The still cashed-up Chalice’s efforts are focused on its “highly prospective but essentially unexplored” Pyramid Hill project, in the northern part of the Bendigo zone. Not surprisingly, the company is targeting a “Fosterville-style” discovery of five million ounces-plus.
The company is part way through a 25,000m air core drilling program — followed by a diamond drilling program — that will determine how many ounces the old timers left behind.
But with a Victorian government survey suggesting a 32 million ounce undiscovered “gold endowment” in the northern Bendigo zone, the company won’t die wondering.
Chalice is also doing early-stage stuff at its King Leopold nickel sulphate project in WA’s Kimberley region, in an area where Buxton Resources and Independence Group also have been sniffing around.