Chalice Gold Mines delivers maiden gold resource in Canada

(Before It's News)

Chalice Gold Mines (ASX:CHN; TSE:CXN) has revealed a maiden JORC resource of circa 1.34 million tonnes at 4.1 g/t gold for 176,500 ounces gold at its Nordeau West deposit in Quebec, Canada.

The estimate includes an indicated resource of 30,200 ounces of gold grading 4.17 g/t gold and an inferred resource of 146,300 ounces of gold grading 4.09 g/t gold.

The resource estimate for the Nordeau West deposit, which falls within the recently optioned East Cadillac Gold Project, confirms the previously released historical resource estimate.

The Nordeau West deposit is one of a cluster of gold deposits and occurrences that include the historical Chimo gold mine owned by Cartier Resources Inc (CVE:ECR), 1.5 kilometres to the west.

Chalice’s East Cadillac Gold Project has a contiguous 16-kilometre strike length along the Larder Lake-Cadillac fault.

Chalice is currently compiling a 3D interpreted model of the Nordeau West deposit with the aim of evaluating potential extensions to the deposit.

The company is also planning to drill-test a combination of targets, including the down-plunge extension of the Nordeau West deposit

Chalice’s share price has increased by 13% since the start of 2017, last trading at A$0.17.

The company is well-funded with a cash balance of A$40.4 million as at 31 December 2016.

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