Chrysalis Resources wraps up copper-gold drilling at Shikala


Chrysalis Resources has completed a 26 hole, 2,145 metre reverse circulation drilling program on its Shikila copper project in north-western Zambia.

The program tested eight 120 part per million copper in soil anomalies within a 24 kilometre long, semi-continuous copper trend, specifically targeting supergene copper mineralisation between 20 and 40 metres below surface.

Drilling at the two north-western soil anomalies and the central anomaly over a magnetic high intercepted deeply weathered, altered, magnetic and pyritic gabbro units.

All samples containing elevated copper, determined via XRF, have been submitted to the SGS Laboratory in Kalulushi for copper and gold analysis, with assays pending.




About Chrysalis Resources

Company – History

The Company was incorporated on 13 June 2007 for the purpose of acquiring prospective mineral projects primarily focused on gold, iron ore, uranium and nickel. Since incorporation, the Company has acquired the Zambian Copper Project, Pioneer Gold Project, Halloween West Project, West Angelas Iron Ore Project, Horseshoe South Project and the Gregory Range Project.

Chrysalis’ objective was to rapidly develop the identified assets in the project areas and to advance them as quickly as possible. In recent years, the gold, iron ore, uranium and nickel industries have experienced unprecedented growth with many exciting new development opportunities. Within this dynamic environment, Chrysalis is focussed on identifying a proven resource base through an active exploration program as the primary driver of growth.

Subsequent Highlights

  May 2008   Australian Stock Exchange Listing
  September 2009   Doolgunna West (now Halloween West) Acquisition
  January 2011   CID Discovery at West Angelas Project
  September 2011   Non-Renounceable Rights Issue (1:2)
  December 2011   Non-Renounceable Rights Issue – Allocation of Shortfall
  March 2012   Out of Court settlement signed with new government
  May 2012   Halloween West Farm-In Agreement executed with Talisman Mining Limited
  June 2012   Finalisation of Acquisition of Zambian Copper Project
  August 2012   Strategic Alliance executed with Tiger Resources Limited (ASX:TSX: TGS, “Tiger”)
  September 2012
  • Non-Renounceable Rights Issue (4:5) including issue of Tranche 1 and Tranche 2 shares to Tiger
  • Exploration commences in Zambia
  October 2012   Drilling commences in Zambia