Chalice Mining will increase its focus on the high-grade Julimar nickel-copper-platinum group elements (PGE) project in Western Australia after completing a demerger of its Australian gold assets.
Falcon Metals will be the new face of Chalice’s Pyramid Hill, Viking and Mt Jackson gold projects in Victoria and Western Australia.
Chalice shareholders have received an in-specie transfer of new Falcon shares ahead of the company’s listing on the ASX on Monday December 20, subject to ASX listing conditions.
Falcon is expected to commence trading on the ASX from 11am Perth time on Wednesday December 22.
Those who participated in Falcon’s $30 million initial public offering (IPO) have also received their shares.
Located near Bendigo in the same region as Kirkland Lake’s Tier 1 Fosterville gold mine, Pyramid Hill will be Falcon’s primary focus.
Spanning more than 5000 square kilometres of licences across its assets, Falcon will hold the largest exploration holding of any company in this prospective region. The company hopes to commence drilling activities at the project in January 2022.
Chalice’s Julimar project consists of the Gonneville nickel-copper-platinum deposit, which recently made headlines for becoming the largest nickel sulphide discovery in more than 20 years.
The discovery contains 10 million ounces of palladium, platinum and gold – collectively called 3E, one of seven PGEs.
It marks Chalice’s first discovery from its Julimar project, located 70 kilometres north-east of Perth, which was first staked by the company in early 2018.
Falcon will be led by an accomplished team, including esteemed explorer Mark Bennett as non-executive chair, and geologist and executive Tim Markwell as managing director, while Chalice managing director and chief executive officer Alex Dorsch will join Falcon’s board.
When first announced, Dorsch said the demerger plans followed a board review of Chalice’s portfolio.
“The proposed demerger provides an exciting opportunity for our shareholders to benefit from the creation of a standalone, well-funded Australian gold exploration company with a high-quality asset base in Victoria and WA,” he said.