Deccan Gold Mines Limited has announced a significant nickel-copper-platinum group elements (PGE) mineral discovery at its Bhalukona project in Chhattisgarh, with initial drilling results indicating extensive sulphide mineralisation across the licence area.
The company’s maiden drilling campaign at the Bhalukona Nickel-Copper-PGE Composite Licence confirmed the presence of widespread sulphide mineralisation containing nickel, copper and palladium.
Exploration work identified layered mafic intrusive geological formations hosting disseminated sulphides along with occasional heavy and massive sulphide lenses.
The first drill hole intersected 3 mineralised gabbroic layers with a combined width exceeding 60 metres. Within this, nearly 30 metres showed potentially economic sulphide mineralisation above 0.2% nickel equivalent, averaging around 0.4% Ni_Eq.
The highest-grade intersection recorded during drilling measured 2.6 metres grading 1.01% nickel, 0.29% copper, and 0.2 grams per tonne palladium from a depth of 103.4 metres.
So far, the company has completed nearly 1,200 metres of core drilling across 7 drill holes along a prospective mineralised strike zone extending approximately 1.3 kilometres.
Every drill hole intersected varying widths of disseminated and heavy-massive sulphide mineralisation, strengthening confidence around the continuity of the deposit.
Microscopic analysis further confirmed the presence of pentlandite, chalcopyrite and pyrrhotite sulphides, supporting the geological validity of the discovery.
Additional assay results from ongoing drilling activity are currently awaited.
The Bhalukona-Jamnidih Composite Licence spans nearly 30 square kilometres in Chhattisgarh’s Mahasamund district and is among the first nickel-copper-PGE licences granted in India under the country’s critical minerals exploration push.
Geophysical surveys conducted across the licence area also suggest the possibility of repeated mineralised zones beyond the currently drilled targets.
Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited, described the discovery as an “important milestone” for the company and said the drilling campaign has provided “strong validation” of the project’s geological potential.
He added that encouraging sulphide intersections from the initial drilling phase have strengthened confidence in the strategic value of the asset within India’s growing critical minerals ecosystem.
Low-impact exploration activities, including geophysical surveys and soil sampling programmes, will continue during the monsoon period as the company seeks to identify additional mineralised targets across the broader licence area.
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As of 19 May 2026, at 9:16 AM, Deccan Gold Mines Limited share price is trading at ₹126.19 per share, reflecting a surge of 3.60% from the previous closing price.
The latest drilling results position Bhalukona as a potentially significant critical minerals discovery for India, with Deccan Gold Mines now intensifying exploration efforts to establish long-term mining potential at the project.
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Published on: May 19, 2026, 9:58 AM IST
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