Shares of Deccan Gold Mines jumped as much as 10% to the day’s high of Rs 150 on the BSE on Wednesday, extending their rally for a second straight session and soaring 23% over the period.
The surge follows the company’s announcement of nickel, copper and palladium mineralisation discovered in Chhattisgarh during the first phase of drilling at the Bhalukona Project.
The company said the licence shows strong potential to host critical mineral deposits. The 30 sq. km Bhalukona Nickel Block, located in Chhattisgarh, was executed on April 1, 2025. The company has received all required forestry approvals for non-destructive exploration activities, including drilling in designated areas.
Initial exploration work through rock chip and soil sampling identified an approximately 700-metre-long mineralised zone containing nickel, copper and platinum group elements (PGEs). Drone-based magnetic surveys also indicated the possibility of continuation of favourable lithological units beneath soil cover to the south of the identified mineralised zone.
In addition, a geophysical induced-polarisation (IP) survey returned signatures pointing to multiple sulphide mineralisation zones, with some extending up to 300 metres below the surface. Drilling activities confirmed the presence of a layered mafic complex featuring wide zones of disseminated sulphides along with occasional heavy-to-massive sulphide lenses containing economic grades of nickel, copper and palladium.
At the project, the company completed 1,200 metres of diamond core drilling through seven drill holes, extending the known mineralised zone to nearly 1.3 km.
According to the company, all drill holes intersected varying widths of disseminated as well as heavy-to-massive sulphide mineralisation. The sulphide minerals identified are primarily pyrrhotite and pentlandite, both associated with nickel, along with chalcopyrite, which is linked to copper mineralisation.
The company said it plans to accelerate the drilling programme to define a mineable resource and fast-track applications for mining leases.
Deccan Gold shares have risen 23% since the start of 2026.
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