Resource News

Chalice Gold Mines Ltd. (TSX:CXN,ASX:CHN) announced that it’s signed a joint venture agreement with Canada’s Northern Superior Resources Inc. (TSXV:SUP) under which it has the right to earn a 65-percent interest in the Quebec-based Croteau Est gold property.

Chalice Gold Mines Ltd. (TSX:CXN,ASX:CHN) announced that it’s signed a joint venture agreement with Canada’s Northern Superior Resources Inc. (TSXV:SUP) under which it has the right to earn a 65-percent interest in the Quebec-based Croteau Est gold property.

Highlights include:

  • The Croteau Est Property, located in Québec, includes a 25km strike length of prospective stratigraphy with numerous targets where previous drilling has returned outstanding intercepts such as: o 7.35m @ 10.24g/t Au from 170.15m (CR011-05)
    • And 10.55m @ 10.63g/t Au from 179.95m
    • Incl. 5.25m @ 20.56g/t Au from 181.75m
  • 19.55m @ 8.55g/t Au from 90.75m (CRO12-10)
  • 9.75m @ 3.50g/t Au from 171.60m (CRO12-29)
  • 7.65m @ 3.08g/t Au from 160.25m (CRO12-34)
    • And 11.6m @ 3.17g/t Au from 238.55m
  • 12.55m @ 2.29g/t Au from 207.45m (CRO12-41)
  • 6.85m @ 21.32g/t Au from 240.65m (CRO12-46)
  • At the main prospect, Croteau Bouchard Shear Zone (CBSZ), continuous plus 1 g/t Au mineralisation has been defined over a 1.1km strike, 180m width and to a depth of 575m (Figure 4). The mineralisation remains open in all directions. Limited drilling between surface and -250m at CBSZ.
  • The agreement has a minimum expenditure commitment of C$0.5M within 12 months and the Company can earn its equity by spending C$4M within three years.

Tim Goyder, managing director at Chalice, commented:

The Croteau Est Project offers a unique combination of great location, with the potential to establish a resource quickly, walk-up drill targets and a great operating environment. This is a high quality, advanced exploration play – not a conceptual or greenfields project – and has clear potential to deliver a resource in the near term. We are looking forward to commencing exploration activities as soon as possible to unlock this potential.

Click here to read the full Chalice Gold Mines Ltd. (TSX:CXN,ASX:CHN) press release.

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