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Pyramid Hill Gold Project

Location Bendigo Region, Victoria, Australia
Development Stage Early Exploration
Acquired 2017
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 deposits. 

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 world-class >22Moz @ 15g/t Au Bendigo Goldfield. The Mt William Area extends to the north-east of one of the world’s highest-grade gold mines, the >7Moz c. 30g/t Au head grade Fosterville Gold Mine owned by Kirkland Lake Gold (NYSE / TSX: KL | ASX: KLA). The Percydale Area is located north-west of the the historical St Arnaud Goldfield.

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.

DRILLING

Chalice commenced a maiden reconnaissance drill programme in November 2018. Several new zones of strongly anomalous gold and pathfinder mineralisation have been intersected across wide-spaced reconnaissance aircore (AC) drill lines within the Muckleford Area. These results provide important vectors to potential gold systems and provide immediate targets for follow up in-fill drilling.

Based on these encouraging results and the cost-effectiveness of the programme in testing a very large area, the initial 15,000m Phase 1 AC drilling programme at Muckleford has now more than doubled in size to 35,000m. This initial programme will continue until early May 2019.

In addition, a second AC drill rig has commenced the Company’s maiden 4,000m Phase 1 reconnaissance drill programme within the Mt William Area, located north-east of Kirkland Lake Gold’s (TSX / NYSE: KL | ASX: KLA) >8Moz high-grade Fosterville Gold Mine. .

Chalice has designed a systematic and comprehensive program, with wide spaced (3km+) reconnaissance drill lines underway utilising a new, cost effective multi-purpose AC/RC drill rig.

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.