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CHALICE MINING LIMITED Capital/Financing Update 2019

Jul 7, 2019

64649_rns_2019-07-07_fe6a6ba3-6fc9-4f06-88a9-b73b553238f3.pdf

Capital/Financing Update

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8 July 2019

Shallow drilling hits gold in basement and outlines three high priority targets for follow-up at the Pyramid Hill Gold Project, Victoria

Infill and step-out drilling on tighter spacing to commence this quarter, targeting a large-scale high-grade gold discovery

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Highlights

  • ~39,000m Phase 1 reconnaissance aircore (AC) drill program completed at the 100% owned Pyramid Hill Gold Project in the Bendigo region of Victoria.

  • Three strike-extensive mineralised trends have been outlined on wide-spaced drill lines.

  • Karri Target defined by shallow gold intersections up to 0.66g/t Au over ~ 15km of strike, under 50-70m of Murray Basin cover.

  • Ironbark Target defined by shallow 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.

  • Beech Target outlined by previous announced highly anomalous As and Sb in basement, ~25km north-west of Bendigo (~22Moz Au) along the Sebastian Fault.

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

  • Karri and Ironbark Targets situated proximal to the highly prospective Campbelltown and Muckleford Faults which host the Ballarat (~14Moz @ ~12g/t Au) and Maldon (~2Moz @ ~33g/t Au) gold deposits to the south (amongst others).

  • Reconnaissance drilling targeted broad mineralised halos and secondary dispersion zones which surround major high-grade gold deposits in the region like Kirkland Lake Gold’s Fosterville (>8Moz Au) and Bendigo (~22Moz Au) .

  • Similar shallow, anomalous gold intercepts on wide-spaced drill lines has led to significant gold discoveries undercover by other explorers in the region.

  • Phase 2 AC drilling on 0.5-1.0km spaced lines to commence as soon as possible in Q3 2019 to further refine targets for deeper drilling.

  • Chalice positioned well in this exciting region with a commanding ~ 5,140km[2] land position.

  • Strong cash balance ( ~A$21.7M at 31 March 2019) and recent divestment of Quebec gold projects allows Chalice to continue its large-scale systematic exploration program in the region without the need to raise capital .

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Chalice Gold Mines Limited (“Chalice” or “the Company”) (ASX: CHN | TSX: CXN) is pleased to announce promising reconnaissance drilling results at its 100%-owned Pyramid Hill Gold Project located in the worldclass Bendigo region of Victoria.

The AC drill program was designed to provide an initial reconnaissance-level shallow drill test of soil geochemical, gravity and structural targets, and to identify areas of anomalous gold and associated pathfinder elements providing potential vectors to large-scale mineralised gold systems (Figure 1).

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Figure 1. Conceptual cross section of phase 1 reconnaissance AC drilling approach, mineralised halo and secondary dispersion targeting (representative scale)[i] .

Several new strike-extensive mineralised trends have been intersected across shallow wide-spaced AC drill lines completed within the ~1,500km[2] Muckleford Area. The newly defined mineralised trends at the Karri, Ironbark and Beech Targets occur within highly weathered Castlemaine Group sediments directly beneath the Murray Basin cover interface, indicating the gold is from a primary bedrock source.

Planning is underway for tighter spaced infill and step-out AC drilling on these targets, with a restart of drilling envisaged in mid-late Q3 2019.

Commenting on the recent results and forward plan, Chalice’s Managing Director, Alex Dorsch said: “The new broad zones of gold and pathfinder elements are significant given the wide-spaced reconnaissance nature of the initial phase of drilling. To have three laterally extensive areas of bedrock gold anomalism defined so early is promising.”

“Gold exploration under cover requires a different approach to normal mineral exploration; a first pass of shallow drilling to the top of the basement essentially aims to provide a geochemical vector to mineralised systems. From there we will drill on tighter spacing and deeper, continually refining and strengthening the vector.”

“Importantly, other gold discoveries undercover in this region originated from similar low-level anomalous gold and pathfinder intercepts on wide-spaced shallow AC drilling. This gives us confidence that our systematic approach to exploration at Pyramid Hill is the best way to vector towards mineralisation which could ultimately lead to a world-class high-grade gold discovery.”

“We are encouraged by what we see at the Karri, Ironbark and Beech Targets, particularly the scale and strike extent of the footprints. The newly defined targets demonstrate progress on the Project and provide us with an immediate focus for the next phase of systematic infill and step-out AC drilling.”

“Chalice is in a strong position as a junior company, having the financial resources to explore at scale in this high grade but underexplored gold province, which continues to capture global attention. The recent divestment of our Quebec gold projects adds further strength to our balance sheet and ensures we are well funded to continue ahead at pace.”

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Muckleford Phase 1 AC Drilling

A total of 349 AC drill holes (34,929m) have been completed at the Muckleford Area (EL6661, 6737 and 6901), 20-70km north-west of the Bendigo Goldfield (~22Moz Au). All assay results have now been received. The drilling to date has been successful in identifying three high-priority target areas; Karri, Ironbark and Beech (Figure 2).

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Figure 2. Muckleford Area Phase 1 AC drilling results over 1VD gravity geophysics.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Karri Target

The Karri Target is at the northern end of a pronounced >30km long north-south trending gravity anomaly adjacent to the eastern contact of a prominent Devonian granitoid and prospective Castlemaine Group sediments (Figure 3).

Two reconnaissance AC lines spaced ~7km apart (drill holes spaced at 100m intervals) tested a ~2km wide corridor of Castlemaine Group situated favourably between the interpreted trends of the Campbelltown and Muckleford Faults. These regional structures host two significant goldfields (~14Moz Au Ballarat and ~2Moz Au Maldon) in the Bendigo Zone to the south (amongst others) and appear to converge towards the northern end of the Karri Target, creating a favourable structural setting for orogenic gold mineralisation.

The southern AC drill line (Section A-B) intersected weathered Castlemaine Group basement where it overlies the broad strike extensive gravity anomaly, whereas the northern line tested a similar package without a prominent gravity anomaly.

Drilling on both lines returned wide zones of anomalous gold in bedrock (>25ppb Au) over 4 successive drill holes ~100m apart, with a peak result of 16m @ 0.15g/t Au from 62m, including 1m @ 0.66g/t Au on the southern line (Figure 4).

Drilling on both lines also intersected similar ~350m wide zones of associated anomalous gold pathfinders (incl. Sb, Hg, Te, Bi, Zn, Cu, As, S). The broad flat-lying trend of low-level gold anomalism is interpreted as a secondary supergene dispersion zone within the weathered top of the Castlemaine Group sediments.

