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Chalice Jumps on Australian Mine Production

On a day when investors were behaving tentatively toward stocks of any size, junior miner Chalice Gold Mines (TSX:CXN) announced promising reconnaissance drilling results at its 100%-owned Pyramid Hill Gold Project located in the world-class Bendigo region of the Australian state of Victoria.

The company is headquartered in Perth, Australia, with offices in this country.

Chalice trumpeted that a 39,000-metre Phase 1 reconnaissance aircore (AC) drill program was recently completed at Pyramid Hill, with three strike-extensive mineralized trends have been outlined on wide-spaced drill lines.

One, the Karri Target, displayed gold intersections up to 0.66g/t Au over ~15km of strike.

Ironbark Target displayed gold intersections up to 1.1g/t Au under 25-75m of Murray Basin cover, co-incident with a large >5ppb gold-in-soil anomaly.

Multiple gold intersections in the highly weathered top of basement indicate the gold is from a primary bedrock source.

Shares climbed 1.5 cents, or 13%, by noon ET Monday, to 13 cents.