Chalk will raise mash pH slightly. There are a very limited quantity of stronger acids in the mash and they have the strength to react with chalk. The other malt acids are not strong enough and they do not participate in a timely manner.
The bottom line is that you can get about 0.1 to 0.2 units rise in pH by adding chalk and then it just doesn't do anything more. Experimental results from Kai Troester prove this response.
My problem with chalk is that you can't rely on it to deliver the alkalinity you want. Chalk takes forever to dissolve and its time frame is much longer than the mashing period. An additional problem is that you can carry over some chalk powder into the boil kettle and then it can dissolve a little more and end up raising the kettle wort pH more than you anticipated.
There are better options for adding alkalinity to the mash like baking soda and lime.

