- December 21, 2009 - Private Placement
- December 21, 2009 - Chalice Diamond Corp. Samples 48.5 g/t Gold on Reid Vein at Old Cabin Project
- December 15, 2009 - Chalice Diamond Corp. Enters West Timmins District with Acquisition of Gold Project along Destor Porcupine Fault Zone
- July 16, 2009 - Chalice Diamond Corp: Mapping and Sampling of Gold Zones Underway on Claims Optioned to Strike Minerals Inc.
- June 18, 2009 - Chalice Diamond Corp: Optionee, Strike Minerals Inc., Intersects 298.43 g/t Au over 0.46m on Adjacent Claims
- June 05, 2009 - Chalice Diamond Corp. Increases Land Position & Provides Bird Drilling Update
- May 28, 2009 - Chalice Diamond Corp. Receives $348,040 from Exercise of Warrants
- May 07, 2009 - Chalice Diamond Corp. Commences Drilling on 6 km Bird Anomaly
- May 06, 2009 - Chalice Diamond Corp. Provides Exploration Overview of Wawa-Chapleau Properties
- May 05, 2009 - Exploration Update: Old Cabin Gold Project
December 21, 2009
Private Placement
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") is pleased to announce it has arranged for a private placement of up to 20,000,000 units for total proceeds of up to $1,000,000. The financing will consist of flow through or non-flow through units priced at $0.05. Each of the flow-through units will consist of one flow through common share and one non-flow through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for two years at a price of $0.10 per share. Each of the non flow-through units will consist of one non flow through common share and one non-flow through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for five years at a price of $0.10 per share in years one and two, $0.15 per share in year three and $0.20 per share in years four and five. In accordance with Exchange policies, finders' fees may be paid on the funds raised. The private placement is subject to regulatory approval.Proceeds from the private placement will be used for exploration expenditures on the Company's Ontario properties as well as for general working capital.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
December 21, 2009
Chalice Diamond Corp. Samples 48.5 g/t Gold on Reid Vein at Old Cabin Project
- HISTORIC CHANNEL SAMPLE OF 1.18 OZ/T GOLD OVER 5.5 FEET ON PARALLEL VEIN
- PROPERTY CONTAINS 13 INDEPENDENT VEIN SYSTEMS
"We are encouraged by the consistency of high-grade gold along the Reid Vein. Our proposed 2010 program will attempt to identify the potential correlation between the numerous gold systems. This will be followed with diamond drilling to test the downdip extent of gold mineralization on the Reid vein as well as additional veins if warranted," comments Company Chairman, Richard Hughes.
A sampling and stripping program on the property exposed additional quartz vein systems with extensive carbonate and sericitic alteration with disseminated pyrite and anomalous gold values throughout.
To date, thirteen independent vein systems have been recognized including an extensively trenched 550 foot long zone on the No 10 zone which has a historic channel sample assay of 1.18 oz/t gold across a width of 5.5 feet. It would appear that little mapping or interpretation has been carried out on this property in order to correlate these vein systems.
Because of the similarities in lithological and structural settings as well as styles of mineralization, it is believed that these independent occurrences may actually be part of a larger deeper seated vein system.
A recent "in house" ground magnetometer survey revealed a curvilinear arccuate northeast to southwest trending series of magnetic highs interpreted as gabbroic and possibly peridotitic ridges occurring along the spine of the Goudreau Anticline. The fold axes in large scale dilatent fold structures such as the Goudreau Anticline may be preferential sites for the development of major shear structures and ideal sites for the emplacement of gold bearing fluids.
2010 exploration on the Old Cabin project will consist of a compilation of the additional vein systems sampled on the property in an attempt to correlate these gold systems.
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Wawa project.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
December 15, 2009
Chalice Diamond Corp. Enters West Timmins District with Acquisition of Gold Project along Destor Porcupine Fault Zone
- PROPERTY LOCATED SOUTH OF DESTOR PORCUPINE FAULT ZONE, APPROXIMATELY 30 KM SOUTHWEST OF LAKE SHORE GOLD DISCOVERY OF 12.75 G/T GOLD OVER 83.4 METERS
- LAPP LAKE IS CHALICE DIAMOND'S FIRST PROJECT LOCATED IN WEST TIMMINS GOLD DISTRICT
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Lapp Lake property, located in the West Timmins district. The Lapp Lake property consists of six claims (78 units) in Sewell Township, is accessible by road and is approximately 45 km southwest of Timmins.
