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Chalice Gold Announces Promising Reconnaissance Drilling Results in Victoria

Mining News - Published on Thu, 11 Jul 2019

Image Source: chalicegold.com
Chalice Gold Mines Limited announced promising reconnaissance drilling results at its 100%-owned Pyramid Hill Gold Project located in the world-class Bendigo region of Victoria.

Highlights

39,000m Phase 1 reconnaissance aircore drill program completed at the 100% owned Pyramid Hill Gold Project in the Bendigo region of Victoria.

Three strike-extensive mineralised trends have been outlined on wide-spaced drill lines.

Karri Target defined by shallow gold intersections up to 0.66g/t Au over 15km of strike, under 50-70m of Murray Basin cover.

Ironbark Target defined by shallow gold intersections up to 1.1 g/t Au under 25-75m of Murray Basin cover, co-incident with a large >5ppb gold-in-soil anomaly, o Beech Target outlined by previous announced highly anomalous As and Sb in basement, 25km north-west of Bendigo along the Sebastian Fault.

Multiple gold intersections in the highly weathered top of basement indicate the gold is from a primary bedrock source.

Karri and Ironbark Targets situated proximal to the highly prospective Campbelltown and Muckleford Faults which host the Ballarat and Maldon gold deposits to the south.

Reconnaissance drilling targeted broad mineralised halos and secondary dispersion zones which surround major high-grade gold deposits in the region like Kirkland Lake Gold's Fosterville and Bendigo.

Similar shallow, anomalous gold intercepts on wide-spaced drill lines has led to significant gold discoveries undercover by other explorers in the region.

Phase 2 AC drilling on 0.5-1.0km spaced lines to commence as soon as possible in Q3 2019 to further refine targets for deeper drilling.

Chalice positioned well in this exciting region with a commanding 5,140km2 land position.

Strong cash balance and recent divestment of Quebec gold projects allows Chalice to continue its large-scale systematic exploration program in the region without the need to raise capital.

Source :

Posted By : Sanju Moirangthem on Thu, 11 Jul 2019
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