CHALICE MINING LIMITED ASX Announcement 7 December 2015
Cameron Gold Project - Exploration Update Exploration potential of Canadian gold project upgraded following discovery of several new mineralised zones during successful summer exploration program-
Rock chip samples of up to 16.75g/t gold and trench sampling results of up to 6.65 g/t gold over 2.0m at the have been received. Better results are summarised below and complete results follow:
o T33 prospect (rock chips) - 16.75, 14.75, 6.15, 3.14, 2.89 and 1.15 g/t gold;
- T33 prospect (trench sampling) - 6.65 g/t Au over 2.0m (including 11.95 g/t gold over 1.0m and 1.35g/t gold over 1.0m),
Brooks Lake area (rock chips) - 8.89, 2.52, 1.52, 1.15 & 1.04 g/t gold
Pipestone area (rock chips) - 2.19, 1.62 & 1.37 g/t gold
T13 prospect (trench sampling) - 1.68 g/t gold over 0.6m
Nolan prospect (rock chips and trenching) - 5.59 g/t gold and 5.0 g/t gold over 1.0m
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Several new areas of coincidental anomalous gold, arsenic, tungsten and antimony pathfinder elements, similar to those found at the Cameron deposit, have been defined from regional multi-element geochemistry sampling
- The expanded exploration potential of the Cameron Project provides a strong pipeline of exploration opportunities for 2016.
Chalice Gold Mines Limited (ASX: CHN: TSX:CXN - 'Chalice' or 'the Company') is pleased to report encouraging results from its 2015 exploration program completed at its 100%-owned Cameron Gold Project ('Cameron' or 'the Project') in Ontario, Canada.
In conjunction with the release of an updated Mineral Resource estimate for the Cameron Project in November 2015 (Measured, Indicated and Inferred Resource totaling 1.57 million ounces - see ASX Announcement dated 16 November 2015), Chalice has also completed the first modern, systematic exploration program to be undertaken at the Cameron Project.
Exploration activities completed as part of this initiative included a comprehensive surface sampling program that included channel sampling of 10 new targets located in priority areas that had been identified from a previous desktop study, widespread rock chip sampling across the entire property and six reconnaissance MMI soil sampling grids as well as a structural study of key mineralised outcrops.
The results of this new sampling by Chalice include rock chip samples grading up to 16.75g/t gold and trench sampling results of up to 6.65 g/t gold over 2.0m (Figure 1 and 3, further details are below), identified several new mineralised zones (Figure 2) and improved the Company's understanding of the controls on mineralisation across the property. The recognition of areas of co-incidental pathfinder elements (gold, arsenic, tungsten and antimony) in close proximity to either know mineral occurrences, 2015 trench anomalism or previously unexplored areas is encouraging and will be followed up in 2016.
Chalice's Managing Director, Mr Tim Goyder said 'the 2015 exploration program at the Cameron Gold Project had been very successful, demonstrating the under-explored nature of the region and indicating potential to discover new zones of near surface gold mineralisation in close proximity to the known mineral resources.
This is the first time comprehensive, systematic, modern exploration methodologies have been applied to large areas of this project, and the results have been very pleasing. The program has delivered a range of new, high quality targets outside of the Cameron deposit, significantly upgrading the prospectivity of the broader project area,' Mr Goyder said.
'These results give us a pipeline of exploration opportunities to further evaluate in 2016 and, if successful, may grow our mineral resources which could potentially enhance the future economics of the project.'
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1. Reconnaissance Rock Chip Sampling and Trenching
Reconnaissance rock chip sampling was completed on 10 prioritised areas defined during a previous targeting exercise. As further follow-up to anomalous rock chip samples, 10 targets were selected for stripping and 14 trenches were cleared with 579 channel samples obtained. Three of the 10 trenching areas returned anomalous results, which are summarised below. These anomalous results were received from new mineralised zones identified in three target areas. The first pass results from these three areas are very encouraging and warrant additional follow-up.
The results from rock chip sampling and trenching at the T33 prospect have defined a new zone of mineralisation in the general area of the historic Kiryliw showing. The mineralisation occurs along a 500m trend on the west side of Sullivan Bay. The highest value recorded from rock chips included 16.75 g/t gold (Figure 3; Table 1 for additional results) and is adjacent to the stripping and trenching undertaken. Significant results from stripping and trenching the T33 prospect included 6.65 g/t gold over 2.0m (including 11.95 g/t gold over 1.0m and 1.35 g/t gold over 1.0m) (Figure 3).
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Sample No | UTM_E | UTM_N | g/t Au |
R978298 | 453202.5 | 5460111 | 16.75 |
R978286 | 453344.3 | 5460230 | 14.75 |
R978277 | 453553 | 5460477 | 3.14 |
R978283 | 453298.4 | 5460083 | 1.15 |
R978287 | 453339.7 | 5460228 | 6.15 |
R978297 | 453202.5 | 5460110 | 2.89 |
A single 5. 58g/t gold sample from the Nolan prospect defines a new mineralised zone along the contact between the west margin of the late tectonic syenite-phase of the Nolan stock and adjacent mafic volcanic flows. Results from stripping and trenching at the Nolan prospect included 5 g/t gold over 1.0m.
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