Chalice Gold to Drill Large Copper-Gold Target in Australia

Chalice Gold Mines Limited (ASX: CHN, TSX: CXN) has identified a series of high-priority iron-oxide-copper-gold (IOCG) anomalies, referred to as the Emu Target, within its Warrego North copper-gold project in the Northern Territory, Australia.

According to the press release, RC drilling is scheduled to start at the Emu Target within weeks. All the anomalies have been identified by both aeromagnetic and ground-gravity surveys and are interpreted to represent prospective ironstone bodies, which are the rocks known to host to all major Tennant Creek IOCG deposits.

Highlights are as follows:

• A series of highly prospective and untested iron-oxide-copper-gold (IOCG) anomalies, collectively known as Emu Target, identified from regional aeromagnetic and ground gravity data on 100%-owned tenure at Warrego North copper-gold project

• The coincident magnetic-gravity anomalies sit along a 5 kilometre long target corridor

• Emu Target is located ~15 kilometres north of historical Warrego Mine (7 metres at 2.5 percent copper, 7.0 grams per tonne gold for 175,000 tonnes contained copper and 1.6 million ounces contained gold) and is interpreted to be hosted in similar Warramunga Formation sediments

• Drilling scheduled to commence in August 2018, subject to statutory approvals

Chalice Chief Executive Officer Alex Dorsch commented:

“The Tennant Creek area is known for prolific high-grade IOCG deposits. These deposits have a small surficial footprint but can extend at depth, making them very attractive and potential ‘company-making’ targets. These latest results support our view that Emu Target has the potential to host high-grade copper and gold mineralisation and we eagerly await results from drilling.”

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