Chalice Mining (ASX: CHN) – Deep Blue Copper-Rare Earth Target Defined

Chalice Mining has defined an exceptional copper-rare earth target at Deep Blue in Western Australia, with rock chip samples returning total rare earth oxide (TREO) grades of 15.5 to 19.3 percent, establishing a material new exploration opportunity for the junior explorer. The discovery combines substantial copper mineralisation alongside rare earth elements of strategic and commercial importance, creating a compelling multi-commodity target that materially upgrades Deep Blue’s prospectivity.

Located approximately 15 kilometres south-east of Chalice’s nearby Caravel Copper Project near Goomalling in Western Australia, Deep Blue sits on the Northam JV Project where Chalice is earning a 70 percent interest. Initial soil sampling across the target area in early 2026 identified a coherent multi-element geochemical anomaly extending approximately 2.5 kilometres in strike length and 500 metres wide. The anomaly features a peak copper-in-soil value of 890 parts per million, representing approximately 17 times the local background of 50 ppm, with consistent silver, molybdenum and gold association throughout the footprint.

Follow-up rock chip sampling in May identified a magnetite-copper-rare earth mineralised assemblage with skarn-style affinities in isolated outcrop within the anomaly. Two samples, designated CFR500 and CFR501, returned TREO grades of 15.5 and 19.3 percent respectively, alongside elevated copper, gold and silver. A laterite rock chip sample collected over the peak soil anomaly returned 847 ppm copper. The significance of these results extends beyond the headline grades. The rare earth assemblage is dominated by high-value and strategically critical elements including neodymium and praseodymium, which are essential for permanent magnet applications, alongside dysprosium and terbium. Additionally, the samples contain defence-critical rare earths including samarium, gadolinium and yttrium, elements subject to supply chain constraints and geopolitical considerations.

Strong coincident magnetic and gravity anomalies indicate the presence of a large-scale hydrothermal system extending more than 2 kilometres, suggesting the potential for a substantial source mineralisation beneath surface. The target area is largely concealed by residual agricultural soils with very limited outcrop expression, meaning the source of the copper-rare earth anomalism remains unknown and undrilled, presenting a genuine greenfield exploration opportunity. This lack of drilling history creates a discovery narrative where initial systematic testing could rapidly advance understanding of the target’s dimensions and grade distribution.

Chalice has secured land access for drilling, with an initial 10-hole reverse circulation drill programme expected to commence in the coming weeks subject to regulatory approvals. The company is well-positioned financially to fund exploration activity, with approximately 63 million dollars in cash and listed investments as of 31 March 2026. The imminent drilling campaign will test the continuity of mineralisation at depth and establish the vertical extent of the copper-rare earth system. Investors should monitor the drilling results closely for evidence of downhole mineralisation, true thickness of the host mineralised horizon, and grade consistency across multiple drill holes. This announcement is price sensitive and has been flagged as material by the ASX.

View the full ASX announcement (PDF)

About Chalice Mining Limited (ASX: CHN)

Chalice Mining Limited is an explorer and developer of precious and base metals, with a primary focus on its flagship Julimar project in Western Australia. The project contains platinum group elements, nickel, copper, cobalt, and gold resources. The company maintains additional exploration interests across Western Australia and the Northern Territory, positioning itself as a developer of green metals for the energy transition.

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