New phase of exploration underway at East Cadillac Gold Project in Quebec
Chalice Gold Mines Limited (TSX: CXN) (ASX: CHN) is pleased advise that it has commenced the next phase of field activity at its East Cadillac Gold Project in Quebec.
This field program, which will take place from July to September 2018, aims to:
- Field assess newly recognised targets identified from a regional structural geology/geophysical interpretation over the expanded project area;
- Further investigate the recent gold discoveries at North Contact and Lac Rapides; and
- Define drill ready targets for the next drilling program in late Q4 2018.
The program builds on previous work to date on the Project, which included:
- Completing a NI43-101 and JORC 2012 compliant Mineral Resource estimate for Nordeau West (from historical drilling), outlining an Indicated Mineral Resource of 225,000t @ 4.17g/t Au for 30,200oz Au and an Inferred Mineral Resource of approximately 1.11Mt @ 4.09g/t Au for 146,300oz Au;
- MMI soil, rock chip and bark sampling and Aeromagnetic and LiDAR geophysical surveys across the western part of the Project (prior to Forsan and Denain-Pershing earn-in JV's);
- Detailed 200m line-spaced 3D Orevision IP geophysical surveys along the western 16km of Larder Lake – Cadillac Fault Zone ("LLCFZ");
- ~28,700m diamond drilling program aimed at testing regional reconnaissance targets and testing down plunge extensions of known mineralisation at Nordeau West and Simon West Prospects;
- Extended known mineralisation at Simon West to approximately 3.5km of strike length, open to the west; and
- Two new significant wide zones of mineralisation, open along strike and down dip, intersected at North Contact and Lac Rapides Prospects.
Chalice Chief Executive Alex Dorsch said, "Every phase of field work is providing more evidence of the exploration potential at East Cadillac, given our proximity to several globally significant gold mines, we consider that potential to be very high." He continued: "We have already established down plunge extensions at Nordeau West and Simon West, and the presence of wide zones of gold mineralisation at North Contact and Lac Rapides. We believe there is significant upside on our district scale land package within the five focus areas of the current program."
Planned field activities
Since the last summer field season, the land holding at the Project has increased by approximately 50% and hence a large portion of work is planned on newly optioned / acquired claims to undertake first pass geochemical sampling and define new targets. This will complement additional work around areas of newly identified gold mineralisation discovered in early 2018.
North of the LLCFZ, infill MMI soil sampling to 200m x 200m spacing will further refine surface geochemical targets along strike of the McDonough gold showing in the west and the Forsan deposit in the east. Airborne magnetic and VLF-EM geophysics coverage will be extended north to cover this portion of the property as well as two isolated blocks of ground on the western end of the LLCFZ. With this increased data coverage in the north Chalice will be vectoring into the highest potential targets along LLCFZ parallel structures within this largely mafic volcanic package.
From the Lac Rapides target east to the shores of Lac Matchi-Manitou, Chalice will extend coverage of 200m x 200m MMI geochemical sampling to test for extensions to high-priority gold and pathfinder anomalies. Ground 3D-IP coverage will be extended along the LLCFZ east to the shore of Lac Matchi-Manitou. The area east of Lac Rapides has not been subject to modern exploration techniques and given the new gold discovery at Lac Rapides the area has high potential for additional gold discoveries.
Chalice will undertake 200m x 200m infill MMI soil sampling over a previously identified gold and pathfinder anomaly located East of Lac Saucisse where a recent interpretation of the airborne magnetics has outlined potential for buried felsic intrusions in the same general area of pegmatite outcrops. Felsic intrusions are important hosts to gold mineralisation elsewhere in the Abitibi sub-Province, and the identification of potential buried felsic / porphyry intrusions enhances the exploration potential of this area.
A team of Chalice geologists will be mapping and prospecting any new bedrock outcrop discovered during the course of the above work in these main follow up areas, including the newly optioned Denain-Pershing claims.
Program timing and budget
The program has a combined budget of ~C$1.9 million and will continue through Q3 2018 with final results expected in late Q3 2018. Drill ready targets are anticipated to be finalised by mid Q4 2018.
Chief Executive Officer
About the East Cadillac Gold Project, Quebec, Canada
The East Cadillac Gold Project covers an area of 245km2 and is located ~35km east of the >20Moz Val-d'Or gold camp in Quebec, Canada. With land holdings encompassing a strike length of 27km of the Larder Lake-Cadillac Fault, the most prolifically endowed gold trend in the southern Abitibi, the Project is along strike with globally significant mines including Canadian Malartic (>16Moz) and Sigma Lamaque (>11Moz).
The Project surrounds the historical Chimo gold mine, owned by Cartier Resources (TSX: ECR), which produced ~379koz @ 4.8g/t Au. The Project is a consolidation of several earn-in option agreements (Chalice earning 70 to 100%) and Chalice's 100%-owned claims.