Click on the following link to view a map of the Lapp Lake property:
http://media3.marketwire.com/docs/tw_map_1215.pdf
"We are excited at the prospect of expanding our current area of exploration to the West Timmins camp and look forward to moving ahead with the Lapp Lake property. Previous work completed on the property along with recent successes had by other companies along the Destor Porcupine Fault Zone will help guide initial exploration," comments Company Chairman, Richard Hughes. "Chalice Diamond recently shifted its focus to include precious metal projects following the discovery of high-grade gold on its Old Cabin project and will continue to modify its exploration model as many of its current properties are highly prospective for a wide range of both metals and diamonds."
Quartz veins containing sulphides revealed by previous vendors of the property will be the focus of initial exploration as there are no known records of previous sampling being completed. Significant alteration is visible throughout the property as a result of its proximity to the Destor Porcupine Fault Zone.
Consideration for the property consists of $70,000 and 350,000 shares, payable over three years. There is a 3% net smelter return payable, two-thirds (2%) of which may be purchased for $1,500,000.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
July 16, 2009
Chalice Diamond Corp: Mapping and Sampling of Gold Zones Underway on Claims Optioned to Strike Minerals Inc.
- RECENT STRIKE DRILLING INTERSECTS 298.43 G/T AU OVER 0.49 METERS
- MAPPING TO TEST POTENTIAL OF GOLD ZONE EXTENDING ONTO OPTIONED CLAIMS
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) and Abitibi Mining Corp. (TSX-V:ABB) (the "Companies") are pleased to announce that Strike Minerals Inc. ("Strike") has launched a program of detailed geological mapping and sampling over a group of claims optioned by the Companies to Strike earlier this year. The optioned claims cover gold-bearing zones that are believed to be on strike with the main showing of Strike's Nicholson property northwest of Missinabie, Ontario.
Strike recently reported encouraging results from a 30-hole drilling program conducted at its Nicholson property, including 298.43 grams gold per tonne over 0.46 meters intersected at a vertical depth of 40.5 meters on the main showing.
Strike recognized the potential for the gold zone to continue onto claims held 75% by Chalice Diamond and 25% by Abitibi Mining and has optioned these claims surrounding their Nicholson property. Strike agreed to pay the Companies a total of $60,000 and 300,000 shares over a two-year period and also spend $300,000 to explore the claims by March 2012. Once these commitments are completed, Strike will have earned a 100% interest in the group of claims, subject to a 3% NSR.
Strike has a team of four geologists and assistants on the optioned claims. Work includes stripping, washing and channel sampling, along with detailed geological mapping and sampling. The program is designed to give Strike a better understanding of the geological structure of the entire property to permit more efficient exploration and development.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations:
Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
June 18, 2009
Chalice Diamond Corp: Optionee, Strike Minerals Inc., Intersects 298.43 g/t Au over 0.46m on Adjacent Claims
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) and Abitibi Mining Corp. (TSX-V:ABB) (the 'Companies') are pleased to announce that a recent gold discovery made by Strike Minerals Inc. ('Strike') has potential to extend onto claims optioned by the Companies to Strike earlier this year.Strike recently reported (see Strike press release dated June 9, 2009) highly encouraging results from a 30-hole drilling program conducted at its Nicholson gold property north of Missinabie, Ontario. Highlights include 298.43 grams gold per tonne over 0.46 meters intersected at a vertical depth of 40.5 meters on the main showing. The gold-bearing quartz vein was traced more than 140 meters on strike, with potential to continue to both the northwest and southeast.
In recognition of the potential for the continuation of the main showing, Strike optioned four claims (held 75% by Chalice Diamond and 25% by Abitibi Mining) surrounding its Nicholson property earlier this year (see press release March 31, 2009). Strike agreed to pay the Companies a total of $60,000 and 300,000 shares over a two-year period as well as spend $300,000 to explore the claims by March, 2012. Once these commitments are completed, Strike will have earned a 100% interest in the four claims, subject to a 3% NSR.
