ASX Announcement 26 May 2015

Transcription

1 ASX Announcement 26 May 2015 Resource and explorati drilling to commence at Canadian project 2,200m resource definiti diamd drilling program to begin in June at Croteau Est gold property in Quebec Chalice Gold Mines Limited (ASX: CHN, TSX: CXN) is pleased to advise at its first diamd drilling program is scheduled to commence by mid-june 2015 at e Croteau Est gold property in Quebec, Canada following its recently announced joint venture deal. The Croteau Est Project (Chalice earning 65%) includes a coherent, well defined ze of plus 1 g/t Au mineralisati at e Croteau Bouchard Shear Ze ( CBSZ ) as well as several extensive, highly prospective geological trends wi outstanding gold geochemical anomalies. The program will initially comprise a 12-hole, ~2,200m diamd drilling program to in-fill gaps wiin e currently defined (CBSZ) structural corridor (Figure 1) where a total of 44 diamd drill-holes have been previously completed. This is expected to pave e way for a maiden /JORC standard resource estimate for e CBSZ, wi all data to be submitted to an independent resource csultant for cstructi of a wireframe model. ABN Figure 1: Locati of planned drill collars (red collars) wiin e Croteau Bouchard Shear Ze (CBSZ) In additi to e in-fill drilling program, a furer 48 shallow Reverse Circulati (RC) holes will be completed in e vicinity of e CBSZ (Figure 2). Results from is RC drilling program should provide furer informati e potential for mineralisati wiin e Croteau Fault and its inferred associati wi e CBSZ, and to provide targets for future diamd drilling.

2 Figure 2: Locati of planned reverse circulati drill collars (yellow collars) Eight RC drill holes will also test a prominent magnetic target, located e nor-eastern part of e property (Figure 3). Figure 3: Locati of planned reverse circulati drill holes to test a prominent magnetic target, located e noreastern part of e property 2

3 TIM GOYDER Managing Director For furer informati, please ctact: Tim Goyder, Managing Director Chalice Gold Mines Limited Telephe For media inquiries, please ctact: Nicholas Read Read Corporate Telephe: About e Croteau Est Project The Croteau Est Project is located near Chibougamau in Québec and comprises 213 claims covering 8,316 hectares which are 100%-owned by Norern Superior Resources Inc. (TSX-V: SUP) and 109 claims totaling 3,856 hectares which are under opti to Norern Superior. Under e Croteau Est agreement wi Norern Superior, Chalice can earn a 65% interest in e property by spending a total of C$4 milli explorati over ree years, wi a minimum explorati commitment of C$500,000 in e first 12 ms. Up earning a 65% interest, e joint venture becomes a ctributing joint venture which is subject to a standard diluti calculati. The property is located close to a number of historical copper-gold mines in e Chapais-Chibougamou regi. The project is well serviced by road, rail and air services, offering year-round access, and is located close to grid power. The tenement package includes a 25km strike leng of prospective stratigraphy, including 17 drill ready targets requiring immediate follow-up and a significant body of quartz-carbate-sericite alterati and pyrite mineralisati which has been defined as e CBSZ. A total of 44 diamd drill-holes have been completed into e CBSZ. Previous drilling has returned some outstanding intersectis including 10.63g/t Au from m (CRO11-05), 8.55g/t Au from 90.75m (CRO12-10), 21.32g/t Au from m (CRO12-46) (true wids of e drill hole intersectis cannot be determined wi e informati currently available). A full listing of drill statistics for e CBSZ is provided in Appendix 1. Competent/Qualifying Pers Statement The informati in is report at relates to Explorati Results in relati to e Croteau Est Project is based informati compiled by Mr Gary Snow, who is a Fellow of e Australasian Institute of Mining and Metallurgy and is a Fellow of e Australian Institute of Geoscientists. Mr Snow is a full-time employee of e company and has sufficient experience in e field of activity being reported to qualify as a Competent Pers as defined in e 2012 editi of e Australasian Code for Reporting of Explorati Results, Minerals Resources and Ore Reserves, and is a Qualified Pers under Natial Instrument Standards of Disclosure for Mineral Projects. The Qualified Pers has verified e data disclosed in is release, including sampling, analytical and test data underlying e informati ctained in is release. Mr Snow csents to e release of informati in e form and ctext in which it appears here. The informati relating to e Croteau Est Project is extracted from e ASX Announcement entitled Chalice expands Nor American presence wi farm-in deal advanced and highly prospective Canadian gold project released 22 April 2015 and is available to view at The company cfirms at it is not aware of any new informati or data at materially affects e informati included in e original market announcement and, in e case of estimates of Mineral Resources, at all material assumptis and technical parameters underpinning e estimates in e relevant market announcement ctinue to apply and have not materially changed. The Company 3

4 cfirms at e form and ctext in which e Competent Pers s findings are presented have not materially modified from e original market announcement. Figure 4: Croteau Est Locati, Québec Forward Looking Statements This document may ctain forward-looking informati wiin e meaning of Canadian securities legislati and forward-looking statements wiin e meaning of e United States Private Securities Litigati Reform Act of 1995 (collectively, forward-looking statements ). These forward-looking statements are made as of e date of is document and Chalice Gold Mines Limited (e Company) does not intend, and does not assume any obligati, to update ese forward-looking statements, except as required by law or regulati. Forward-looking statements relate to future events or future performance and reflect Company management s expectatis or beliefs regarding future events and include, but are not limited to, statements regarding e quantum and price of shares to be acquired under a share buyback, e estimati of mineral reserves and mineral resources, e realisati of mineral reserve estimates, e likelihood of explorati success, e timing and amount of estimated future producti, costs of producti, capital expenditures, success of mining operatis, envirmental risks, unanticipated reclamati expenses, title disputes or claims and limitatis insurance coverage. In certain cases, forward-looking statements can be identified by e use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variatis of such words and phrases or statements at certain actis, events or results may, could, would, might or will be taken, occur or be achieved or e negative of ese terms or comparable terminology. By eir very nature forward-looking statements involve known and unknown risks, uncertainties and oer factors which may cause e actual results, performance or achievements of e Company to be materially different from any future results, performance or achievements expressed or implied by e forward-looking statements. Such factors include, amg oers; risks related to actual results of current explorati activities; changes in project parameters as plans ctinue to be refined; future prices of mineral resources; possible variatis in ore reserves, grade or recovery rates; accidents, labour disputes and oer risks of e mining industry, as well as ose factors detailed from time to time in e Company s interim and annual financial statements, all of which are filed and available for review SEDAR at sedar.com. Alough e Company has attempted to identify important factors at could cause actual actis, events or results to differ materially from ose described in forward-looking statements, ere may be oer factors at cause actis, events or results not to be as anticipated, estimated or intended. There can be no assurance at forward-looking statements will prove to be accurate, as actual results and future events could differ materially from ose anticipated in such statements. Accordingly, readers should not place undue reliance forward-looking statements. 4

5 APPENDIX 1: Croteau Est - drill table statistics CBSZ Hole ID Easting Noring To CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z

6 Hole ID Easting Noring To CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z CRO11_ UTM NAD83-Z CRO12_ UTM NAD83-Z

7 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

8 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

9 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

10 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

11 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

12 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z CRO12_ UTM NAD83-Z

13 Hole ID Easting Noring To CRO12_ UTM NAD83-Z CRO13_ UTM NAD83-Z CRO13_ UTM NAD83-Z CRO13_ UTM NAD83-Z CRO13_ UTM NAD83-Z

14 Hole ID Easting Noring To CRO13_ UTM NAD83-Z CRO13_ UTM NAD83-Z