Ich sage es mal so, aber man hat was gefunden :(
Highlights
Tennant Creek-style IOCG mineralisation confirmed at the Parakeet prospect, with maiden
drill hole WND17-001 returning an intercept of 8m at 1.74% Cu and 0.42g/t Au from 249m
down-hole.
Associated stringer (vein)-style mineralisation and pervasive chlorite + sericite alteration
adjacent to the main intercept suggests the presence of a potentially extensive hydrothermal
system.
A follow-up ground Induced Polarisation (IP) survey is planned to systematically test for
potential extensions to the known copper-gold mineralisation and to test the broader
Parakeet magnetic/gravity anomaly for additional mineralised magnetite ironstone bodies.
Additional untested robust chargeability anomaly lies ~300m north of WND17-001.
Chalice Gold Mines Limited (Chalice or the Company) (ASX: CHN) (TSX: CXN) is pleased to advise that assay results
from its maiden drilling program at the Warrego North Project in the Northern Territory have confirmed the presence
of potentially significant Tennant Creek-style IOCG mineralisation at the Parakeet geophysical prospect.
The Warrego North Project is located ~20km north-west of the historical high-grade Warrego copper-gold mine in the
western part of the Tennant Creek Mineral Field (Figure 1). Warrego was the largest deposit mined at Tennant Creek
with historical production of 1.3Moz of gold and 90,000t of copper from 5 million tonnes of ore at 8g/t Au and 2% Cu.
Chalice can earn up to a 70% interest in the Project from Meteoric Resources NL (ASX: MEI) by sole funding $800,000
in expenditure (See ASX announcement dated 15 June 2016).
The Companys first diamond drill hole at Warrego North, WND17-001, targeted a coincidental magnetic-gravity and IP
chargeability anomaly (Figures 2 and 3) and intersected interstitial and stringer (vein) style chalcopyrite mineralisation
in magnetite ironstone grading 8m @ 1.74% Cu and 0.42g/t Au between 249-257m down-hole depth (Figure 4).
The entire magnetite ironstone is mineralised, with the maximum grade of 4.82% Cu indicating potential for high-grade
copper similar to other copper-(gold) mines in the Tennant Creek Mineral Field.
While the presence of higher copper-gold grades is encouraging, drill hole WND17-001 also intersected lower grade
stringer (vein) style mineralisation associated with pervasive chlorite and sericite alteration that suggests the presence
of a potentially extensive hydrothermal system at the Parakeet prospect (see Figure 3 and Table 1). Assay results for
the remainder of WND17-001 from 299m to end-of-hole depth (401m) are pending although no significant ironstone
units were intersected.
True widths and the overall orientation of the mineralisation and alteration zones cannot be accurately determined
due to the limited amount of available geological information.
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