webmaster
© Copyright DEHAI-Eritrea OnLine, 1993-2011
All rights reserved
From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Jan 27 2011 - 07:50:12 EST
<http://chalicegold.com/upload/documents/InvestorRelations/releases/20110127
ASXAnnouncement-NewTenementGrantsFINAL.pdf> Chalice signs agreements on two
major new exploration licenses in Eritrea
Published Date: January 27, 2011
Source: chalicegold.com
Chalice Gold Mines' 100% owned subsidiary, Keren Mining Pty Ltd has signed
agreements with the Eritrean Ministry of Energy and Mines for two new
Exploration Licences totalling 830 sq km in northern Eritrea. The new
licences, Mogoraib North and Hurum, add significantly to the Company$B!G(Bs
exploration tenure in two highly prospective geological terrains.
Intensive exploration programs are planned for the first 12 months of
tenure, with an initial budget exceeding US$1 million.
Mogoraib North EL
The 555 sq km Mogoraib North licence lies approximately 10 kilometres north
of the world class Bisha
polymetallic Volcanic$B!>(Bhosted Massive Sulphide (VHMS) deposit owned by
Nevsun Resources Ltd. and the Eritrean National Mining Corporation (ENAMCO)
(40%) which commenced production in early January this year.
The volcano$B!>(Bsedimentary rocks hosting the Bisha deposit extend northwards
beneath the Mogoraib North EL although much of the basement geology is
masked by recent alluvial cover. A regional interpretation of Landsat
imagery conducted by Chalice in 2009 identified several $B!F(Bislands$B!G(B of
exposed bedrock within these later sediments with Bisha$B!>(Blike spectral
signatures and the licence was lodged to cover these anomalies.
Chalice is planning to undertake an initial exploration program involving
acquisition and interpretation of further satellite imagery, geological
mapping, geochemical sampling and an airborne EM survey using the VTEM
system.
Hurum EL
The 275 sq km Hurum licence lies adjacent to and south west of the Company$B!G(B
s Zara South licence. The property straddles the Elababu Shear Zone, a major
regional structure that controls much of the known gold mineralization in
northern Eritrea, including the Company$B!G(Bs flagship Koka Gold Deposit
(Indicated Resource of 5Mt grading 5.3 g/t) which lies ~40 kilometres to the
north east. Chalice is planning to undertake an initial exploration program
involving acquisition and interpretation of satellite imagery, geological
mapping, geochemical sampling and an airborne magnetic and radiometric
survey.
Zara North and Zara South Licences
Chalice also wishes to advise it has signed agreements for the conversion of
the 115 sq km Zara North and 350 sq km Zara South Prospecting Licences to
Exploration Licences. These licences lie adjacent to and along strike from
the Koka Gold Deposit and are currently the focus of intensive exploration
programs. Chalice Chairman Mr Tim Goyder commented that: $B!H(BWith the granting
of these new tenements, and the successful conversion of Zara North and
South to Exploration Licences, Chalice now holds Exploration Licences
totalling some 1445 sq km in a region that has a demonstrated potential to
host substantial high grade gold and base metal deposits. We look forward to
implementing intensive exploration programs on these properties and a steady
flow of positive news in the coming months.$B!I(B
----[This List to be used for Eritrea Related News Only]----