My thoughts even though I am not a holder (CHN holder) is that CHN has over 8,000sqkm of territory in W.A. Over 5,000sqkm in the Julimar region. So, why would they risk a further $2.5m if they thought the chances were slim, given that they have explored a fraction of their current tenements. VMS first drill results indicated that there was some smoke in the area that needed further investigation, and CH answered the call. Sure, CHN's round of drilling was not compelling, but they saw enough to risk another $2.5. The CHN team are not fools.
Ann: Chalice commits to second stage of JV on South West Project, page-48
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