Tag Archives: Chalice Gold

Chalice Intersects massive sulphides at Mogoraib North

New massive VMS zone similar to Bisha mine discovered at Mogoraib North Project

By Equities.com,

Chalice Gold Mines Limited (ASX: CHN; TSX: CXN) is pleased to advise that it has intersected a zone of massive pyritic sulphides with significant copper and zinc values in drilling at its Mogoraib North Project in Eritrea, East Africa (Chalice – 60%; Eritrean National Mining Corporation (ENAMCO) – 40%).

Diamond drill hole MOGD-00021, part of a regional drilling program targeting potential Volcanic Hosted Massive Sulphide (“VHMS”) systems similar to the world-class Bisha Mine Continue reading Chalice Intersects massive sulphides at Mogoraib North

Chalice Sold Zara Gold Project to SFECO and ENAMCO for US$114M

Net cash balance of $82 million after tax with a focus on acquiring new projects

Chalice Gold turned Red after selling its lucrative Zara Gold Deposit in Eritrea to China

By Chalice Gold Mines,

Chalice Gold Mines Limited (ASX: CHN/TSX: CXN) is pleased to announce that it has today completed the sale of the Zara Gold Project in Eritrea to China SFECO Group for US$78 million plus a deferred payment of US$2 million upon commencement of commercial production at the Koka Gold Mine.

In addition, the Eritrean National Mining Corporation (“ENAMCO”) has settled the remaining balance of US$29 million for its acquisition of a 30 per cent interest in the Zara Project Continue reading Chalice Sold Zara Gold Project to SFECO and ENAMCO for US$114M

SFECO Group Won Machinery Supply and Power Plant Extension Contracts

SFECO Group is one of the six massively investing Chinese companies in Eritrea

BY TESFANEWS

The increasingly aggressive Chinese investment group in Eritrea, SFECO, again won the second phase of supplying various machinery and equipment worth 61.54 million USD.

It also won another multi-million dollar EPC contract for Hirgigo Power Plant  2*23MW Extension project.

Eritrea’s ambassador to China, Mr. Tsegai Tesfazion and Vice-President of China SFECO Group, Mr. Zheng Yufeng signed the contract last week, in Beijing on behalf of the two sides.  Continue reading SFECO Group Won Machinery Supply and Power Plant Extension Contracts

Eritrea’s Great Gold Potential – and Copper and Silver and Zinc!

The tale of Eritrea’s first major miner, Nevsun, which has had mixed fortunes this year and gold explorer, Andiamo Exploration, whose chairman has been a long time believer in the country’s mineral potential.

Eritrea’s substantial mineral deposits are largely unexplored

By  Lawrence Williams,

Two interesting presentations today at a Mining Journal Investor Seminar in London – one from an already operating, dividend-paying, miner in Eritrea with a remarkably good earnings profile and the other from a very early stage explorer looking for gold and VMS (Volcanic Massive Sulphide) copper-gold orebodies along the same trend.

The first of these will be obvious to anyone who follows activity in this remarkably prospective part of north-eastern Africa as it operates the only significant mine in the country Continue reading Eritrea’s Great Gold Potential – and Copper and Silver and Zinc!

Eritrea Agrees to pay Chalice US$32 million for a 30% Share on Zara Gold Project

ENAMCO to pay Chalice for 30% share

By Marketwire,

Chalice Gold Mines Limited (TSX:CXN)(ASX:CHN) is pleased to announce that it has reached agreement with the Eritrean National Mining Corporation (“ENAMCO“) for ENAMCO’s acquisition of a 30% participating interest in Chalice’s Zara Gold Project in Eritrea, East Africa, paving the way for final permitting, financing and development of the Zara Gold Project.

The agreement covers the high-grade Koka Gold Deposit (“Koka”), as well as the Zara North, Central and South Exploration Licences (the “Zara Licences”) but excludes the Company’s 100% owned Mogoraib North and Hurum exploration licences. Koka is one of the highest grade undeveloped open pittable gold deposits in the world with Probable Mineral Reserves of 4.6 million tonnes grading 5.1g/t gold for 760,000 contained ounces of gold. Continue reading Eritrea Agrees to pay Chalice US$32 million for a 30% Share on Zara Gold Project

Chalice Advances Discussions on ENAMCO’s Acquisition of 30% of the Zara Project

Chalice, ENAMCO to agree

Chalice Gold Mines has shown progress in commercial discussions with ENAMCO on the terms and purchase price for the acquisition of ENAMCO’s 30% paid participating interest in the Zara Project.

The project permitting process, including negotiation of the Mining Agreement, is also proceeding as expected.    

  Continue reading Chalice Advances Discussions on ENAMCO’s Acquisition of 30% of the Zara Project

Chalice Gold gains exploration licences in Eritrea

Chalice goes Exploration

Reuters – Eritrea has granted Australia’s Chalice Gold Mines (CHN.AX) two new exploration licences covering 830 square kilometres in the north of the Horn of African nation, the miner said in a statement.

Chalice said in a statement on Thursday its licences for the Zara North and Zara South had also been changed to exploration licenses from prospecting licenses.        Continue reading Chalice Gold gains exploration licences in Eritrea

Eritrea: Chalice Gold Listed in Toronto Stock Exchange

Gold trades above $1,300 per oz

Matthew Hill – 26November 2010

Perth-based Chalice Gold, exploring for gold in Eritrea, listed on the TSX on Friday, and chairperson Tim Goyder predicted its Zara project would have a capital payback period of “slightly over two years” at a $1 200/oz gold price.

According to a feasibility study, the Koka deposit at Zara would produce an average 104 000 oz/y with low cash operating costs of $338/oz and an initial mine life of seven years.

“With these robust economics, Chalice has, in cooperation with the Eritrean government, commenced the permitting process for the Koka project to facilitate the grant of a mining licence to enable development to commence during 2011,” Goyder told shareholders on Thursday at Chalice’s annual general meeting in Perth.    Continue reading Eritrea: Chalice Gold Listed in Toronto Stock Exchange