Close, but no cigar. Here is a cantilevered wood frame chimney clad in thin stone. A tall stone fireplace would be heavy, right? Maybe need a foundation? Yep, that's why this chimney looks fake (the bushes didn't trick me).
A simple solution to make this chimney look authentic would be to attach the thin stone to cement board (in place of the plywood sheathing) for the last 24", and run the stone and cement board 6" below grade...both materials will hold up to any moisture (which should drain AWAY from the house anyway) and look great for years to come.
