Deccan Gold Mines Limited share price moved higher after the company announced encouraging exploration results from its Bhalukona Nickel-Copper-PGE Composite Licence in Chhattisgarh.
The initial drilling campaign confirmed widespread sulphide mineralisation containing nickel, copper, and platinum group elements (PGE), strengthening expectations around the project’s long-term critical minerals potential.
Maiden Drilling Campaign Shows Promising Results
According to the company, the first phase of drilling identified layered mafic intrusive formations containing disseminated and heavy sulphide mineralisation.
Key highlights from the initial drill results include:
- Over 60 metres of combined mineralised gabbroic layers
- Around 30 metres grading above 0.2% nickel equivalent
- Average grade near 0.4% Ni_Eq
- Best intercept:
- 2.6 metres grading:
- 1.01% nickel
- 0.29% copper
- 0.2 g/t palladium
- 2.6 metres grading:
The findings indicate the possible presence of economically viable nickel-copper-PGE mineralisation.
Large Prospective Mineralised Zone Identified
Deccan Gold Mines Limited has completed nearly 1,200 metres of core drilling across seven drill holes along a 1.3-kilometre strike zone.
Importantly:
- Every drill hole intersected sulphide mineralisation
- Geological continuity appears encouraging
- Microscopic analysis confirmed the presence of:
- Pentlandite
- Chalcopyrite
- Pyrrhotite
Additional assay results from ongoing drilling are still awaited.
Strategic Importance of the Discovery
The Bhalukona-Jamnidih Composite Licence covers nearly 30 square kilometres in Chhattisgarh’s Mahasamund district.
The project is strategically important because India has been increasing focus on securing domestic supplies of critical minerals used in:
- Electric vehicles
- Batteries
- Renewable energy systems
- Advanced electronics
Nickel and PGEs are considered crucial for the global energy transition and clean technology manufacturing ecosystem.
Further Exploration to Continue
The company said exploration activities will continue during the monsoon period, including:
- Geophysical surveys
- Soil sampling
- Additional target identification
Management indicated that the initial results have significantly strengthened confidence in the project’s geological potential.
Share Price Movement
As of 19 May 2026, at 9:16 AM, Deccan Gold Mines Limited shares were trading at ₹126.19, up 3.60% from the previous close.
Conclusion
The Bhalukona discovery could emerge as an important critical minerals asset for India if further exploration confirms resource scale and economic viability. The positive drilling results have strengthened investor interest in Deccan Gold Mines Limited as the company accelerates exploration efforts across the licence area.
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