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Updated mineral resource for Nordeau West deposit provides foundation for expanded exploration

Updated mineral resource estimate for the Nordeau West deposit, which falls within the recently optioned East Cadillac Gold Project in Quebec, confirms the previously released historical mineral resource estimate.

Drilling to commence in March 2017 on Chalice's East Cadillac Project with the aim of identifying possible strike extensions to the Nordeau West deposit.

Chalice's East Cadillac Gold Project has a contiguous 16km strike length along the Larder Lake Cadillac fault,, is adjacent to the former producing Chimo gold mine, and lies at the eastern end of the prolific Archaean Abitibi greenstone belt, 35km east of the >20 million oz Val d'Or gold camp.

The Nordeau West deposit provides a solid foundation for Chalice in the multi million ounce Abitibi Province as it embarks on an expanded exploration program,imitation rolex day date womens.

The mineral resource estimate is summarised below:

Mineral resources are not mineral reserves and do not have demonstrated economic viability. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to the Measured and Indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

The independent mineral resource estimates for the Nordeau West deposit was prepared by MRB Associates,fake rolex daytona 116520, ("MRB") of Val d'Or, Quebec and is reported and classified in accordance with National Instrument NI 43 101.

The mineral resources in this news release were estimated using the Canadian Institute of Mining, and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

Chalice previously reported a historical mineral resource for the Nordeau West deposit in a news release dated October 11, 2016; the updated mineral resource estimate confirmed that historical estimate.

The Nordeau West deposit occurs on the Nordeau property, where Chalice has the option to earn 100% from Globex Mining Enterprises Inc. ("Globex") under the terms outlined in a previous ASX release dated October 12, 2016.

The Nordeau West deposit is one of a cluster of gold deposits and occurrences that include the historical Chimo gold mine (owned by Cartier Resources Inc. TSX V: ECR), located 1.5km to the west, and the Nordeau East deposit, located 2km east all hosted by discrete structural zones in either mafic volcanics and mafic intrusives (Piche Volcanics) or along the contact of overlying Timiskaming sediments and intercalated Banded Iron Formation (see Figure 1).

Chalice is currently compiling a 3D interpreted model of the Nordeau West deposit with the aim of evaluating potential extensions to the deposit and identifying other favourable structures or contacts that have not been previously tested.

An early observation from the compilation of historical exploration data is the lack of exploration over the southern contact of the Piche Volcanics against Pontiac sediments,fake rolex daytona men. It is expected that this contact will be further explored through a comprehensive surface sampling program scheduled to commence in mid May 2017.

Chalice's , Tim Goyder, said: "The updated resource for the Nordeau West deposit provides our team with an excellent foundation to unlock the value in our newly consolidated land package in the southern Abitibi gold province. A comprehensive field program will commence shortly including high resolution geophysics, surface geochemistry and diamond drilling, with an initial program of drilling to test immediate strike extensions of the Nordeau West deposit itself.

"Future drilling will be designed to test a combination of targets, including the down plunge extension of the Nordeau West deposit, where only a few historic holes extend more than 600m below surface. Similar potential is envisioned for the Nordeau East zone, located approximately 1km along strike to the east, and elsewhere along the remaining 16km prospective strike length within the property, where the majority of drilling to date has been within 250m of surface.

"We are very optimistic about the potential of this relatively underexplored segment of the Larder Lake Cadillac fault and look forward to commencing the upcoming exploration program."

The mineral resource estimate was prepared using a database incorporating 121 surface diamond drill holes (41,278m) drilled between 1981 and 2008, 96 historical drill holes (27,744m) drilled in early campaigns and 25 more recent diamond drill holes (13,352m) drilled between 2006 2008.

Indicated and inferred mineral resources have been delineated within two domains in the Nordeau West deposit covering an area 775m in length by 100m in width by 650m deep,imitation rolex daytona 116520.

Key assumptions, parameters, and methods used to estimate the mineral resourceA gold price of US$1,250/oz and a corresponding exchange rate of CDN$/US$ of 1.1 was utilized in the Au cut off grade calculations of 2.75 g/t for a potentially economic underground mining operation. A mining cost of $115/t and process cost of $30/t was used to constrain the resource estimate. The Nordeau West deposit occurs as a series of two main mineralised domains comprising quartz vein/shear hosted deposit localized within predominantly mafic volcanic/intrusive rock types (Piche Volcanics) near the contact with iron formation sediments. Diamond drill core was either cut by core saw or mechanical splitter. Drill core completed since 2006 was cut by core saw core saw with half submitted for assay and the remaining half core preserved in core trays. Samples are mostly 1m in length and sampled to contain geologically consistent intervals.

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