Seven high-priority targets identified from gravity surveys and soil geochemistry to be tested by
maiden 8,500m drill program commencing in late October
Highlights
Initial program of 8,500m of Reverse Circulation/Aircore drilling to commence next month at the
Pyramid Hill Gold Project, on granted Exploration Licences EL6661 and 6737 located 20-50km
north-west of the 22Moz Bendigo Goldfield in central Victoria.
Drilling will test large-scale targets defined by peak gold-in-soil geochemical anomalies and
basement gravity features in favourable structural settings, proximal to known gold-bearing
regional faults.
Three major regional faults(Sebastian, Muckleford and Campbelltown) which control multi million-
ounce gold deposits such as Bendigo, Ballarat and Castlemaine are interpreted to trend within
Chalices tenure.
Drill lines will be widely-spaced to provide the first effective and comprehensive test of the
prospective Bendigo Zone geology below areas of Murray Basin cover. The thickness of the
overlying cover is estimated to be 20m to 100m in the areas selected for initial drill testing.
The Victorian Government initiative Gold Undercover estimates a potential ~32Moz undiscovered
gold endowment in the Bendigo Zone beneath Murray Basin cover, where Chalice has a total
tenement holding of 3,080km2
.
Chalice Gold Mines Limited (Chalice or the Company) (ASX: CHN | TSX: CXN) is pleased to announce that it is
gearing up for its maiden drilling program at the Pyramid Hill Gold Project, located north-west of the 22Moz
Bendigo Goldfield in central Victoria.
The Company has made significant progress in advancing exploration activities at Pyramid Hill over the last two
months. Successful targeting work has culminated in the identification of three large-scale priority gold targets
which will be tested by an initial 8,500m Reverse Circulation/Aircore drill program due to commence next month.
Drilling is designed to test the West and East gold-in-soil geochemical targets (West and East Anomalies), as
previously validated by the Company in July 2018, together with prominent gravity features identified from a
recently completed 250-line km ground gravity survey and a historic airborne Falcon gravity survey.
8,500m RC/Aircore Drilling Program
An 8,500m program of RC/Aircore drilling is planned over seven drill traverses that are located between 20-50km
north-west of the town of Bendigo (Figure 1). Four of the seven drill traverses will test the two largest gold-in-soil
anomalies identified to date (the West and East Anomalies), each of which extend over a 12km strike length, with
drilling prioritised over gravity highs which are interpreted as buried hills beneath Murray Basin cover, where