Chalice announces A$7.5M exploration program in Canada and Australia to advance high priority drill targets

Symbol: ASX: CHN TSX:  CXN
Shares outstanding: 261 million
Fully diluted: 272 million

Highlights

• A$7.5 million budget, including >22,000m drilling, planned on five high-potential gold and base metals projects across five projects in Canada and Australia in FY 2018.
• A$5 million allocated to aggressive exploration at the East Cadillac and Kinebik gold projects, hosted in the prolific Abitibi Greenstone Belt, Quebec, Canada :
• A$2.5M allocated across multiple high-potential projects in Australia :
• Chalice can rapidly escalate exploration activities based on success with cash and liquid investments of A$53M .

PERTH , Western Australia , July 4, 2017 /CNW/ - Chalice Gold Mines Limited ("Chalice" or "the Company") (CHN.AX) (CXN.TO) today announced a FY 2018 A$7.5 million exploration initiative to advance its high priority gold and base metals targets in its current property portfolio (Table 1 and Figure 1).  Chalice's exploration strategy has focused on acquiring exposure to projects, either through direct ownership or joint venture, hosted in terranes with outstanding metal endowment that also have the key geological features to host Tier 1 deposits.  These include the East Cadillac Gold Project in the prolific Abitibi gold district in Quebec, Canada ; the Warrego North Iron Oxide Copper Gold project in the Tennant Creek gold ± copper mineral field of the Northern Territory, the Latitude Hill nickel project and the gold and base metals districts of the West Pilbara in Western Australia (Figure 1). 

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