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Chalice Gold Mines Ltd.
Summary
| Project: | Warrego North | |
|---|---|---|
| Deposit: | Warrego North | |
| Location: | Australia | |
| Commodities: | Gold-Copper | |
| Date: | 6/16/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 16-6-2017: Chalice Gold Mines Ltd. announces an Exploration/Drilling Update report for its Warrego North deposit at the Warrego North project. Drilling results incl. 8m @ 1.74% Cu, 0.42g/t Au, 34.2% Fe from 249m. Chalice Gold Mines Limited (“Chalice” or t | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Kevin Frost (Internal) | |
| ABSTRACT: | Chalice Gold Mines Limited (“Chalice” or the “Company”) (ASX: CHN) (TSX: CXN) is pleased to advise that assay results from its maiden drilling program at the Warrego North Project in the Northern Territory have confirmed the presence of potentially significant Tennant Creek-style IOCG mineralisation at the Parakeet geophysical prospect. The Warrego North Project is located ~20km north-west of the historical high-grade Warrego copper-gold mine in the western part of the Tennant Creek Mineral Field (Figure 1). Warrego was the largest deposit mined at Tennant Creek with historical production of 1.3Moz of gold and 90,000t of copper from 5 million tonnes of ore at 8g/t Au and 2% Cu. Chalice can earn up to a 70% interest in the Project from Meteoric Resources NL (ASX: MEI) by sole funding $800,000 in expenditure (See ASX announcement dated 15 June 2016). The Company’s first diamond drill hole at Warrego North, WND17-001, targeted a coincidental magnetic-gravity and IP chargeability anomaly (Figures 2 and 3) and intersected interstitial and stringer (vein) style chalcopyrite mineralisation in magnetite ironstone grading 8m @ 1.74% Cu and 0.42g/t Au between 249-257m down-hole depth (Figure 4). The entire magnetite ironstone is mineralised, with the maximum grade of 4.82% Cu indicating potential for high-grade copper similar to other copper-(gold) mines in the Tennant Creek Mineral Field. | |
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