The Karri Target remains untested by drilling between the two ~7km spaced AC drill lines and provides a clear target for additional step-out AC drilling to further delineate and vector towards a potential gold discovery.

Previously announced AC drilling by Chalice ~3km to the south identified a zone of strong arsenopyrite mineralisation (30m @ 220ppm As from 70m) with associated quartz veining. This result together with a historic drill result of 4m @ 0.23 g/t Au from 129m on the same drill line provides indications of a potentially strike-extensive mineralised system.

Ironbark Target

The Ironbark Target is located south of Karri along the same broad strike-extensive gravity anomaly, in the same area in which Chalice previously announced a significant >5ppb gold-in-soil anomaly (with a maximum value of 276ppb Au) (Figure 5).

Three AC drill lines ~3km apart were drilled over the Target. Drill coverage extends east from the eastern margin of the Devonian granite through a wide succession of Castlemaine Group sediments and a ~300m wide mafic-intermediate intrusive comprising quartz-feldspar-hornblende-biotite diorite with visible quartzsulphide veining.

A broad sub-horizontal zone of gold anomalism (>25ppb Au) was encountered in 7 successive drill holes over ~650m and localised within weathered basement (Figure 6).

The peak gold intercepts of 5m @ 0.45 g/t Au from 81m (incl. 1m @ 1.1 g/t Au) and 4m @ 0.23 g/t Au from 53m, and adjacent anomalous gold intercepts, are also broadly associated with anomalous As and Hg. The highest gold value (1.1 g/t Au) is associated with quartz veining in mafic-intermediate intrusive and indicates a basement source of primary gold mineralisation.

Anomalous gold was also intersected in two AC drill lines ~3km and ~6km south potentially indicating a strike-extensive mineralised system.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Beech Target

As previously announced, reconnaissance drilling at the newly named Beech Target returned strongly anomalous arsenic (up to 8500ppm As) and antimony (up at 40ppm Sb) in hole PA136, which is the strongest arsenic anomalism received on the project to date.

In addition, geological logging at the Beech Target has identified carbonate alteration in several drill holes, which commonly forms part of the wider alteration halo to gold systems within the Bendigo Zone (Figure 1). Both the pathfinder anomalism and carbonate alteration are considered encouraging geochemical and geological vectors to gold mineralisation.

Jarrah Target

As previously announced, elevated gold (2m @ 0.12g/t Au from 45m by Chalice and historic intercepts of 1m @ 0.38g/t Au from 16m and 5m @ 0.11g/t Au from 6m) has been intersected within Murray Basin gravels overlying the Castlemaine Group sediments at the newly named Jarrah Target. The Target is defined over ~3km of strike corresponding with a broad north-south trending gravity anomaly.

No primary bedrock sourced gold has been intersected to date at the Target. As such, additional reconnaissance work to refine drill targets is required.

Mt William Phase 1 AC Drilling

A total of 46 AC drill holes (4,061m) have been completed at the Mt William Area (EL6738), 25-50km northeast of the >8Moz high-grade producing Fosterville Gold Mine owned by Kirkland Lake Gold (NYSE / TSX: KL | ASX: KLA). All assay results have now been received.

The maiden drilling program aimed to provide the first effective shallow test of four gold-in-soil anomalies. Elevated gold values peaking at 0.16g/t Au were intersected in transported quartz gravels at the base of Murray Basin cover, however no indicative source of this transported gold has been identified as yet.

Forward Plan

Planning for infill and step-out AC drilling at the high priority Karri, Ironbark and Beech Targets is currently underway. This Phase 2 drilling program is anticipated to further refine the multi-kilometre target areas at a drill line spacing of approximately 0.5-1.0km. It is anticipated that this drilling will commence in mid-late Q3 2019, where access, permitting and weather constraints allow.

Infill and orientation soil sampling over the Muckleford and Percydale Areas is also due to commence in the coming weeks to further assist drill targeting. Regional 2D seismic reprocessing and interpretation is also expected to be completed in the next month, which is aimed at refining structural domains of interest within the Bendigo Zone.

Full details of the forward drilling program at Muckleford will be announced once targeting work and operational requirements are finalised.

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Alex Dorsch

Managing Director

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Chalice Gold Mines Limited

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ABN 47 116 648 956 ASX : CHN | TSX : CXN

For further information, please visit chalicegold.com or contact: Nicholas Read, Principal and Managing Director Alex Dorsch, Managing Director Read Corporate Investor Relations Chalice Gold Mines Limited +61 8 9388 1474 +61 8 9322 3960 [email protected] [email protected]

Follow our communications: LinkedIn: https://au.linkedin.com/company/chalice-gold-mines Twitter: https://twitter.com/chalicegold Facebook: https://www.facebook.com/Chalice-Gold-Mines-323740744933099/

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Figure 3. Karri Target Phase 1 AC drilling results over 1VD gravity geophysics.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Figure 4. Karri Target cross section A-B

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Figure 5. Ironbark Target Phase 1 AC drilling and soil geochemistry results over 1VD gravity geophysics.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Figure 6. Ironbark Target cross section C-D

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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About the Pyramid Hill Gold Project, Victoria, Australia

The 100%-owned Pyramid Hill Gold Project was staked in 2017 and now covers an area of ~5,140km[2] in the Bendigo region of Victoria. The Project comprises three key districts within the Murray Basin covered North Bendigo and North Stawell Zones: Muckleford, Mt William and Percydale (Figure 7).

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Figure 7. Pyramid Hill Gold Project tenure, regional land holders, gold deposits and occurrences.

The central Muckleford Area extends to the north-west of the high-grade historic >22Moz Bendigo Goldfield. The Mt William Area extends to the north-east of one of the world’s highest-grade producing gold mines, the >8Moz Fosterville Gold Mine owned by Kirkland Lake Gold (NYSE / TSX: KL | ASX: KLA). The Percydale Area is located north-west of the historical St Arnaud Goldfield within the Stawell Zone.

The ‘Gold Undercover[ii] ’ initiative by the Victorian Government estimated a potential ~32Moz (P50) of undiscovered gold beneath Murray Basin cover in the Bendigo Zone, where Chalice holds ~60% of the total ~7,000km[2] prospective area (Figure 8).

