- Chalice Gold Mines (CHN) has recovered strong results from its first-ever diamond-drill hole at the Karri Prospect
- The drilling program targeted Chalice’s first-ever ‘blind target’ at the prospect, intersecting 2.55 metres at 2.29 grams per tonne of gold
- Chalice has also received results from its aircore (AC) drilling at Karri
- As a result, it’s now identified several new gold targets to explore
- Chalice Gold is up 1.69 per cent on the market this morning, trading for 60¢ per share
Chalice Gold Mines (CHN) has recovered strong results from its first-ever diamond-drill hole at the Karri Prospect.
The drilling program targeted Chalice’s first-ever ‘blind target’ at the prospect, intersecting 2.55 metres at 2.29 grams per tonne of gold.
The Karri Prospect is located at its Pyramid Hill Gold Project in the Bendigo region of Victoria.
The gold zone is similar to other major gold systems in the region and is associated with a stockwork quartz veining.
Managing Director Alex Dorsch is pleased with the results at Karri.
“This is the first-ever test into fresh rock within our Pyramid Hill Project area, so to have intersected a primary gold zone straight away is an exciting development –
and one that provides further indications of the potential to discover a sizeable gold system that the Bendigo region is renowned for,” Alex said.
“Given that this was essentially a geological hole into a ‘blind target’, we are very encouraged that it has delivered both a significant zone of primary gold mineralisation and valuable information about the geological and structural setting at depth,” he added.
AC drilling results
Chalice has also received results from its air-core (AC) drilling at Karri.
The infill drilling program aimed to test the extent of the previously intersected gold mineralisation. Several new zones of gold mineralisation were identified.
As a result, Chalice has now identified several new gold targets to explore.
“Drilling continues at the Pyramid Hill Project with two diamond rigs, in tandem with the rapid escalation of exploration activity at our new nickel-copper-PGE discovery at our Julimar Project in WA,” Alex explained.
“This gives our shareholders exposure to two exciting greenfield projects in Australia with genuine company-making potential,” he added.
COVID-19 has had a minimal impact on the mine, however, appropriate protocols are in place to reduce the risk to employees and contractors.
The company will continue to monitor the advice from the Government and health authorities.
Chalice Gold is up 1.69 per cent on the market this morning, trading for 60¢ per share at 10:21 am AEST.