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Chalice Gold Mines Releases Activity, Cash Flow Results

By: MT Newswires
Posted: 1/24/2013 10:15:00 AM
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Chalice Gold Mines (CXN.TO) today released its Activity and Cash Flow Reports for the quarter ended December 31, 2012.

Quarterly Highlights

-Massive sulphide discovery at Mogoraib River prospect, within 6km strike of prospective VMS trend, suggesting the potential for a significant VMS system similar to the nearby world-class Bisha Mine.

-Down-hole EM at Mogoraib River suggests that drilling to date has only intersected the up-dip portion of a very strong conductor that lies below and to the north of existing drilling.

-Ground and down-hole EM underway to outline the extent of mineralisation and to assist in vectoring in on higher grade zones.

-Drilling at Mogoraib River set to commence in late February 2013.

-Chalice returns $25M to shareholders following the sale of the Zara Project to China SFECO Group.

-Experienced mining executive Mr Bill Bent appointed as Managing Director to lead the Company through its next phase of growth, commencing February 2013.