Chalice Jumps on Australian Mine Production
(MENAFN- Baystreet.ca) On a day when investors were behaving tentatively toward Stocks of any size, junior miner Chalice Gold Mines (TSX:CXN) announced promising reconnaissance drilling results at its 100%-owned Pyramid Hill gold Project located in the world-class Bendigo region of the Australian state of Victoria.
The company is headquartered in Perth, Australia, with offices in this country.
Chalice trumpeted that a 39,000-metre Phase 1 reconnaissance aircore (AC) drill program was recently completed at Pyramid Hill, with three strike-extensive mineralized trends have been outlined on wide-spaced drill lines.
One, the Karri Target, displayed gold intersections up to 0.66g/t Au over ~15km of strike.
Ironbark Target displayed gold intersections up to 1.1g/t Au under 25-75m of Murray Basin cover, co-incident with a large >5ppb gold-in-soil anomaly.
Multiple gold intersections in the highly weathered top of basement indicate the gold is from a primary bedrock source.
Shares climbed 1.5 cents, or 13%, by noon ET Monday, to 13 cents.
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