The Pilgrims led courtesy of goals from Scott Garner and Kaine Felix but Chorley hit back through Chris Doyle and forced extra-time when Adam Roscoe scored an unbelivable overhead kick to level the tie.
Max Stryjek saved two penalties in the shootout, but Garner, Carl Piergianni and Rene Steer were all denied by Sam Ashton in a dramatic and gut-wrenching conclusion to the Pilgrims' campaign.