Chalice is targeting large-scale, high-grade gold deposits, and is currently conducting regional scale greenfield exploration. ~39km of reconnaissance aircore (AC) drilling has been completed to date.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Figure 8. Pyramid Hill Gold Project tenure, regional geology, gold deposits and occurrences.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Competent Persons and Qualifying Persons Statement

The information in this announcement that relates to Exploration Results in relation to the Pyramid Hill Gold Project is based on information compiled by Dr. Kevin Frost BSc (Hons), PhD, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Dr. Frost is a full-time employee of the company and has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43-101 – ‘Standards of Disclosure for Mineral Projects’. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr. Frost consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This announcement may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this report and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the Company’s strategy, the estimation of mineral reserve and mineral resources, the realisation of mineral resource estimates, the likelihood of exploration success at the Company’s projects, the prospectivity of the Company’s exploration projects, the timing of future exploration activities on the Company’s exploration projects, planned expenditures and budgets and the execution thereof, the timing and availability of drill results, potential sites for additional drilling, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning” “expects” or “does not expect”, “is expected”, “will”, “may”, “could”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “occur” or “be achieved” or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors may include, among others, risks related to actual results of current or planned exploration activities; changes in project parameters as plans continue to be refined; changes in exploration programmes based upon the results of exploration; future prices of mineral resources; possible variations in mineral resources or ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Appendix 1: Pyramid Hill Gold Project – Significant Drill Intercepts (>0.1g/t Au)

Hole ID From(m) To(m) Interval(m) Gold(g/t)
PA016 45 47 2 0.12
PA073 95 99 4 0.39
PA078 52 56 4 0.29
PA083 53 57 4 0.23
PA085 74 76 2 0.11
PA112 84 92 8 0.11
PA115 40 48 8 0.14
PA122 4 8 4 0.10
PA149 76 80 4 0.25
PA245 76 88 12 0.22
Incl. 81 86 5 0.45
Incl. 81 82 1 1.10
PA271 62 78 16 0.15
Incl. 64 65 1 0.66
MWAC023 72 76 4 0.16
PA346 76 80 4 0.15

Appendix 2: Pyramid Hill Gold Project – JORC Table 1

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling
techniques

Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised industry standard measurement
tools appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).
These examples should not be taken as
limiting the broad meaning of sampling.

Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.

Aspects of the determination of mineralisation
that are Material to the Public Report.

In cases where ‘industry standard’ work has
been done this would be relatively simple (eg
‘reverse circulation drilling was used to obtain
1 m samples from which 3 kg was pulverised
to produce a 30 g charge for fire assay’). In
other cases more explanation may be
required, such as where there is coarse gold
that has inherent sampling problems. Unusual
commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of
detailed information.

Aircore (AC) drilling samples were
collected via 2-4m composite samples
from 1m bulk samples using a pvc spear
with each combined composite sample
weighing approximately 3kg. 1m samples
were taken within some mineralised
zones using a spear

All composite and 1m samples were
pulverised to nominal 85% passing 75
microns before being analysed .

Qualitative care was taken to ensure
representative sample weights were
consistent when sampling on a metre by
metre basis.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Criteria JORC Code explanation Commentary
Drilling
techniques

Drill type (eg core, reverse circulation, open-
hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (eg core diameter,
triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether
core is oriented and if so, by what method,
etc).

The drilling was completed via an aircore
(AC) drilling technique using both blade
and/or face sampling hammer drill bit
with a diameter of 102-104mm.
Drill sample
recovery

Method of recording and assessing core and
chip sample recoveries and results assessed.

Measures taken to maximise sample recovery
and ensure representative nature of the
samples.

Whether a relationship exists between sample
recovery and grade and whether sample bias
may have occurred due to preferential
loss/gainof fine/coarse material.

Individual recoveries of 1m samples were
recorded on a qualitative basis.
Generally the sample weights were
comparable and any bias considered
negligible.

No relationships have been noticed
between sample grade and recoveries.
Logging
Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.

Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc)
photography.

The total length and percentage of the
relevant intersections logged.

All drill holes were logged geologically
including but not limited to weathering,
regolith, lithology, structure, texture,
alteration and mineralisation. Logging
was at an appropriate quantitative
standard to support future geological,
engineering and metallurgical studies.

Logging is considered quantitative in
nature.

All holeswere geologicallyloggedin full.
Sub-sampling
techniques
and sample
preparation

If core, whether cut or sawn and whether
quarter, half or all core taken.

If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet or
dry.

For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.

Quality control procedures adopted for all
sub-sampling stages to maximise
representivity of samples.

Measures taken to ensure that the sampling is
representative of the in-situ material
collected, including for instance results for
field duplicate/second-half sampling.

Whether sample sizes are appropriate to the
grain size of the material being sampled.

1 metre AC samples were collected in
bulk form from the rig cyclone. 2-4m
composite samples of the 1m samples
were collected using a spear method.
Where 1m samples were collected a
spear method was also used. The
majority of the samples were dry in
nature.

Field duplicate samples were sent every
20thsample to check for assay
repeatability. Results of duplicate
samples were considered acceptable
and within precision and accuracy limits
for the style of mineralisation.

Sample sizes are considered appropriate
for the style mineralisation sought and
the reconnaissance nature of the drilling
programme.
Quality of
assay data
and laboratory
tests

The nature, quality and appropriateness of
the assaying and laboratory procedures used
and whether the technique is considered
partial or total.

For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.

Nature of quality control procedures adopted
_(eg standards, blanks, duplicates, external _

All samples were sent to ALS prep facility
in Adelaide for sample preparation then
sent to ALS Perth for chemical analysis.

40 elements (including gold) were
analysed using up to a 25g aqua regia
method with an ICPAES and ICPMS finish
depending on the elements (ALS method
code – TL43-MEPKG). Aqua Regia
techniques are not considered total in
nature. Should refractory mineralisation
be encountered this can affect the
nature of thefinal results.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Criteria JORC Code explanation Commentary
laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and
precision have been established.

Chalice has its own internal QAQC
procedure involving the use of certified
reference materials. Standards - 4 per
100 samples, blanks – 1 per 100 samples
and duplicates 4 per 100 samples which
accounts for ~9% of the total submitted
samples.
Verification of
sampling and
assaying

The verification of significant intersections by
either independent or alternative company
personnel.

The use of twinned holes.

Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.

Discuss any adjustment to assay data.

Significant intersections are checked by
the Project Senior Geologist and then by
the General Manager of Exploration.
Significant intersections are cross-
checked with the geology logged and
drill chips collected after final assays are
received.

No twin holes have been drilled for
comparative purposes. The prospect is
still considered to be in an early
exploration stage.

Primary data was collected via hard
copy logging sheets using in house
logging codes. The data is sent to Perth
where the data is validated and entered
into the master database.

No adjustments have been made to the
assay datareceived
Location of
data points

Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic
control.

Hole collar locations have been picked
up by Chalice employees using a
handheld GPS with a +/- 5m error.

