Chalice owns the Cameron Gold project in Ontario, and will also retain a 1% net smelter royalty over certain mining claims within the project.
The advanced-stage resource project is located in Kakagi Lake Greenstone Belt of the Archean-aged Superior Province in south-western Ontario, 80km south-east of Kenora.
It comprises a total of 154 unpatented claims, 24 patented claims, in addition to seven mining licences of occupation and four mining leases for a land package totalling 31,673ha.
Chalice acquired the project in 2014 from Coventry Resources and has upgraded the Cameron resource since then.
First Mining chairman Keith Neumeyer said: "The acquisition of the Cameron gold project further enhances First Mining’s position in Ontario and adds to our portfolio an attractive property with a significant established resource and a very large land package with significant exploration upside.
"This accretive acquisition increases our global Measured and Indicated in-situ gold resources to over 6.8 million ounces and our total Inferred in-situ gold resources to over 3.5 million ounces."
Chalice managing director Tim Goyder said: "Through this transaction, the company’s shareholders would retain exposure to the significant upside of the Cameron Project via its 8% shareholding in First Mining, while maintaining a strong cash balance of approximately $37m to pursue other opportunities.
"With their unique business model of aggressively acquiring advanced projects in North America and a well-known and proven management team, First Mining is ideally placed to realise the value of this asset in an improving commodity price environment."
The transaction is subject to approval of Chalice shareholders and receipt of applicable regulatory and stock exchange approvals. It is expected to close once all approvals are in place.