With the success of the recently completed drilling program, Strike is extending its option with the Companies on the Nicholson property. The extension of the option permits Strike to further explore and develop the potential of the Nicholson property.
By June 26, 2009, Strike will make its second payment of $10,000 and issue a further 50,000 shares to Chalice Diamond Corp. (75%) and Abitibi Mining Corp. (25%).
Strike is currently reviewing all data from the drilling program and past programs. The project geologist is developing a plan of further exploration of the property to prove its full merit.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
June 05, 2009
Chalice Diamond Corp. Increases Land Position & Provides Bird Drilling Update
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the 'Company') has staked a 9 unit claim southwest of the Old Cabin property, which recently returned a grab sample of 211.82 grams/tonne Au. The Goudreau Anticline which is the focus of a series of independent gold bearing quartz vein systems trends onto this claim. Reconnaissance work has already established a number of historic trenches on the claim.These historic trenches will be investigated and sampled with additional prospecting in the area. As well, VLF ground surveys will be initiated to help map out any structural trends which could be potential sites for the deposition of gold bearing fluids.
The Goudreau Anticline splays off of the Goudreau Lochalsh Deformation Zone, which hosts a number of gold mines. Fold axes in large scale dilatant fold structures associated with anticlines can be preferential sites for the development of major shear structures. These shear structures are often host to gold-bearing quartz vein systems. Historically, gold mineralization on the property has been described as occurring in a series of stacked en-echelon east-west trending quartz lenses and stringers relegated to shear zones which trend from northeast to southwest.
Drilling on the Bird reverse polarity anomaly has produced encouraging results thus far. The first two drill holes encountered widespread alteration within porphyries containing molybdenum and sheared mafic metavolcanics with abundant carbonate, potassic, silicification and magnetite alteration. The widespread alteration and silicification may be indicative of metasomatism from a deeper seated source. The fourth drill hole is scheduled to test the center negative node, or strongest anomaly, within the reverse polarity.
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Chapleau-Wawa Project.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes and President & CEO John Keating.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
May 28, 2009
Chalice Diamond Corp. Receives $348,040 from Exercise of Warrants
VANCOUVER -- Chalice Diamond Corporation (TSX-V:COD)(the "Company") is pleased to announce that it has received $348,040 from the exercise of 4,972,000 warrants from a total of 15,578,069 granted warrants that expired on May 10, 2009.The monies received are in addition to the recent receipt of $421,908 from the Ontario government (see news release April 24, 2009) for the sale of helicopter-borne VTEM system electromagnetic and magnetic data covering some of the Company's landholdings in the Chapleau-Wawa diamond district of Ontario. The purchase agreement did not include data from core projects in the region.
The exercise of the warrants combined with the previous sale of high-quality VTEM data to the Ministry of Northern Development and Mines are timely events as they provide new funds for ongoing exploration programs without stock dilution to shareholders. Chalice Diamond intends to use these proceeds to fund exploration and drilling programs designed to further test priority targets within its Ontario land package.
Drilling commenced on the Company's Bird Property on May 7, 2009 (see news release May 7, 2009) and is still ongoing. The Bird reverse magnetic anomaly is a potentially significant nickel-copper-platinum group element (PGE) exploration target. The anomaly is similar to, but larger than the geophysical signature for rocks hosting Kennecott's Eagle deposit in Michigan, which hosts a reserve of 5.2 million tons grading 3.68% nickel, 3.06% copper, 0.1% cobalt, with platinum and gold values.
Also slated for upcoming exploration are a number of gold and VMS targets on properties shared with joint venture partner, Klondike Gold Corp.
For a complete overview of the Company's Chapleau-Wawa project click on the following link:
http://www.chalicediamond.com/i/pdf/2009-05_ChapleauWawa.pdf
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact:
Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes and President and CEO John Keating.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
May 07, 2009
Chalice Diamond Corp. Commences Drilling on 6 km Bird Anomaly
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the 'Company') is pleased to announce it is commencing drilling on the Bird property located approximately 43 kilometers northeast of Wawa, Ontario with the intention of testing a large potential nickel-copper-PGE target on its 100% owned Bird reverse polarity airborne anomaly. This is the first drill program undertaken by the Company.The Bird target is centered over Swanson Lake and has a very strong reverse magnetic polarity signature. Two airborne VTEM geophysical surveys have outlined three magnetic nodes or areas of greatest magnetic intensity. The 'Western', 'Lake' and 'Eastern' nodes extend over a distance of 6 km with a width of 1.5 km.