The grid system used for the location of
all drill holes is either MGA_GDA94 (Zone
54) or MGA_GDA94 (Zone 55) . A grid
zone boundary transects the project
area

RL data is considered unreliable although
topography around the drill area is
relatively flat and hence should not have
any significant effect on the
interpretation of data. All drill collar RLs
have been normalised to 1 sec (30m)
satellite data
Data spacing
and
distribution

Data spacing for reporting of Exploration
Results.

Whether the data spacing and distribution is
sufficient to establish the degree of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.

Whether sample compositing has been
applied.

Nominal drill hole spacing is generally
100-400m between aircore holes.

The current spacing is not considered
sufficient to assume any geological or
grade continuity of the mineralisation
intersected.

No sample compositing has been
applied.
Orientation of
data in
relation to
geological
structure

Whether the orientation of sampling achieves
unbiased sampling of possible structures and
the extent to which this is known, considering
the deposit type.

If the relationship between the drilling
orientation and the orientation of key

Sampling has been routinely completed
beneath transported cover with no
selective bias to any particular primary
geological domain.

Intersected mineralisation to date is flat in
nature andthe drilling perpendicular to

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Criteria JORC Code explanation Commentary
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
the mineralisation indicating little to no
sampling bias..
Sample
security

The measures taken to ensure sample security.

Chain of custody is managed by
Chalice. Samples are being stored on site
before being transported by third parties
tothelaboratory.
Audits or
reviews

The results of any audits or reviews of sampling
techniques and data.

No review has been carried out to date.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary
Mineral tenement
and land tenure
status

Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or national
park and environmental settings.

The security of the tenure held at the time of
reporting along with any known impediments
to obtaining a licence to operate in the area.

Drilling was carried out within EL6737,
EL6661 and EL6901. All licences are
wholly owned by CGM (WA) Pty Ltd, a
full subsidiary of Chalice Gold Mines
Limited with no known
encumbrances.
Exploration done
by other parties

Acknowledgment and appraisal of
exploration by other parties.

There has been little effective
exploration completed by other
parties in the immediate vicinity of the
targets identified by Chalice to date.

Chalice has compiled historic records
dating back to the early 1980’s which
indicate only sporadic
reconnaissance drilling has been
completed by various parties over the
project area. All effective drill holes
that reached the basement and were
assayed for gold have been
compiled.

Homestake Mining completed initial
surface sampling which has been
evaluated and used by Chalice for
sometargeting purposes.
Geology
Deposit type, geological setting and style of
mineralisation.

The mineralisation being explored for
is orogenic style similar to that seen
within the Bendigo and Fosterville
gold deposits of the Bendigo Zone.
Gold mineralisation is typically hosted
by quartz veins within in the
Ordovician age Castlemaine Group
sediments.
Drill hole
Information

A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation
above sea level in metres) of the drill hole
_collar _

See Appendix 1 and Appendix 3

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

17

Criteria JORC Code explanation Commentary
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.

If the exclusion of this information is justified on
the basis that the information is not Material
and this exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is the
case.
Data aggregation
methods

In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (eg cutting of
high grades) and cut-off grades are usually
Material and should be stated.

Where aggregate intercepts incorporate short
lengths of high-grade results and longer
lengths of low grade results, the procedure
used for such aggregation should be stated
and some typical examples of such
aggregations should be shown in detail.

The assumptions used for any reporting of
metal equivalent values should be clearly
stated.

A weighted average technique has
been applied where necessary to
produce all displayed drill
intersections. A maximum internal
dilution of 4m has been used in the
calculation of some drill intersections.

Grade intercepts are reported in full.

No metal equivalent results are
reported.
Relationship
between
mineralisation
widths and
intercept lengths

These relationships are particularly important
in the reporting of Exploration Results.

If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.

If it is not known and only the down hole
lengths are reported, there should be a clear
statement to this effect (eg ‘down hole
length, true width not known’).

The drill intersections reported are
considered close to true widths as
interpreted (refer to geological cross
sections).
Diagrams
Appropriate maps and sections (with scales)
and tabulations of intercepts should be
included for any significant discovery being
reported These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.

Refer to figures in the body of text.
Balanced
reporting

Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high
grades and/or widths should be practiced to
avoid misleading reporting of Exploration
Results.

Only significant results above 0.1g/t
Au and 1000ppm As have been
tabulated.
Other substantive
exploration data

Other exploration data, if meaningful and
material, should be reported including (but
not limited to): geological observations;
geophysical survey results; geochemical
survey results; bulk samples – size and method
of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.

Not Applicable
Further work
The nature and scale of planned further work
(eg tests for lateral extensions or depth
extensions or large-scale step-out drilling).

Follow up drilling is being planned to
better define the mineralised
envelopes andtoimprovethe

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

18

Criteria JORC Code explanation Commentary

Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
understanding of potential geological
controls to mineralisation.

Target Zones as defined on the cross
sections highlight the areas of most
interest for initial further follow-up
exploration.

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

19

Appendix 3: Pyramid Hill Gold Project AC Drill Hole Details

Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA001 771286 5941589 234801 5941779 147 360 -90 92.5
PA002 771386 5941584 234901 5941781 147 360 -90 99
PA003 771489 5941581 235004 5941784 147 360 -90 63
PA004 771585 5941578 235100 5941787 147 360 -90 99
PA005 771679 5941560 235195 5941775 147 360 -90 78
PA006 771786 5941573 235301 5941795 147 360 -90 72
PA007 771885 5941569 235400 5941797 147 360 -90 74
PA008 771984 5941561 235500 5941795 148 360 -90 79
PA009 772384 5941540 235900 5941799 149 360 -90 96
PA010 772276 5941556 235791 5941808 148 360 -90 99
PA011 772180 5941545 235696 5941791 148 360 -90 99
PA012 772085 5941562 235600 5941802 148 360 -90 96
PA013 772490 5941549 236005 5941815 149 360 -90 99
PA014 772585 5941546 236100 5941818 149 360 -90 90
PA015 772679 5941543 236194 5941820 149 360 -90 76
PA016 772784 5941528 236300 5941812 149 360 -90 84
PA017 772885 5941535 236400 5941825 149 360 -90 90
PA018 772985 5941532 236500 5941829 150 360 -90 84
PA019 773084 5941517 236600 5941820 150 360 -90 81
PA020 773685 5941511 237200 5941851 151 360 -90 89
PA021 766600 5948186 229712 5948071 133 360 -90 51
PA022 767000 5948175 230112 5948085 132 360 -90 57
PA023 767200 5948168 230312 5948090 132 360 -90 63
PA024 766800 5948181 229912 5948078 133 360 -90 60
PA025 766400 5948193 229512 5948065 133 360 -90 44
PA026 766200 5948199 229312 5948059 133 360 -90 46
PA027 766000 5948205 229112 5948052 133 360 -90 48
PA028 765799 5948211 228911 5948046 133 360 -90 45
PA029 765598 5948218 228710 5948040 134 360 -90 78
PA030 765399 5948224 228511 5948034 134 360 -90 66
PA031 765199 5948230 228311 5948027 134 360 -90 60
PA032 764999 5948236 228111 5948021 134 360 -90 75
PA033 764804 5948242 227916 5948015 134 360 -90 78
PA034 765700 5948212 228813 5948041 134 360 -90 63
PA035 765899 5948207 229012 5948048 133 360 -90 67
PA036 772581 5938280 236300 5938558 153 360 -90 51
PA037 772033 5938296 235753 5938540 153 360 -90 78
PA038 771979 5938299 235698 5938539 153 90 -90 84
PA039 771930 5938297 235650 5938534 153 360 -90 66
PA040 766730 5953750 229495 5953632 129 360 -90 88

