believes the first two intersections correlate with mineralized zones encountered in the earlier holes, but that the third and deepest intersection may represent a new zone.
The company also reported complete platinum and palladium results for the second hole drilled on the property, no. 10, which intersected 2.36% nickel over 14.6 metres. The hole assayed 0.52 gram palladium and 0.22 gram platinum.
Airborne versatile time-domain electromagnetics (VTEM) electromagnetic surveying conducted last year identified 18 clusters of EM anomalies at Langmuir, including the target currently being drilled. More VTEM surveying of the property, located about 35 km south of Xstratas (XSRAF-O, XTA-L) Kidd Creek complex, is planned.
Shares were off 21%, or 61 in morning trading at $2.24, still far above the 30 price the stock fetched in late May, before results were announced for the discovery hole. The stock has traded in a 52-week window of 24-$4.05.
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