The large area encompassed by the reverse magnetic anomaly is underlain by mafic and ultramafic rocks, including peridotite. The cause of the reverse magnetic signature is not apparent on surface, but it is believed to be a result of a near surface magmatic intrusion.
"One important objective of this program is to confirm the presence of ultramafic intrusive rocks within the anomaly which are similar to those hosting the Eagle deposit. This first phase of drilling will target coincidental MMI and magnetic anomalies to identify potential areas of nickel-copper-PGE mineralization." comments Company President, John Keating.
The first two drill set-ups are located on the perimeter of a swamp therefore accessibility is no longer a consideration for drilling in this particular area.
To view a map of the Bird Anomaly click here:
http://www.chalicediamond.com/i/pdf/BirdMagneticmapv2.pdf
The MMI geochemical orientation survey ran one line the length of the anomaly and two shorter lines crossing the anomaly. The MMI signature was found to be consistent with a mafic or ultramafic intrusive. The three magnetic nodes coincided with the best MMI values for copper and nickel. Copper, lead and zinc anomalies coincided with the 'Lake' and 'Eastern' nodes.
Further to the MMI signature is the presence of an iron formation striking into the magnetic anomaly which could potentially provide a source of sulphur for the precipitation of nickel sulphides.
The magnetic response of the target is similar to, but much larger than the magnetic response of the rocks hosting the Eagle nickel-copper precious metal deposit being advanced in nearby northern Michigan by Kennecott Minerals Co.
The Eagle deposit is a high-grade magmatic sulphide deposit containing nickel and copper mineralization with associated cobalt, platinum, palladium and gold. It has a published geologic resource of 4.05 million tonnes with an average grade of 3.57% Ni, 2.91% Cu, 0.10% Co, 0.28 g/t Au, 0.73 g/t Pt and 0.47 g/t Pd. The deposit is hosted in a peridotite intrusion that is unique because of its reverse magnetic polarity.
Drilling of this area has been the Company's long term goal, which is now being realized. The latest scientific methods available in exploration have been utilized to identify targets with the highest potential to advance this exploration project. Future updates will be forthcoming as work advances on this large potential nickel-copper-PGE property.
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Chapleau-Wawa Project.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact:
Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes and President and CEO John Keating.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
May 06, 2009
Chalice Diamond Corp. Provides Exploration Overview of Wawa-Chapleau Properties
VANCOUVER, BC - Chalice Diamond Corp. (TSX-V:COD) (the 'Company') in conjunction with joint venture partners, is continuing its search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground. The Company recently completed a review of its numerous exploration targets and projects in the Wawa-Chapleau area and is pleased to provide a brief summary of all prospects slated for further exploration.Please click on the link: http://www.chalicediamond.com/i/pdf/2009-05_ChapleauWawa.pdf for a Wawa-Chapleau area map highlighting the following exploration prospects:
Bird Anomaly
- Large (6 km by 1.5 km) reverse polarity magnetic anomaly target similar to the magnetic response of the ultramafic intrusive hosting the Eagle nickel-copper precious metal deposit
- Iron formation striking into magnetic anomaly could potentially provide source of sulphur for precipitation of nickel sulphides
- Drilling needed to confirm presence of ultramafic intrusive rocks
- Recent samples as high as 211.82 grams/tonne (6.18 oz/ ton) gold
- Historic channel-sample assays as high as 1.18 oz. gold per ton across a width of 5.5 feet.
- Property is favorably situated within a southeast-trending splay/cross-fault off the Goudreau-Lochalsh Deformation Zone, a prolific gold belt
- Summer mapping and sampling program will focus on 13 known vein systems
- Potential for Hemlo-type mineralization (Hemlo produced over 20 million ounces of gold).
