Symbol:
ASX: CHN TSX: CXN
Shares
outstanding:
287 million
Fully
diluted:
291 million
PERTH, Western Australia, July
28, 2014 /CNW/ - Chalice Gold Mines ("Chalice" or
"The Company") ASX:CHN TSX:CXN advises that it has today filed
an updated and revised Technical Report and Mineral Resource
estimate (Table 1) on the Company's Cameron Gold Camp Project in
Canada with the Canadian
securities regulators.
The report has been prepared in accordance with Canadian
National Instrument 43-101 and forms part of the Company's ongoing
disclosure obligations for its listing on the Toronto Stock
Exchange and is also in accordance with JORC Code (2012
Edition).
A copy of the report can be obtained from SEDAR at www.sedar.com
or from the Company's website at www.chalicegold.com.
Cameron Gold Camp Project Background
The Cameron Gold
Camp Project is an advanced exploration project located in the
southern part of western Ontario
approximately 80 kilometres south-east of the town of Kenora.
The Project currently consists of two project areas namely Cameron
and West Cedartree, both owned 100% by the Company. The Cameron
gold deposit lies within the Cameron project area whilst Dubenski
and Dogpaw are located 8-10km west of the Cameron deposit on the
West Cedartree tenements (Figure 1).
The combined Mineral Resources for the three deposits comprising
the Cameron Gold Camp Project at cut-off grades appropriate to
location for open cut and underground mining are summarised in
Table 1.
This revised Mineral Resource estimate for the Cameron Gold Camp
Project updates and replaces previously reported Mineral Resources
announced by previous project owners Coventry Resources Inc. for
the Cameron and Dubenski gold deposits dated 5 July, 2012 (JORC 2004 compliant) and the Dogpaw
gold deposit dated 13 May, 2013 (JORC
2012 compliant).
The data, interpretation and techniques utilised in the
estimates for the Mineral Resources are summarised in Appendix
1.
Table 1: Cameron Gold Camp Project Mineral Resource Statement
at cut-off grades appropriate to location for open cut and
underground mining.
Deposit
|
Description
|
Cut-off Gold g/t
|
Class
|
Tonnes
|
Gold
g/t
|
Gold
Oz
|
Cameron
|
Open Cut
|
0.5g/t
|
Measured
|
2,872,000
|
2.3
|
212,400
|
|
RL>=750m
|
|
Indicated
|
5,417,000
|
1.76
|
306,600
|
|
|
|
Inferred
|
881,000
|
2.07
|
58,600
|
|
|
|
TOTAL
|
9,170,000
|
1.96
|
577,600
|
|
Underground
|
1.75g/t
|
Measured
|
157,000
|
2.77
|
14,000
|
|
RL<750m
|
|
Indicated
|
559,000
|
3.23
|
58,100
|
|
|
|
Inferred
|
5,709,000
|
2.78
|
510,300
|
|
|
|
TOTAL
|
6,425,000
|
2.82
|
582,400
|
|
|
Dubenski
|
Open Cut
|
1.00g/t
|
Measured
|
|
|
|
|
RL>=180m
|
|
Indicated
|
806,000
|
2.28
|
59,100
|
|
|
|
Inferred
|
392,000
|
1.44
|
18,200
|
|
|
|
TOTAL
|
1,198,000
|
2.01
|
77,300
|
|
|
Dogpaw
|
Open Cut
|
0.5g/t
|
Measured
|
|
|
|
|
RL>=210m
|
|
Indicated
|
247,000
|
3.02
|
24,000
|
|
|
|
Inferred
|
64,000
|
2.26
|
4,700
|
|
|
|
TOTAL
|
311,000
|
2.86
|
28,700
|
|
|
ALL
|
|
|
Measured
|
3,029,000
|
2.33
|
226,900
|
|
|
|
Indicated
|
7,029,000
|
1.98
|
447,500
|
|
|
|
Inferred
|
7,046,000
|
2.61
|
591,300
|
|
|
|
TOTAL
|
17,104,000
|
2.30
|
1,265,700
|
*Mineral Resources are not Ore Reserves and do not have
demonstrated economic viability. All figures are rounded to reflect
the relative accuracy of the estimate.
Qualifying and Competent Person Statement
The information relating to the Mineral Resource estimates
reported herein for the Cameron Gold Camp Project is derived from
the sections of the Technical Report dated 28 July 2014 prepared for Chalice Gold Mines
Limited by Mr. Peter Ball of Datageo
Geological Consultants who is a Chartered Professional and Member
of the Australasian Institute of Mining and Metallurgy. Mr
Peter Ball is a consultant to the
Company and is an independent Qualified Person as that term is
defined in National Instrument 43-101. Mr. Ball has sufficient
experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 edition of
the Australasian Code for Reporting of Exploration Results,
Minerals Resources and Ore Reserves, and is a Qualified Person
under National Instrument 43-101 – 'Standards of Disclosure for
Mineral Projects'. The Qualified Person has verified the data
disclosed in this release, including sampling, analytical and test
data underlying the information contained in this release. Mr. Ball
consents to the inclusion in the announcement of the matters based
on his information in the form and context in which it
appears.
The information in this report that relates to Exploration
Results in relation to the Cameron Gold Camp Project (within the
Technical Report dated 28 July 2014)
is based on information compiled by Dr Doug
Jones, a full-time employee and Director of Chalice Gold
Mines Limited, who is a Member of the Australasian Institute of
Mining and Metallurgy and is a Chartered Professional Geologist. Dr
Jones has sufficient experience in the field of activity being
reported to qualify as a Competent Person as defined in the 2012
edition of the Australasian Code for Reporting of Exploration
Results, Minerals Resources and Ore Reserves, and is a Qualified
Person under National Instrument 43-101 – 'Standards of Disclosure
for Mineral Projects'. The Qualified Person has verified the data
disclosed in this release, including sampling, analytical and test
data underlying the information contained in this release. Dr Jones
consents to the release of information in the form and context in
which it appears here.
(signed)
BILL BENT
Managing Director
Forward Looking Statements
This document may contain
forward-looking information within the meaning of Canadian
securities legislation and forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 (collectively, "forward-looking statements").
These forward-looking statements are made as of the date of this
document and Chalice Gold Mines Limited (the Company) does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by law or
regulation.
Forward-looking statements relate to future events or future
performance and reflect Company management's expectations or
beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves
and mineral resources, the realisation of mineral reserve
estimates, the likelihood of exploration success, the timing and
amount of estimated future production, costs of production, capital
expenditures, success of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage.
In certain cases, forward-looking statements can be identified
by the use of words such as plans, expects or does not expect, is
expected, budget, scheduled, estimates, forecasts, intends,
anticipates or does not anticipate, or believes, or variations of
such words and phrases or statements that certain actions, events
or results may, could, would, might or will be taken, occur or be
achieved or the negative of these terms or comparable
terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among
others, risks related to actual results of exploration activities;
changes in project parameters as plans continue to be refined;
future prices of mineral resources; possible variations in ore
reserves, grade or recovery rates; accidents, labour disputes and
other risks of the mining industry, as well as those factors
detailed from time to time in the Company's interim and annual
financial statements, all of which are filed and available for
review on SEDAR at sedar.com. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
SOURCE Chalice Gold Mines Limited