Chalice Gold Mines Ltd. has entered into a binding option and farm-in terms sheet to acquire Globex Mining Enterprises Inc.'s full interest in the Nordeau gold project in Quebec's Abitibi region.

The 1,450-hectare project consists of claims wholly owned by Globex and certain claims in which it holds a 60% interest.

Under the terms, Chalice will be required to make annual payments totaling C$590,000 over a four-year option period and undertake exploration work totaling C$2.5 million.

Upon exercising the option, Chalice will grant Globex a 3% gross metal royalty.

The transaction is subject to satisfactory completion of due diligence, while Chalice retains the right to withdraw without earning an interest in the project at any time.

Additionally, Chalice also plans to undertake a detailed review of previous drilling results as a priority, it noted in an Oct. 11 release.