Deccan Gold Mines announces India’s first confirmed Nickel-Copper-PGE discovery in Chhattisgarh

Deccan Gold Mines Ltd informed the BSE on August 4, Monday, that it had identified a 700-meter long mineralised zone containing nickel, cooper, and platinum group elements (PGE) at its Bhalukona project in Basna tehsil, Mahasamund district, Chhattisgarh. The company holds a composite license for the 30 sq km block granted on April 1, 2025, and said that the mineralisation is hosted in layered mafic-ultramafic rocks, which are geologically similar to world-class deposits such as the Nebo-Babel in Australia and Ahmavara in Finland.

A drone magnetic survey reportedly suggests the presence of more such zones beneath the surface, whereas an Induced Polarisation (IP) survey indicates sulphide mineralisation extending up to 300 meters deep. Drilling operations are likely to commence after the local harvesting season, and soil sampling in adjacent areas will expand the exploration footprint.

Deccan Gold Mines’ Managing Director Dr. Hanuma Prasad Modiali called it a stressed the discovery’s potential to give the country a firm footing in the global critical minerals supply chain.  The discovery has triggered strong interest in the stock market. On August 4, Deccan Gold Mines’ shares opened at ₹140, up from the previous close of ₹137.95, and hit a high of ₹141.70 by 10:30 AM.
What has been discovered?
The mineralised zone at Bhalukona includes:

Nickel – A corrosion-resistant silver-grey metal used in stainless steel, EV batteries (NMC/NCA), aerospace, turbine engines, and high-temperature alloys.

Copper – A reddish-brown metal with excellent conductivity, critical for electrical wiring, motors, EV infrastructure, renewable energy systems, and construction.

Platinum Group Elements (PGEs) – Includes Platinum (Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Ru), Iridium (Ir), and Osmium (Os). These are key components in:

• • Catalytic converters
  • Hydrogen fuel cells
  • Jewellery
  • Electronics
  • Dental and industrial equipment

These metals have been designated as critical minerals owing to their strategic importance in electric vehicles (EVs), clean energy technologies, defence, and advanced manufacturing.  Deccan Gold Mines is India’s first and only listed company focused on gold and critical minerals, operating on the Bombay Stock Exchange.