- Chalice Gold Mines (CHN) has received significant gold results from ongoing aircore drilling at the Karri Target
- Best intercepts from the drill include one metre at 15.85 grammes per tonne gold
- This result follows on from the initial identification of gold trends discovered at Karri in December 2019
- The company is now extending its maiden geological drill program until late April
- Chalice Gold’s share price has jumped 16.3 per cent today with shares currently trading for 25 cents apiece
Chalice Gold Mines (CHN) has received significant gold results from ongoing aircore (AC) drilling at the Karri Target.
The Karri Target is part of the 5190 square kilometre Pyramid Hill Gold Project which is located in northern Victoria.
These new results follow on from the initial identification of Karri gold trends discovered in December 2019.
Chalice Gold is now continuing its systematic exploration drilling program at Pyramid Hill with two rigs currently on site.
The Phase 1 reconnaissance drilling program, which consisted of 350 holes for 39,000 metres, began in October 2018 and ended in June 2019 at the Muckleford and Mt Willian Areas.
Phase 2, which consisted of 250 holes for 25,000 metres, began in October 2019 and ended in February 2020 at the newly identified Karri, Iron and Beech targets in the Muckleford Area.
The current AC drill program, which consists of 170 holes and began in February 2020, is targeting the Karri and Ironbark targets.
As well as this, Chalice Gold is currently undertaking a maiden geological diamond drill-hole program at Karri and Ironbark.
Encouraging new assay results have been received for 62 AC holes at Karri. In addition, assays are currently pending for 42 AC drill holes and the first two completed diamond drill holes at Karri and Ironbark.
The best AC drill intercept returned was one metre at 15.85g/t gold within two metres at 11.54g/t gold within 30 metres at 1.12g/t gold.
Other intercepts include three metres at 3.86g/t gold, four metres at 1.35g/t gold, and four metres at 0.70g/t gold.
“Our momentum in Victoria continues to build, with another round of exciting drill results. The potential for a high-grade gold system at Karri is now supported by the highest grade gold intercept from the project to date of one metre at 15.85g/t gold,” Managing Director Alex Dorsch commented.
“This result is especially important as it lies at the centre of a new four kilometre long, continuous gold trend that is yet to be tested at depth,” he added.
One AC and one diamond drill rig are on-site, a second diamond rig is expected to arrive in mid-March.
Future works include an extended 11 hole maiden geological diamond drill hole program at the Karri and Ironbark targets and a 15 kilometre 2D seismic program within the Muckleford Area.
Both of these programs are expected to continue until April.
Chalice Gold’s share price has jumped 16.3 per cent today with shares trading for 25 cents apiece at 12:53 pm AEDT.