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA041 765539 5953774 228305 5953582 130 360 -90 62.6
PA042 765728 5953756 228495 5953576 130 360 -90 60
PA043 765914 5953754 228681 5953585 130 360 -90 102
PA044 765627 5953770 228393 5953583 130 360 -90 97
PA045 766132 5953776 228897 5953621 129 360 -90 91
PA046 766235 5953749 229001 5953600 129 360 -90 127
PA047 766333 5953761 229098 5953618 129 360 -90 151
PA048 766433 5953739 229200 5953603 129 360 -90 133
PA049 766537 5953741 229303 5953611 129 360 -90 121
PA050 766640 5953731 229407 5953608 129 360 -90 118
PA051 766834 5953739 229600 5953628 128 360 -90 151
PA052 767134 5953727 229900 5953634 128 360 -90 124
PA053 765650 5982101 226656 5981862 104 360 -90 72
PA054 765750 5982098 226756 5981866 104 360 -90 72
PA055 765853 5982100 226858 5981874 104 360 -90 74
PA056 765936 5982099 226941 5981878 104 360 -90 111
PA057 766050 5982093 227055 5981879 104 360 -90 60
PA058 766149 5982091 227154 5981883 104 360 -90 60
PA059 766234 5982088 227239 5981886 104 360 -90 54.5
PA060 766363 5982087 227368 5981893 105 360 -90 102
PA061 766197 5962890 228394 5962722 121 360 -90 84
PA062 766586 5962873 228784 5962729 121 360 -90 66
PA063 766804 5962866 229002 5962735 120 360 -90 78
PA064 766999 5962857 229197 5962739 120 360 -90 66
PA065 767204 5962851 229402 5962745 121 360 -90 85
PA066 767604 5962837 229802 5962756 121 360 -90 127
PA067 766406 5962949 228599 5962794 120 360 -90 66
PA068 767404 5962846 229602 5962753 121 360 -90 103
PA069 768201 5962857 230396 5962813 120 360 -90 175
PA070 767770 5962883 229965 5962812 121 360 -90 151
PA071 769200 5962830 229298 5962744 122 360 -90 163
PA072 767100 5962856 229298 5962744 120 360 -90 115
PA073 762269 5964327 224384 5963912 117 360 -90 103
PA074 762663 5964060 224794 5963670 117 360 -90 100
PA075 762951 5963844 225095 5963472 118 360 -90 114
PA076 763233 5963537 225395 5963183 117 360 -90 110
PA077 763510 5963225 225691 5962889 117 360 -90 86
PA078 763795 5962901 225996 5962583 119 360 -90 76
PA079 764079 5962597 226298 5962297 119 360 -90 113
PA080 764369 5962439 226598 5962158 119 360 -90 73
PA081 764767 5962371 226999 5962115 120 360 -90 107
PA082 765163 5962301 227399 5962070 120 360 -90 100

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA083 765559 5962234 227798 5962027 120 360 -90 112
PA084 765950 5985350 226754 5985124 103 360 -90 73
PA085 766050 5985348 226854 5985128 103 360 -90 76
PA086 766150 5985343 226954 5985130 103 360 -90 75
PA087 766250 5985341 227054 5985134 103 360 -90 70
PA088 766350 5985336 227154 5985135 103 360 -90 54
PA089 766450 5985334 227254 5985139 103 360 -90 82
PA090 766670 5985328 227474 5985147 103 360 -90 98
PA091 766850 5985324 227654 5985154 103 360 -90 103
PA092 767100 5985325 227903 5985170 103 360 -90 90
PA093 767250 5985321 228053 5985175 103 360 -90 116
PA094 767450 5985314 228253 5985181 102 360 -90 138
PA095 767649 5985308 228452 5985187 103 360 -90 105
PA096 767751 5985304 228554 5985190 103 360 -90 122
PA097 768349 5985285 229152 5985208 102 360 -90 131
PA098 768044 5985294 228847 5985198 102 360 -90 105
PA099 771900 5988454 232500 5988590 100 360 -90 132
PA100 771642 5992115 232017 5992228 96 360 -90 103
PA101 765399 5958776 227854 5958566 123 70.5 -60 27
PA102 765505 5958758 227961 5958554 123 70.5 -60 78
PA103 765603 5958742 228159 5958551 123 70.5 -60 75
PA104 765703 5958727 228160 5958536 123 70.5 -60 75
PA105 765797 5958710 228255 5958525 124 70.5 -60 78
PA106 765901 5958688 228360 5958509 124 70.5 -60 90
PA107 766003 5958670 228463 5958498 123 70.5 -60 75
PA108 766095 5958655 228556 5958488 123 70.5 -60 72
PA109 766209 5958647 228670 5958487 123 70.5 -60 96
PA110 766324 5958621 228787 5958469 124 70.5 -60 111
PA111 766418 5958602 228882 5958456 125 70.5 -60 100
PA112 766505 5958586 228969 5958445 125 70.5 -60 118
PA113 766605 5958573 229070 5958438 125 70.5 -60 74
PA114 766709 5958551 229175 5958423 125 70.5 -60 100
PA115 766805 5958538 229272 5958416 125 70.5 -60 72
PA116 766898 5958522 229366 5958406 125 70.5 -60 120
PA117 765098 5958794 227552 5958565 123 70.5 -60 108
PA118 765202 5958779 227657 5958556 123 70.5 -60 96
PA119 765302 5958762 227758 5958546 123 70.5 -60 60
PA120 764342 5955205 227021 5954936 136 70.5 -60 98
PA121 764516 5955167 227197 5954909 132 70.5 -60 94
PA122 764621 5955149 227303 5954897 131 70.5 -60 114
PA123 764818 5955109 227502 5954870 130 70.5 -60 77
PA124 764884 5955094 227569 5954859 130 70.5 -60 72

