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Chalice Gold Mines Down 38% As Eritrea Exploration Fails to Wow Investors

Chalice Gold Mines (CXN.TO) is down nearly 38%, losing $0.22 to $0.36 a share apparently after saying there is no drilling yet planned at the Mogaraib North property in Eritrea, eastern Africa, and will instead conduct geological mapping and rock-chip sampling of the potential site.

Previous exploration identified gossans with elevated gold and base metal levels, indicating an extension of volcanic sequences that make up Nevsun Resources' Bisha high-grade gold-copper-zinc property about 10 kilometers away.

Chalice also said it plans to drill about 10,00 meters at its Zara gold project, focusing on testing Induced Polarization resistivity targets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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