Chalice secures ground at Julimar

Chalice Gold Mines will pay nearly $15 million to acquire three private properties near its Julimar nickel-copper project in Western Australia.

Mining services millionaire Peter Bartlett, the founder and former managing director of Barminco is reportedly one of the property owners.

The properties cover a combined area of about 945 hectares, while one property covers about 85 per cent of the Gonneville intrustion – the geological host to Chalice’s recent major PGE-nickel-copper-cobalt discovery.

Chalice said securing the properties was an important milestone in the development and de-risking of its Julimar project.

It will pay $7 million in cash and issue 2.3 million shares (worth $7.8 million) to acquire the three properties and associated livestock and farming assets.

Settlement is due to occur in mid-December.

Chalice said the deal would not affect its ongoing reverse circulation and diamond drilling program.

Its shares were up 1.8 per cent at 10:23am AEDT.