Gold and critical minerals exploration and mining firm Deccan Gold Mines Ltd on Sunday (November 1) said it has reported the potential for over 4 million tonnes of nickel-copper-platinum group elements (Ni-Cu-PGE) mineralisation at its Bhalukona project in Chhattisgarh, with preliminary geological modelling indicating an estimated grade of around 0.24% nickel equivalent.
The preliminary estimates are based on exploration drilling data and cover only near-surface mineralisation across approximately 300-350 metres of the 1.3-km mineralised corridor identified at the project. The current model accounts for around 25% of the identified corridor and excludes potential repetitions of the mineralised sequence indicated by drone magnetic and induced polarisation (IP) surveys.
The company said the findings provide a preliminary understanding of the scale and geological characteristics of the deposit. The estimated nickel-equivalent grade is calculated based on the weighted contribution of nickel, copper, platinum and palladium mineralisation.
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Bhalukona Project: Exploration Details
Deccan Gold received the Bhalukona-Jamnidih Composite Licence from the Chhattisgarh government on April 1, 2025, becoming one of the early companies to receive a nickel exploration licence in India.
The project covers approximately 30 square kilometres in Basana Tehsil, Mahasamund district of Chhattisgarh. The company has undertaken a phased exploration programme over the past 19 months, including drone magnetic and Light Detection and Ranging (LiDAR) surveys, deep IP surveys, electrical resistivity tomography, geological mapping, rock-chip and channel sampling, and bulk sampling for beneficiation studies.
Since March 2026, Deccan Gold has also conducted diamond-core drilling comprising 15 drill holes with a total length of 2,773 metres.
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The exploration programme has identified a layered mafic-ultramafic geological formation hosting nickel-copper-PGE sulphide mineralisation. Drilling has established a mineralised corridor more than 100 metres wide, extending approximately 1.3 km in length and to depths exceeding 200 metres.
The mineralisation includes disseminated as well as heavy-to-massive sulphide occurrences. The principal sulphide minerals identified are pyrrhotite, pentlandite and chalcopyrite, associated with nickel and copper mineralisation, along with palladium and localised platinum occurrences.
Further Exploration Planned
The preliminary geological interpretation will guide the next phase of exploration, with the company continuing to evaluate the geological data to assess the extent and continuity of the mineralised system.
The current model does not include potential repetitions of the mineralised sequence indicated by geophysical surveys, leaving further areas for exploration and assessment.
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Deccan Gold said the figures represent preliminary exploration-stage interpretations and do not constitute a defined mineral resource or mineral reserve. Further exploration, geological evaluation and technical assessment will be required to establish the scale, continuity and economic potential of the mineralisation.
Dr Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Ltd, said, “India’s critical-minerals ambitions will ultimately be determined not just by the resources we know we possess, but by our ability to discover, evaluate and responsibly develop them.
Bhalukona is an encouraging milestone in our effort to unlock India’s domestic critical-mineral potential. The preliminary modelling points to a promising nickel-copper-PGE system, with the current estimates covering only a fraction of the identified mineralised corridor.
India’s resource security will depend on our ability to discover and responsibly develop strategic mineral resources at home. Our focus is to advance Bhalukona through science-led exploration, technical rigour, and long-term commitment, contributing to a stronger domestic mining ecosystem and more resilient critical-mineral supply chains.”
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Shares of Deccan Gold Mines Ltd ended at ₹160.25, down by ₹8.40, or 4.98%, on the BSE.