- Targets are Hemlo-style rocks (quartz-sericite schist) with anomalous gold values including 1.32 g/t gold over 0.73 m in historical drilling
- Further surface work will determine next stage of exploration
- Porphyritic breccia in sheared mafic volcanics with anomalous gold values in quartz veins up to 2.4 g/t
- Channel sampling and possible trenching will be used to further define targets
- Potential for Geco-type volcanogenic massive sulphide deposit (Geco was a 58 million tonne deposit grading 1.9% copper, 3.45% zinc, and 50 g/t silver)
- Target is a large electromagnetic anomaly with coincidental magnetic signature in metamorphosed volcanosedimentary belt of rocks
- Large unexplored EM anomaly
- Potential Base Metal target
- Potential volcanogenic massive sulphide (VMS) mineralization (copper and zinc) with gold
- Target area is a large (1 km x 0.5 km area) with numerous electromagnetic (EM) anomalies.
- Prospecting identified anomalous copper and zinc in black sulphides.
- Government sampling identified anomalous gold in stream sediment samples around the large anomaly area
- 6 diamonds recovered
- Has been followed along strike for over 800m, and ground magnetics indicate it continues
- Chemical analysis of kimberlite indicator minerals (KIMs) suggest the dyke has potential to host large diamonds
- 35 diamonds retrieved from 8 kg sample including 5 macrodiamonds
- Followed for approximately 50 meters but disappears under lake to the north and into a large round swamp to the south
- Coincident magnetic low situated over this swamp which has potential to be Kimberlite pipe
- Kimberlite dyke forsteritic Olivine with diamond inclusion chemistry, chrome diopside from the Large Diamond overlap zone and plentiful G9 garnets
- Chemical analysis of kimberlite indicator minerals (KIMs) suggest the dyke has potential to host large diamonds
- 16 diamonds recovered
- Has been followed along strike for approximately 600 meters
- Chemical analysis of kimberlite indicator minerals (KIMs) suggest the dyke has potential to host large diamonds
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Chapleau-Wawa Project.
For further information contact:
Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes and President & CEO John Keating.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
May 05, 2009
Exploration Update: Old Cabin Gold Project
Recent samples as high as 211.82 grams/tonne (6.18 oz/ ton) goldSummer mapping and sampling program focuses on 13 vein systems
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") has commenced an early-stage program to further explore at least 13 known vein systems at its wholly owned Old Cabin Project in Jacobson Township, about 48 kilometers northeast of Wawa, Ontario.
Recently collected grab samples returned positive gold values as high as 211.82 g/t (6.18 oz/ton) and contributed to a decision to begin a summer exploration program starting with sampling and mapping of these known occurrences. The property is favorably situated within a southeast-trending splay/cross-fault off the Goudreau-Lochalsh Deformation Zone, a prolific gold belt hosting the Island Gold Mine, which was placed into commercial production by Richmont Mines in October of 2007, and a number of past-producers, including the Magino, Kremzar, Edwards and Cline Mines.
Historic programs had discovered 13 known vein systems lying within an east-west-striking succession of felsic to mafic metavolcanics and dioritic intrusions localized within the Goudreau Anticline. The highlight was an extensively trenched 550-foot-long gold zone that returned a channel-sample assay of 1.18 oz. gold per ton across a width of 5.5 feet.
The underlying target is a sugary textured quartz vein with hematitic, limonitic and sideritic alteration and approximately 3-to-4% patchy coarse-grained pyrite.
Based on the similar lithological and structural settings and styles of mineralization, the Company believes the 13 independent occurrences may be part of a larger, deeper-seated vein system. The summer program will focus on mapping and sampling these occurrences, as little mapping or interpretation had previously been done on the property. This will most likely be followed by extensive channel sampling and trenching to develop the veins, as well as a stripping program on the best sample sites. If results are favorable, priority targets would be drilled to test for continuity and the depth extent of the gold mineralization.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground. Along with advanced diamond projects, current projects include a road accessible massive reverse magnetic anomaly in southwestern Bird Township 43 miles northeast of Wawa, Ontario. The Bird Project is a potentially significant, early-stage nickel-copper-platinum group element (PGE) exploration prospect.
For further information contact: Kevin Hull, Hughes Exploration Group
Phone: (604) 639-4533
Email: info@chalicediamond.com
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes and President and CEO John Keating.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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