on the fringe..

of a large VHMS system.

As per usual market looked at a couple of grades and as they were not bonanza not a lot of fresh buying but a closer look at what is said gives plenty of room for encouragement.

http://chalicegold.com/upload/documents/InvestorRelations/releases/20121121ASXAnnouncementExplorationUpdateMogoraibNorth.pdf

MOGD-00021 was drilled to test a VTEM conductor anomaly and coincident gravity anomaly, T209, within a linear cluster of conductor and gravity anomalies extending over a strike length of two kilometres..
The widespread occurrence of sulphides and the mineralogy observed in diamond drill core suggests that the intersection in MOGD-00021 may occur on the fringes of a large VHMS system.

In the meantime, a detailed gravity survey has now been completed over a 12 sq km zone covering the VTEM anomaly trend to refine the previous regional gravity survey data (see Figure 3). This has highlighted several gravity highs on the northern end of the trend as high priority targets.
The EM surveys will provide much greater resolution than the airborne VTEM survey that has guided the drilling to date.

“The results from MOGD-00021, combined with what we have seen in follow-up drilling, have given us confidence that we are onto a significant VHMS system at Mogoraib North that previously lay totally undiscovered beneath shallow cover.

“The tenor of results seen in the discovery hole is consistent with mineralization often seen on the fringes of a large system like Bisha. The extent of sulphides intersected in the drilling to date gives us great confidence that we are now in a ‘hot spot’ with outstanding potential to discover economic concentrations of massive sulphide mineralization within the broader system.