Chalice unveils maiden resource

for Koka

Chalice Gold Mines has unveiled a maiden resource of 4.6 million tonnes for 760,000 ounces for the Koka deposit at its Zara project in Eritrea.

The company says its feasibility study, being compiled by Lycopodium Minerals, AMC and Knight Pisold, is expected to be completed next month.

Chalice holds an 80 per cent stake in the Zara project with an option to acquire the balance from Dragon Mining.

Chalice shares were unchanged at 49.5 cents at 11am.

Nido, Kairiki in trading halt

Nido Petroleum is expected to announce positive results from drill stem testing at its Tindalo-1 well off the coast of the Philippines.

Shares in the company, which operates the broader SC54A project and holds a 42.4 per cent stake, were placed in a trading halt along with those of 30.1 per cent joint venture partner Kaikiki Energy.

The balance of the project is held by commodities trader Trafigura (15 per cent) and TG World (12.5 per cent).

Late last month, Nido reported the first oil flows from Tindalo.

Shares in Nido were up one cent, or 5.41 per cent, to 19.5 cents before the trading halt was called while shares in Kaikiki Energy rose 0.5 cents, or 2.86 per cent, to 18 cents.