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Pyramid Hill Gold Project

Location Bendigo Region, Victoria, Australia
Development Stage Reconnaissance AC drilling
Acquired Staked in 2017 and since expanded
Ownership 100%
Project Area 5,140km²

LOCATION

Chalice is now a dominant player in the Bendigo Zone of Victoria – a domain that has historically produced >60Moz of high-grade gold. The region is now capturing global attention once again, largely thanks to Kirkland Lake Gold’s Fosterville turnaround story.

Historically, all high-grade gold discoveries in the region have come from outcropping (easy to find) areas such as Bendigo (~22Moz @ 15g/t Au); Ballarat (~14Moz @ 12g/t Au) and Castlemaine (~6Moz @ 13g/t Au). New under cover exploration has confirmed the Bendigo Zone geology extends to the north, however it remains poorly explored presenting a significant opportunity for large-scale, high-grade gold discoveries. 

THE OPPORTUNITY

The 100%-owned Pyramid Hill Gold Project is a district scale holding comprising an extensive 5,140km² area located in the Central Goldfields region of Victoria, Australia; one of the most exciting, underexplored high-grade gold provinces worldwide.

The Project comprises three key districts within the North Bendigo and North Stawell Zones: the Muckleford, Mt William and Percydale areas.

The central Muckleford Area extends to the north-west of the high-grade historic >22Moz @ 15g/t Au Bendigo Goldfield. The Mt William Area extends to the north-east of one of the world’s highest-grade producing gold mines, the >8Moz Fosterville Gold Mine owned by Kirkland Lake Gold (NYSE / TSX: KL | ASX: KLA). The Percydale Area is located north-west of the historic St Arnaud Goldfield within the Stawell Zone.

The "Gold Undercover1' initiative by the Victorian Government estimated a potential ~32Moz of undiscovered gold beneath Murray Basin cover in the Bendigo Zone, where Chalice holds ~60% of the total prospective ~7,000km2 area. 

 

EXPLORATION TARGETING

Chalice is targeting large-scale, high-grade gold deposits, and is currently conducting regional scale greenfield exploration.

Regional soil sampling, ground gravity geophysics and ~39,000m of reconnaissance AC drilling has been completed on the Project to date. The AC drill program was designed to provide an initial reconnaissance-level shallow drill test of soil geochemical, gravity and structural targets, and to identify areas of anomalous gold and associated pathfinder elements providing potential vectors to large-scale mineralised gold systems.

EXPLORATION DRILLING

Three new strike-extensive mineralised trends have been intersected following the completion of the ~35,000m Phase 1 reconnaissance drill program in the Muckleford Area.

The newly defined mineralised trends at the Karri, Ironbark and Beech Targets occur within highly weathered Castlemaine Group sediments directly beneath the Murray Basin cover interface, indicating the gold is from a primary bedrock source.

 

  • Karri Target defined by shallow gold intersections up to 0.66g/t Au over ~15km of strike, under 50-70m of Murray Basin cover.
  • Ironbark Target defined by shallow 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.
  • Beech Target outlined by previous announced highly anomalous As and Sb in basement, ~25km north-west of Bendigo (~22Moz Au) along the Sebastian Fault.

 

Similar shallow, anomalous gold intercepts on wide-spaced drill lines has led to significant gold discoveries undercover by other explorers in the region.

Planning for infill and step-out AC drilling at these high priority targets is underway. This Phase 2 drilling program is anticipated to further refine the multi-kilometre target areas at a drill line spacing of approximately 0.5-1.0km.

For the latest information please refer to our Investor Presentation and ASX Announcements.

ACQUISITION TERMS

The Pyramid Hill Gold Project was staked in late 2017 and is 100% owned.

1) Lisitsin, V., Olshina, A., Moore, D.H. & Willman, C.E., 2007. Assessment of undiscovered mesozonal orogenic gold endowment under cover in the northern part of the Bendigo Zone. GeoScience Victoria Gold Undercover Report 2, Department of primary Industries.

iAdapted from Arne, D.C., House, E. & Lisitsin, V., 2008. Lithogeochemical haloes surrounding central Victorian gold deposits: Part 1 – Primary alteration systems, Gold Undercover Report 4. Department of Primary Industries, Victoria.