Chimo

Property Description

The Chimo Group is made up of four properties, covering a total area of 20.3 km2, located 40 km east of Val-d’Or, Quebec.

On November 23, 2016, Chalice Gold Mines Limited (“Chalice”) entered into an agreement with Richmont Mines to acquire a 70% interest in the Chimo group of properties. Chalice may acquire the interest through total option payments of $200,000 and incurring exploration expenditures of $3.1 million over four years. Chalice shall grant a 1% Net Smelter Royalty to Monarques on claims with no existing royalty.

Historically, most of the exploration work in the area was focused on the Chimo Mine, which produced 1.5 million tonnes at 6.5 g/t of gold, and on its lateral extensions. The properties are located in the eastern part of the prolific Abitibi greenstone belt, south of the interpreted eastern extension of the famous Cadillac Larder Lake Fault Zone, and surround the former Chimo Gold Mine.