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Chalice Gold Mines Ltd.
Summary
| Project: | Pyramid Hill | |
|---|---|---|
| Deposit: | Karri | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/3/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 3-2-2020: Chalice Gold Mines Ltd. announces an Exploration/Drilling Update report for its Karri deposit at the Pyramid Hill project. Drilling results incl. 34m @ 0.71g/t Au from 76m. Chalice Gold Mines Limited (“Chalice” or “the Company”) (ASX: CHN | OTCQ | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Kevin Frost (Internal) | |
| ABSTRACT: | Chalice Gold Mines Limited (“Chalice” or “the Company”) (ASX: CHN | OTCQB: CGMLF) is pleased to report highly encouraging new air-core (AC) drilling results from the Karri Target at its 100%-owned Pyramid Hill Gold Project, located in the Bendigo Region of Victoria. The greenfield Karri Target is located 65km north-west of Bendigo, under 50-85m of Murray Basin cover. The new results follow the initial identification of the Karri gold trend under cover in late 2019 (refer ASX announcement on 12 December 2019). Chalice’s Managing Director, Alex Dorsch, said: “These latest results have again exceeded our expectations for this early stage of drilling. The potential for the discovery of a high-grade gold system at the Karri Target has increased with the highest grade gold intercept to date, at the centre of a multikilometre gold trend. “Given 90% of historical gold mines in the Bendigo Zone of Victoria had an average recovered grade of more than 8.5g/t Aui , the 4g/t gold intercept at this early stage of exploration is considered significant. “Furthermore, the scale potential of the Target is continuing to grow, with the latest results extending the strike length of the main gold trend to more than 4km. Importantly, all four gold trends at Karri show continuity on 500m spaced drill lines and remain open along strike, confirming the potential for a robust, sizeable gold system that is yet to be tested at depth. “Two rigs are currently operating, with step-out AC drilling underway to test the potential southern extension of the main trend, and our maiden diamond drill program underway to define key geological controls and to determine the optimal strategy for future deeper drilling.” | |
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