I agree this movement is optimistic. But misplacing between the...

I agree this movement is optimistic. But misplacing between the ASX listing and the TSX listing is inevitable with the TSX listing being highly illiquid compared to the ASX listing. There is at least one Canadian fund who said they were looking at buying on the ASX soon because the TSX doesn't have the required liquidity for them to build a meaningful position in the company. 

If there is more than one fund trying to build a position and couple that with day traders (I've noticed a couple on Twitter) who have noticed the strong chart set-up this spike becomes clearer. 

$22m cash backing the stock with a $42m market capitalisation gives $20m EV for the positions in Victoria and Quebec. In my view, Quebec is worth $20m on its own and any hits with the diamond drills will increase that. Victoria is all hype at this stage but presents a free, very lucrative option for shareholders. As Fosterville-mania continues to hype, I think majors will take a closer look at the area again. All the Western Australian projects (and the other Abitibi project) also offer free options to shareholders - I'm particularly interested in those Nickel properties which management is quietly doing geochemistry and geophysics on now. Management are being frugal and farming out these projects even when they have a $20m cash position. 

Chalice is the perfect prospect generation play.