Issue link: http://resourceworld.uberflip.com/i/783264
F E B R U A R Y / M A R C H 2 0 1 7 www.resourceworld.com 55 Australian Update by Greg Barns • Historic Gold Districts Meets Modern Technology • Applying modern techniques to historic districts – Positioned for the modern gold rush – Historic production new discovery potential RECENT HIGHLIGHTS • Four gold properties acquired Dawson Range Gold Belt, Yukon. • Gold Creek Project acquired in Caribou Mining District, BC www.eurekaresourcesinc.com info@eurekaresourcesinc.com 604-449-2273 A history of INTEGRITY A future of PROMISE Chalice Gold acquires Québec gold projects CHALICE GOLD LTD. [CXN-TSX; CHN- ASX] was once looking to mine gold in troubled African country Eritrea but is now moving to the safer jurisdiction of Québec. The company recently acquired two proj - ects in the rich Abitibi gold province. Headed by well-regarded Western Australian-based, Anthony Kiernan, (Non- Executive Chairman) and Tim Goyder (Managing Director) Chalice Gold is, at time of writing, in early January, about half way through a buyback of just over 28 million shares and has over A$50 million in cash and investments. In addition to its new Québec projects, Chalice is focused on exploration in Western Australia and the Northern Territory. The Abitibi greenstone belt, which stretches across the Ontario-Québec border, is one the most prolific mineral provinces in the world. More than 100 mining operations have produced 161 mil - lion oz gold; 8.2 million tonnes copper and 15.9 million tonnes zinc. The Nordeau gold project is about 40 km east of Val d'Or and includes 9 km of strike length of the Larder Lake-Cadillac fault, that is, as the company points out, "one of the most prolific gold endowment trends in the southern Abitibi that hosts several multimillion ounce gold deposits" In October 2016, Chalice agreed to acquire Nordeau from Globex Mining Enterprises Inc. [GMX-TSX] by paying $590,000 and spending $2.5 million on exploration over four years. On exercising the option, Chalice will grant a 3% gross metal royalty to Globex. Nordeau has an historical resource pre - pared in 2009 in accordance with NI 43-101. At a cut-off grade of 2.75 g/t gold, there are indicated resources of 225,342 tonnes at 4.17 g/t gold (30,212 oz) and inferred resources of 1,112,321 tonnes at 4.09 g/t gold (146,315 oz). Chalice believes the his- torical resource to be accurate and says that it is "not aware of any more recent estimates or data relevant to the reported historical and foreign mineral resource." The company also said that the proj - ect "also contains a separate zone of gold mineralization known as Nordeau East; however, the reporting of this mineral resource was undertaken in 1988 prior to NI 43-101 and Chalice has not verified the mineral resource." Chalice noted that "mineralization appears open at depth and it intends to undertake a detailed review of the drilling results as a priority." Only six weeks after this announcement, Chalice acquired a nearby second project and agreed to acquire a 70% interest in the Chimo gold project from Richmont Mines [RIC-TSX], adjacent to the Nordeau Project, by paying $200,000 and spending $3.1 mil - lion on exploration over four years. Chalice will grant a 1% NSR to Richmont on claims with no existing royalty. This project will allow the company to consolidate a contiguous ~16 km strike length along the Larder Lake-Cadillac fault. The Chimo Project is adjacent to the former Chimo gold mine. Chalice also staked 16,930 hectares in Northern Abitibi over a 30 km strike length of the Casa Berardi fault. The Casa Berardi gold deposit, the largest gold deposit in the region (5M oz), is 100 km west. The claims are located between the Vezza gold deposit 20 km to the west and the Discovery gold deposit 4 km south-east. n