Golden Chalice Resources Commences Gold Exploration on Timmins West Property and Advances Radio Hill Iron-Ore Project
- MULTIPLE TARGET PORPHYRIES TO BE EXPLORED FOR GOLD POTENTIAL ON TIMMINS WEST PROJECT, EXPLORATION WORK TO COMMENCE IMMEDIATELY ON CENTRAL PORPHYRY
- GEOLOGY HOSTING PORPHYRIES SIMILAR TO THAT OF THE TIMMINS GOLD CAMP AND THE WEST TIMMINS MINING/LAKE SHORE GOLD DISCOVERY, 45 KM TO THE NORTHEAST ALONG THE SAME FAULT ZONE
- DEVELOPMENT OPTIONS, INCLUDING PARTNERSHIPS, BEING ASSESSED FOR THE RADIO HILL IRON ORE PROJECT
- EXISTING INFRASTRUCTURE IN PLACE INCLUDING A RAILROAD SIDING BUILT IN THE 1960'S TO ACCESS IRON-ORE
"We staked the Timmins West Property because the geology is a mirror image to that of the Timmins Mining Camp," comments Company President, John Keating. "Fortunately for us, the Timmins West Property has received very limited exploration in the past because the area is almost entirely covered by a veneer of overburden that hides potential gold deposits. Our large land package has the potential to host multiple gold deposits similar to those in the Timmins and the Lakeshore Gold-West Timmins areas. In addition to gold, we are also assessing potential development opportunities, including possible partners, for the Radio Hill Iron-Ore Deposit on the Timmins West Property"
Making up the western extension of the Timmins West property, is the Radio Hill Iron-Ore project. Non NI 43-101 resource compliant estimates done in the 1960's estimated the potential for up to 420 million tons of 25.78% soluble iron to a depth of about 300 metres. Historic metallurgical tests indicate the potential to produce 63 to 65% iron concentrate.
The magnetite rich iron formation forms a topographical high and is reported to cover an area over 2 km long with a maximum width of approximately 500 meters. Previous drilling has only tested the iron formation to a vertical depth of 400 meters and historic reports indicate the potential for the mineralization to continue at depth. In addition to the Radio Hill occurrence, the Timmins West land package also hosts over 40 km of the Nat River iron formation that can be explored for iron-ore potential.
The Radio Hill Iron-Ore project is accessible by paved highway and gravel secondary road. The Kukatush railroad siding of the Canadian National Railroad is 3 km along an existing road from the Radio Hill Iron Ore occurrence. Hydroelectric power, water, and natural gas are also available in the area. The property was last worked and explored in the 1960s by Kukatush Mining Corporation.
Peter Caldbick, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Timmins West Project. The contents of the press release have been reviewed and approved by Peter Caldbick.
The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability
About Golden Chalice
Along with its Timmins West Property, the Company's continues to focus on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a gold project in Nevada.
CONTACT INFORMATION
Corporate Inquiries:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations:
Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources Announces Private Placement
In accordance with Exchange policies, finders' fees may be paid on the funds raised. The private placement is subject to regulatory approval.
Funds raised will be used for exploration on the Company's Ontario and New Brunswick properties as well as general working capital. Exploration will focus primarily on potential gold targets in areas with geology similar to existing gold discoveries such as Lake Shore Gold/West Timmins Mining's recent drill hole intercept of 12.75 g/t gold over 83.4 meters (West Timmins News Release June 24, 2009).
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources: Drilling Discovers Southeast Extension of Volcanic Stratigraphy Hosting Explor Resources' Gold Discovery
• COMPANY PLANNING IP SURVEY AS A PRECURSOR TO A SECOND DRILL PROGRAM
Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce the completion of a diamond drilling program of 2,039 meters on its Abitibi East Property. Drilling intersected what the Company believes to be the southeast extension of the volcanic stratigraphy hosting Explor Resources' Eastford Lake Property gold discovery of 142.26 g/t Au over 3.0 meters, announced by Explor Resources, February 9, 2009.
"We are encouraged by the results of this initial shallow drilling program. Two widely spaced holes, in an area that has never been drilled, have successfully intersected what appears to be an extension of the favourable volcanic horizon hosting Explor's high-grade gold discovery. The presence of anomalous gold mineralization within the altered volcanics supports the exploration potential for gold at depth and along strike," comments Company President, John Keating. "Explor Resources' gold discovery at 400 m vertically below surface and West Timmins' recent discovery at 700 m below surface confirm the need to test favourable geological environments at depth. Moving forward, the Company will conduct ground surveys followed by drilling to test at depth for high grade gold mineralization."
