Deccan Gold's Bhalukona drill hits nickel-copper-PGE; ASSOCHAM award follows
Five of six holes show potentially economic mineralisation. The company targets India's first Ni-Cu-PGE mine, but the project is still early-stage with no resource estimate.
— 5 earlier stories on Deccan Gold Mines Ltd. →What's new
- Deccan Gold wins ASSOCHAM runner-up award for Bhalukona project in Chhattisgarh.
- Five of six drill holes intersected potentially economic nickel, copper and PGE mineralisation.
- Company hopes to develop India's first nickel-copper-PGE mine, but exploration is at an early stage.
Why this matters
For a small-cap explorer with a market cap of ₹4,261 cr, a discovery aligned with India's critical minerals push is a positive milestone. But without quantified resources or a production timeline, this is a signal of potential, not a catalyst for re-rating.
What we're watching
- Next round of drill results and any resource estimation at Bhalukona.
- Progress on Ganajur gold project after Supreme Court ruling.
- Funding for Altyn Tor, which still needs ₹20-60 cr beyond the ₹40 cr raised.
The full read
Deccan Gold Mines' Bhalukona project in Chhattisgarh is showing early promise. Five of six drill holes returned potentially economic nickel, copper and PGE mineralisation, earning the company a runner-up award from ASSOCHAM. Management hopes this can become India's first Ni-Cu-PGE mine. But this is pure exploration — no resource, no feasibility, no timeline. With a market cap of ₹4,261 cr and latest quarterly sales of just ₹9 cr (net loss ₹8 cr), Deccan is a high-risk explorer. The award is a positive signal, not a re-rating event. The bigger catalysts remain the Supreme Court's ruling on Ganajur and whether the ₹40 cr loan from Godawari Power is enough to push Altyn Tor forward. Bhalukona adds a critical-minerals angle, but it's years from mattering financially.
Questions answered
- What did Deccan Gold announce?
- Deccan Gold received an ASSOCHAM runner-up award for its Bhalukona project and reported that five of six drill holes intersected potentially economic nickel, copper and PGE mineralisation.
- Is the discovery commercially viable?
- Not yet. The mineralisation is described as 'potentially economic', but there is no quantified resource estimate or feasibility study. The project remains at an early exploration stage.
- How does this fit with India's critical minerals push?
- Nickel, copper and PGEs are classified as critical minerals by the Indian government. Deccan Gold's Bhalukona project aligns with the national priority to secure domestic supply, but it is years away from production.
- What is the next milestone for Bhalukona?
- Further drilling to define a mineral resource. The company has not disclosed a timeline or the next set of drill targets.
- Does this award change the company's financial outlook?
- No. The award is a recognition, not a financial commitment. Deccan Gold's latest quarterly sales were ₹9 cr with a net loss of ₹8 cr, and the company has significant funding needs at Altyn Tor.
- How does Bhalukona compare to Deccan's other projects?
- Bhalukona is a nickel-copper-PGE project in Chhattisgarh, distinct from the gold-focused Ganajur project and the tungsten acquisition in Spain. It adds diversification but remains the least advanced in terms of permitting and development.
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All notes on DECNGOLD →- 19 Jun 2026 · 1:52 PM IST Deccan Gold's Bhalukona drill hits nickel-copper-PGE; ASSOCHAM award follows
- 12d ago Deccan Gold's Jonnagiri project goes live but the payoff is indirect
- 21d ago Supreme Court ruling opens potential path for Deccan Gold's stalled Ganajur project
- 27d ago Deccan Gold buys 51% of a Spanish tungsten explorer for €1.76M
- 31d ago Deccan Gold raises ₹40 cr. The Altyn Tor project still needs ₹20-60 cr.