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA125 765111 5955056 227798 5954835 129 70.5 -60 90
PA126 765315 5955023 228004 5954815 131 70.5 -60 96
PA127 765513 5954987 228203 5954791 132 70.5 -60 72
PA128 780391 5951002 243300 5951741 129 360 -90 97
PA129 781865 5950974 244773 5951805 132 360 -90 114
PA130 781691 5950967 244600 5951787 131 360 -90 84
PA131 781483 5950975 244391 5951782 131 360 -90 102
PA132 781291 5950977 244200 5951773 131 360 -90 90
PA133 781091 5950987 244000 5951770 130 360 -90 96
PA134 780885 5950991 243799 5951763 129 360 -90 96
PA135 780690 5950998 243599 5951756 129 360 -90 117
PA136 780491 5951002 243400 5951748 129 360 -90 100
PA137 780591 5950996 243500 5951748 129 360 -90 114
PA138 780774 5951036 243680 5951799 129 360 -90 96
PA139 780991 5950985 243900 5951762 130 360 -90 73
PA140 781192 5950982 244101 5951771 130 360 -90 108
PA141 781391 5950977 244300 5951779 131 360 -90 108
PA142 781592 5950970 244501 5951784 131 360 -90 96
PA143 781792 5950972 244700 5951799 131 360 -90 96
PA144 780313 5954910 242979 5955636 122 90 -60 113
PA145 780234 5954912 242900 5955633 122 90 -60 138
PA146 780139 5954918 242805 5955633 123 90 -60 123
PA147 780958 5954955 243620 5955721 124 90 -60 150
PA148 780841 5954959 243503 5955718 124 90 -60 73
PA149 780738 5954962 243400 5955715 123 90 -60 132
PA150 780637 5954965 243299 5955711 123 90 -60 113
PA151 780540 5954966 243202 5955706 122 90 -60 98
PA152 780438 5954970 243100 5955704 122 90 -60 114
PA153 781131 5954947 243793 5955724 124 90 -60 120
PA154 781032 5954950 243694 5955721 124 90 -60 132
PA155 780185 5954917 242851 5955635 122 90 -60 123
PA156 782179 5954929 244840 5955771 123 90 -60 114
PA157 782089 5954926 244750 5955763 123 90 -60 132
PA158 781991 5954959 244650 5955790 123 90 -60 108
PA159 781890 5954956 244550 5955780 123 90 -60 114
PA160 781801 5954950 244461 5955769 124 90 -60 145
PA161 781691 5954948 244351 5955760 124 90 -60 124
PA162 781590 5954974 244249 5955780 124 90 -60 113
PA163 781493 5954971 244152 5955771 124 90 -60 108
PA164 781389 5954951 244050 5955744 124 90 -60 123
PA165 781291 5954949 243952 5955736 124 90 -60 105
PA166 780273 5954912 242939 5955636 122 90 -60 108

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA167 779797 5968792 241600 5969457 112 360 -90 137
PA168 765991 5992216 226370 5991980 100 90 -60 126
PA169 766100 5992218 226479 5991988 99 90 -60 112
PA170 766203 5992213 226582 5991988 99 90 -60 102
PA171 766299 5992208 226678 5991990 99 90 -60 102
PA172 766403 5992253 226777 5992041 100 360 -90 97
PA173 766507 5992252 226883 5992045 100 360 -90 90
PA174 766689 5992194 227068 5992001 100 360 -90 132
PA175 766898 5992166 227278 5991986 100 360 -90 112
PA176 767005 5992172 227378 5992000 99 360 -90 132
PA177 767100 5992183 227479 5992015 98 360 -90 108
PA178 767199 5992180 227578 5992018 97 360 -90 96
PA179 766597 5992201 226976 5992002 100 360 -90 107
PA180 767698 5992152 228078 5992020 98 360 -90 83
PA181 765775 5982104 226782 5981873 104 90 -60 105
PA182 772085 5938297 235804 5938544 152 90 -60 139
PA183 772181 5938290 235901 5938543 152 90 -60 139
PA184 772281 5938291 236000 5938550 152 90 -60 121
PA185 772381 5938287 236100 5938552 153 90 -60 109
PA186 772485 5938284 236204 5938556 153 90 -60 139
PA187 773488 5944785 236799 5945106 143 90 -60 119
PA188 773391 5944789 236702 5945104 142 90 -60 111
PA189 773290 5944797 236601 5945106 141 90 -60 96
PA190 773190 5944796 236501 5945099 141 90 -60 89
PA191 773092 5944801 236403 5945098 141 90 -60 108
PA192 773637 5944778 236948 5945109 144 90 -60 88
PA193 773839 5944776 237150 5945119 142 90 -60 94
PA194 778697 5944591 242010 5945238 144 360 -90 88
PA195 778387 5944601 241700 5945229 143 360 -90 139
PA196 777987 5944614 241300 5945217 143 360 -90 97
PA197 777787 5944621 241100 5945211 145 360 -90 84
PA198 777688 5944624 241001 5945208 143 360 -90 151
PA199 777888 5944617 241201 5945214 144 360 -90 111
PA200 778087 5944612 241400 5945221 144 360 -90 93
PA201 778187 5944608 241500 5945223 144 360 -90 119
PA202 778288 5944604 241601 5945226 144 360 -90 55
PA203 778489 5944602 241801 5945236 143 360 -90 124
PA204 778577 5944589 241890 5945229 144 360 -90 145
PA205 778741 5947813 241852 5948456 136 360 -90 133
PA206 778539 5947823 241650 5948453 135 360 -90 187
PA207 777992 5947838 241103 5948434 136 360 -90 143
PA208 777138 5947863 240250 5948406 136 360 -90 141

