Ann: Chalice Confirms Gold Spin-Out Into Falcon Metals Limited, page-50

I suspect they will do the de-merger before drilling Hartog.. LTR has done this with the Buldiana resource still ill defined. I think the main idea of the spin off is to seperate it from the large market cap of CHN and so that the known deposit can be developed into a mine without the unrelated exploration prospects as baggage. The new company focuses on developing their exploration assets, and any good results can have an exponentially higher effect on the share price of the new company, than they would if they were still inside the high market cap CHN.
CHN can focus on developing their main resource too....