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Chase Mining Corporation Ltd

Chase Mining Corporation chairman acquires 1 million shares on-market

Leon Pretorius has acquired shares valued at more than $17,600 and now holds 15 million shares.

Increasingly high stacks of coins
The company is focusing exploration efforts on two projects in Quebec, Canada

Chase Mining Corporation Ltd (ASX:CML) executive chairman Leon Pretorius has shown his faith in the company’s Canadian-focused exploration strategy by acquiring 1 million shares on-market.

The chairman’s on-market trades were made between February 4 and 8 and were valued at more than $17,600.

They take his overall holding of fully paid ordinary shares to 15 million.

READ: Chase Mining director Charles Thomas increases stake to 5.7 million shares

These acquisitions follow those last month of director Charles Thomas, who purchased more than 1.435 million ordinary shares through on-market trades with a total value of almost $25,000.

Thomas’ indirect holding now comprises 5.7 million ordinary shares.

READ: TopTung becomes Chase Mining Corporation Limited to better reflect new direction

Earlier this year Chase changed its name from TopTung Ltd to better reflect its new strategic direction which encompasses the battery metals of nickel, copper, cobalt and PGE as well as gold at the Zeus projects in Quebec, Canada.

These properties are held through Chase’s wholly-owned Australian subsidiary Zeus Minerals Pty Ltd and its wholly-owned Canadian subsidiary Zeus Olympus Sub Corp.

Chase aims to advance multi-commodity prospects in the Belleterre-Angliers Greenstone Belt, focusing on the Alotta and Lorraine projects.

READ: TopTung to explore gold, nickel-copper potential at Lorraine project in Canada

At Lorraine, the company will carry out electromagnetic surveys followed by drilling targeting both nickel-copper massive sulphides and gold mineralisation.

In addition, Chase is making enquiries regarding permitting requirements for dewatering and underground drilling and will also assess the status of the shaft at the historical Lorraine mine.

Consultants Orix Geoscience and Core Geophysics have been acquiring historical data for the Lorraine tenements, which comprise 90 claims covering about 46 square kilometres.

Historical production

Lorraine is reported to have produced 600,000 tonnes of ore at 1.08% copper and 0.46% nickel plus 14,000 ounces of gold and 86,000 ounces of silver with an unspecified PGE credit during the 1960s.

The company will also utilise new sectional and plan views as well as a wireframe model to help plan further exploration at Alotta prospect of the Alotta-Delphi-Zullo (ADZ) project.

READ: Chase Mining achieves quantifiable results in conversion of NSW topaz into mullite

While seeking early exploration success in Quebec, the company is also continuing to advance the Torrington Topaz-Tungsten Project in northern NSW.

Recent testing has demonstrated that pure, separable, mullite whiskers can be produced from topaz concentrate sourced from Torrington.

Producing a separable mullite fibre is the primary aim of a research program which is being undertaken by the University of New South Wales.

Quick facts: Chase Mining Corporation Ltd

Price: $0.04

Market: ASX
Market Cap: $7.24 m
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