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

24

Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA209 776538 5947861 239651 5948367 134 360 -90 84
PA210 776071 5947872 239184 5948348 135 360 -90 150
PA211 775119 5947904 238232 5948321 135 360 -90 126
PA212 780541 5951002 243450 5951751 129 360 -90 117
PA213 780447 5951002 243356 5951745 129 360 -90 115
PA214 780840 5954952 243502 5955711 124 90 -60 133
PA215 770567 5960091 232930 5960200 122 360 -90 54
PA216 770751 5960090 233114 5960210 122 360 -90 96
PA217 762199 5964385 224311 5963965 117 360 -90 93
PA218 766853 5958529 229320 5958410 125 70.5 -60 110
PA219 766761 5958539 229228 5958414 125 70.5 -60 81
PA220 766477 5958592 228941 5958449 125 70.5 -60 109
PA221 766553 5958579 229018 5958441 125 70.5 -60 112
PA222 763864 5962828 226069 5962515 119 360 -90 80
PA223 763933 5962753 226143 5962444 119 360 -90 97
PA224 763725 5962974 225922 5962652 119 360 -90 93
PA225 763664 5963054 225856 5962728 118 360 -90 84
PA226 762346 5964266 224465 5963856 117 360 -90 104
PA227 765066 5962322 227301 5962084 120 360 -90 108
PA228 764966 5962338 227200 5962094 119 360 -90 108
PA229 764866 5962355 227099 5962105 120 360 -90 66
PA230 764668 5962387 226899 5962124 119 360 -90 113
PA231 764572 5962404 226802 5962135 119 360 -90 82
PA232 764463 5962430 226692 5962155 119 360 -90 99
PA233 764251 5962430 226480 5962141 119 360 -90 70
PA234 764179 5962476 226406 5962183 119 360 -90 104
PA235 764126 5962533 226349 5962236 119 360 -90 92
PA236 764005 5962674 226220 5962370 119 360 -90 101
PA237 763586 5963134 225773 5962803 117 360 -90 80
PA238 763441 5963294 225618 5962953 117 360 -90 56
PA239 763372 5963373 225544 5963028 117 360 -90 95
PA240 763299 5963453 225467 5963103 117 360 -90 84
PA241 763160 5963608 225318 5963249 117 360 -90 94
PA242 763090 5963687 225243 5963324 118 360 -90 116
PA243 763018 5963767 225167 5963399 118 360 -90 54
PA244 765262 5962290 227498 5962065 120 360 -90 81
PA245 765364 5962272 227601 5962053 120 360 -90 91
PA246 765471 5962254 227709 5962042 120 360 -90 87
PA247 766699 5962864 228897 5962727 121 360 -90 70
PA248 766899 5962860 229097 5962735 120 360 -90 95
PA249 766074 5982093 227079 5981881 103 90 -60 121
PA250 765958 5982099 226963 5981880 104 90 -60 109

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

25

Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA251 766518 5981020 227589 5980837 106 90 -60 114
PA252 766421 5981017 227492 5980828 105 90 -60 120
PA253 766321 5981017 227393 5980822 105 90 -60 120
PA254 766222 5981026 227293 5980825 104 90 -60 129
PA255 766123 5981026 227194 5980819 105 90 -60 139
PA256 766021 5981028 227092 5980814 105 90 -60 125
PA257 765919 5981028 226991 5980808 105 90 -60 115
PA258 765819 5981031 226891 5980805 105 90 -60 126
PA259 765717 5981034 226789 5980802 104 90 -60 124
PA260 766348 5982496 227328 5982300 104 90 -60 113
PA261 766248 5982496 227228 5982294 103 90 -60 108
PA262 766144 5982496 227124 5982287 103 90 -60 103
PA263 766056 5982513 227035 5982299 103 90 -60 132
PA264 765943 5982504 226923 5982283 103 90 -60 106
PA265 765846 5982503 226826 5982276 103 90 -60 124
PA266 765749 5982505 226729 5982272 103 90 -60 114
PA267 765646 5982518 226626 5982278 103 90 -60 130
PA268 765547 5982518 226527 5982272 104 90 -60 85
PA269 765549 5982508 226530 5982262 104 360 -90 89
PA270 767549 5985310 228352 5985183 103 360 -90 92
PA271 767350 5985316 228333 5985188 102 360 -90 85
PA272 766101 5985342 226905 5985125 103 360 -90 88
PA273 766002 5985346 226806 5985123 103 360 -90 82
PA274 767740 5960205 230101 5960138 124 360 -90 89
PA275 767936 5960199 230297 5960144 123 360 -90 96
PA276 768135 5960198 230496 5960155 123 360 -90 79
PA277 768337 5960187 230698 5960157 123 360 -90 65
PA278 767538 5960219 229899 5960139 124 90 -60 89
PA279 767332 5960215 229693 5960122 124 90 -60 103
PA280 763809 5962881 226011 5962564 119 360 -90 111
PA281 763769 5962928 225968 5962609 119 360 -90 93.2
PA282 770001 5977038 231312 5977079 108 360 -60 72
PA283 769801 5977047 231112 5977075 108 360 -60 96
PA284 769186 5977051 230498 5977041 109 360 -60 72
PA285 768316 5977092 229627 5977028 109 360 -60 115
PA286 767711 5977110 229022 5977009 109 360 -60 120.1
PA287 767215 5977125 228526 5976993 108 360 -60 129
PA288 766100 5977165 227411 5976964 108 360 -60 124
PA289 769393 5973783 230907 5973792 111 90 -60 97
PA290 768804 5973801 230318 5973774 110 90 -60 83
PA291 768404 5973812 229918 5973760 110 90 -60 84
PA292 767226 5973863 228739 5973738 110 90 -60 131

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

26

Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA293 766730 5973876 228244 5973720 110 90 -90 81
PA294 766531 5973883 228045 5973715 111 90 -90 102
PA295 766341 5973888 227855 5973708 111 90 -90 84
PA296 767150 5973865 228663 5973735 110 90 -90 86
PA297 768504 5973811 230018 5973765 110 90 -90 133
PA298 766779 5970631 228494 5970484 113 90 -90 102
PA299 766599 5970666 228312 5970508 113 90 -90 123
PA300 766383 5970707 228094 5970535 113 360 -90 114
PA301 766185 5970742 227894 5970558 113 360 -90 102
PA302 766005 5970777 227712 5970582 114 360 -90 74
PA303 765781 5970831 227485 5970622 114 360 -90 102
PA304 765554 5970807 227260 5970584 114 360 -90 126
PA305 766701 5948183 229813 5948074 133 360 -90 84
PA306 766520 5948191 229632 5948071 133 360 -90 84
PA307 772809 5941524 236325 5941810 149 360 -90 108
PA308 766136 5973896 227649 5973703 111 360 -90 114
PA309 765942 5973905 227455 5973700 111 360 -90 84
PA310 765723 5973905 227237 5973686 112 360 -90 104.2
PA311 783470 5960526 245779 5961437 118 360 -90 114
PA312 782989 5960561 245297 5961442 118 360 -90 130
PA313 783045 5960540 245354 5961424 118 360 -90 100
PA314 782880 5960568 245188 5961442 118 360 -90 102
PA315 782617 5960557 244926 5961415 118 360 -90 73
PA316 782467 5960563 244776 5961411 117 360 -90 107
PA317 782269 5960568 244578 5961404 118 360 -90 137
PA318 782068 5960576 244377 5961400 118 360 -90 132
PA319 781867 5960582 244176 5961393 118 360 -90 90
PA320 781671 5960590 243980 5961389 118 360 -90 128
PA321 782591 5960556 244900 5961412 118 360 -90 120
PA322 781321 5960634 243628 5961411 119 360 -90 101
PA323 780791 5960665 243097 5961409 119 360 -90 126
PA324 784614 5964553 246671 5965526 114 360 -90 113
PA325 784414 5964559 246471 5965520 114 360 -90 120
PA326 784212 5964559 246269 5965507 113 360 -90 114
PA327 784013 5964571 246070 5965507 114 360 -90 66
PA328 783604 5964585 245661 5965496 115 360 -90 119
PA329 783814 5964579 245871 5965503 114 360 -90 114
PA330 784002 5964575 246059 5965510 114 360 -90 106
PA331 783464 5964588 245521 5965490 115 360 -90 139
PA332 783322 5964595 245379 5965488 116 360 -90 108
PA333 783073 5964599 245130 5965477 117 360 -90 123
PA334 782963 5964603 245020 5965474 116 360 -90 141

