Chalice Gold Mines - June 2015 Quarterly Report and Cashflows

20.07.2015  |  CNW

PERTH, Western Australia, July 20, 2015 /CNW/ - Chalice Gold Mines ("The Company") ASX:CHN TSX:CXN advises that its Activity and Cash Flow Reports for the quarter ended June 30, 2015 have been issued today. The full texts of these reports are available at the Company's website www.chalicegold.com and under the Company's profile at www.sedar.com.


Quarterly Highlights

• Re-logging and assaying of historical drill core is continuing at the Cameron Gold Project in Ontario, paving the way for a revised Mineral Resource estimate and the completion of the Preliminary Economic Assessment (PEA) in Q4 2015.


• Revised costings within the PEA on the Cameron Project demonstrate material reductions in capital and operating costs.


• 2015 field season commences at Cameron targeting additional near-mine ounces.


• Joint venture agreement signed with Northern Superior Resources Inc. (TSX-V: SUP) giving Chalice the right to earn a 65% interest in the advanced Croteau Est Gold Project by spending C$4M within three years with a minimum commitment of C$0.5M.


• At the main prospect, the Croteau Bouchard Shear Zone (CBSZ), continuous plus 1 g/t Au mineralisation has been defined over a strike length of 1.1km, a width of 180m and to a depth of 575m. The mineralisation at CBSZ remains open in all directions.


• Resource and exploration drilling commenced in June 2015 at Croteau Est with the aim of delineating a maiden JORC/NI43-101 Resource at CBSZ in Q4 2015 – assays pending.


• The Company has a year-to-date $4.9M foreign exchange gain.


• Chalice's balance sheet remains strong with cash of ~A$40M at 30 June 2015.