DECNGOLD · price
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Deccan Gold Mines has announced significant exploration success at its Bhalukona project in Chhattisgarh. The first drill hole intersected 3 mineralized gabbro layers totaling over 60m wide, with about 30m of potentially economic sulphide mineralization averaging 0.4% Ni_Eq. The highest-grade intersection hit 2.6m at 1.01% Ni, 0.29% Cu, and 1.25% Ni_Eq from 103.4m depth. The company has completed 1,200m of drilling across 7 holes along a 1.3km strike length, with all holes showing sulphide mineralization. Assay results for additional holes are pending. The company plans to accelerate drilling to define a mineable resource and fast-track mining lease applications.
This is a positive early-stage exploration result that validates the geological potential of the Bhalukona Nickel Block. While no revenue is expected soon, successful resource definition could be significant for India's critical minerals supply chain. The announcement should be viewed as positive sentiment for the stock given the strategic nature of nickel and PGE deposits.