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

27

Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
PA335 782763 5964612 244820 5965470 114 360 -90 84
PA336 782563 5964615 244620 5965461 115 360 -90 102
PA337 784587 5967009 246491 5967976 111 360 -90 138
PA338 784490 5967008 246394 5967968 112 360 -90 126
PA339 784090 5967028 245994 5967964 113 360 -90 66
PA340 783886 5967033 245790 5967956 112 360 -90 108
PA341 784175 5967024 246079 5967965 112 360 -90 114
PA342 783990 5967033 245894 5967962 113 360 -90 102
PA343 785971 5968556 247776 5969605 110 360 -90 84
PA344 785944 5968558 247749 5969606 109 360 -90 108
PA345 765758 5962202 227999 5962008 121 360 -90 107
PA346 765662 5962212 227902 5962012 121 360 -90 93
PA347 782919 5968652 244724 5969511 111 360 -90 54
PA348 785173 5968581 246978 5969581 111 360 -90 99
PA349 766795 5992117 227179 5991931 100 360 -90 136
MWAC001 846070 5967798 307769 5972580 105 90 -60 52
MWAC002 845872 5967809 307571 5972578 105 90 -60 54
MWAC003 845671 5967816 307370 5972573 105 90 -60 57
MWAC004 847712 5966171 309507 5971059 104 90 -60 84
MWAC005 846396 5966226 308191 5971033 105 90 -60 99
MWAC006 844755 5966287 306551 5970992 105 90 -60 93
MWAC007 845246 5964927 307125 5969666 105 90 -60 97
MWAC008 843820 5964986 305700 5969636 104 360 -90 81
MWAC009 844421 5964958 306301 5969646 106 360 -90 81
MWAC010 837422 5960422 299604 5964688 156 90 -60 50
MWAC011 837315 5960427 299497 5964686 156 90 -60 51
MWAC012 837213 5960431 299395 5964684 158 90 -60 56
MWAC013 837153 5960435 299335 5964684 159 90 -60 46
MWAC014 827527 5949986 290386 5953665 143 90 -60 93
MWAC015 827325 5949993 290184 5953660 143 360 -90 63
MWAC016 827128 5950000 289987 5953654 142 360 -90 93
MWAC017 826923 5950007 289782 5953649 142 90 -60 102
MWAC018 826727 5950015 289586 5953644 141 90 -60 104
MWAC019 826527 5950022 289386 5953639 141 90 -60 105
MWAC020 826325 5950042 289183 5953646 140 90 -60 108
MWAC021 826097 5950039 288956 5953629 140 90 -60 105
MWAC022 825905 5950059 288764 5953637 141 90 -60 76
MWAC023 827610 5952653 290302 5956330 138 90 -60 96
MWAC024 827416 5952662 290108 5956327 137 90 -60 105
MWAC025 827217 5952667 289910 5956320 137 90 -60 93
MWAC026 827011 5952676 289704 5956316 137 90 -60 108
MWAC027 826808 5952684 289501 5956311 137 90 -60 84

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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Hole ID MGA East
z54 (mE)
MGA North
z54 (mN)
MGA East
z55 (mE)
MGA North
z55 (mN)
RL (m) Azimuth
UTM(°)
Dip (°) Depth (m)
MWAC028 826610 5952701 289302 5956316 136 90 -60 87
MWAC029 826505 5952695 289198 5956303 136 90 -60 87
MWAC030 826359 5952712 289051 5956311 136 90 -60 93
MWAC031 826208 5952705 288901 5956295 136 90 -60 108
MWAC032 826037 5952713 288730 5956292 136 90 -60 108
MWAC033 825613 5952727 288306 5956280 137 90 -60 90
MWAC015A 827331 5949989 290190 5953656 143 90 -60 99
MWAC034 837040 5947242 300043 5951522 174 90 -60 83
MWAC035 837140 5947236 300143 5951522 168 90 -60 55
MWAC036 837240 5947234 300243 5951526 163 90 -60 51
MWAC037 837347 5947231 300350 5951530 158 90 -60 52
MWAC038 837557 5947222 300560 5951534 152 90 -60 90
MWAC039 837640 5947220 300643 5951537 149 90 -60 51
MWAC040 832158 5965550 294036 5969475 119 90 -60 87
MWAC041 832375 5965542 294253 5969480 118 90 -60 78
MWAC042 832522 5965533 294400 5969480 121 90 -60 78
MWAC043 832672 5965531 294550 5969488 121 90 -60 90
MWAC044 843995 5964974 305875 5969635 104 360 -90 114
MWAC045 844175 5964964 306055 5969636 105 360 -90 150
MWAC046 844839 5964939 306719 5969653 104 360 -90 174

i Adapted from Arne, D.C., House, E. & Lisitsin, V., 2008. Lithogeochemical haloes surrounding central Victorian gold deposits: Part 1 – Primary alteration systems, Gold Undercover Report 4. Department of Primary Industries, Victoria.

ii V. Lisitsin, A. Olshina, D.H. Moore & C.E. Willman 2007, Assessment of undiscovered mesozonal orogenic gold endowment under cover in the northern part of the Bendigo Zone, GeoScience Victoria Gold Undercover Report 2, Department of Primary Industries. http://earthresources.efirst.com.au/categories.asp?cID=42

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Chalice Gold Mines Limited ABN 47 116 648 956 ASX : CHN | TSX : CXN

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