Two gold intercepts were returned from hole GCAE09-5 including 1.52 g/t Au over 0.5m (23.4-23.9 m downhole) and 1.95 g/t Au over 0.7m (91.9-92.6 m). Hole GCAE09-6 located 300 m southeast of GCAE09-05 intersected 1.85 g/t Au over 0.8 m (236.7-237.5 m). The gold mineralization occurs within sulphidic quartz flooded zones in a belt of carbonatized ultramafic and mafic volcanic rocks intruded by local feldpar porphyries. The favourable belt of altered volcanics appears to correlate with a magnetic geophysical signature that can be traced across a 1.5 km long grid, and remains open along strike.
The Abitibi East property is located approximately 75 km northeast of Timmins, Ontario.
Peter Caldbick, P.Geo. and Kevin Montgomery, PGeo., are the qualified persons for the purposes of National Instrument 43-101 for the Company's Abitibi East Project. The technical contents of the press release have been reviewed and approved by Peter Caldbick.
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources Acquires Kenogaming Gold Property in West Timmins along Destor-Porcupine Fault
• CLAIMS CONTIGUOUS WITH TIMMINS WEST/RADIO HILL PROPERTY
VANCOUVER, BC - Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Kenogaming gold property. The Kenogaming property consists of ten claims (100 units) in Kenogaming Township, Porcupine Mining Division. The property is accessible by road and is approximately 50 km southwest of Timmins and builds on the Company's land package in the area.
"The acquisition of this gold property along with our recent announcement to move forward with exploration on the Timmins West/Radio Hill project will ensure the Company maximizes its exposure to precious metals. Drilling is also underway on gold targets on the Company's Abitibi East property, paid for by a private company," states Company Chairman, Richard Hughes. "We look forward to bringing the Kenogaming gold property forward and are currently using historic data to plan the initial exploration program."
To view a map of the Kenogaming gold property, located in the West Timmins district, please click on the following link:
http://www.goldenchaliceresources.com/i/pdf/TimminsWest.pdf
The property occurs along what may be a splay off the prolific gold-bearing Destor Porcupine Fault Zone ('DPFZ'). The DPFZ hosts the world famous Timmins gold camp as well as other gold deposits in the Harker-Holloway area of Ontario. Potential for gold mineralization may be evidenced by historical gold-bearing quartz boulders found down glacial ice-direction of the properties.
Consideration for the property consists of $115,000 and 500,000 shares, payable over four years. There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,500,000 and the final 1% for a further $1,500,000.
The Company also announces it has granted 635,000 stock options to directors and officers of the Company and 1,440,000 stock options to employees and consultants at a price of $0.10 per share for a period of five years.
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focus on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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Golden Chalice Resources Plans Exploration Program on Timmins West Gold Project
Please click on the following link to view a map of the Timmins West project and other properties in the West Timmins Mining/Lake Shore Gold discovery region (if the link does not work cut & paste it into the address bar of your browser):
http://www.goldenchaliceresources.com/i/pdf/TW_150k_GCR.pdf
The Company believes its wholly owned Timmins West Property exhibits similar regional geological features as the nearby Thunder Creek Project held by West Timmins Mining Inc. and Lake Shore Gold Corp. Recent deep drilling at the Thunder Creek Project intersected 83.40 meters grading 12.75 grams gold per tonne (g/t), one of the broadest high-grade gold intercepts ever reported from the West Timmins District. The host syenite porphyry at the Thunder Creek Project contains a number of higher grade sub-zones where drilling intersected high-grade mineralization of 38.22 g/t gold over 11 meters.
"West Timmins Mining and Lake Shore Gold's recent success with deep drilling gives us great confidence in our Timmins West Project as the property's potential has been tested with limited shallow drilling." comments Chairman of the Board, Richard Hughes. "The similar geology associated with multiple porphyries on the Timmins West property, as well as the proximity to the Destor-Porcupine Fault Zone make it a highly prospective gold hunting ground."
The host rocks for gold deposits in the Timmins mining camp have been deformed, folded and faulted by major structures such as the Destor Porcupine Fault Zone (DPFZ). These structural systems tend to fracture the rocks creating conduits for the remobilization of gold-bearing fluids from deeper seated sources. The gold-bearing fluids are often associated with intrusives such as porphyries, syenites or granodiorites that may have acted as heat engines responsible for generating these gold-bearing fluids. The western extension of the DPFZ is projected to transect the north portion of Golden Chalice's Timmins West Property.
Historically, the favorable porphyries and surrounding rocks on the Company's Timmins West Property have only been drill-tested with a few shallow holes. Data produced from the Company's airborne regional VTEM/magnetic survey is currently being examined for possible structural and geologic trends that may be related to gold mineralization. Exploration and drilling at depth and along strike will be required to adequately test these porphyries and advance the potential for a gold system on the Timmins West Property.
The Timmins West Property is situated near established mining infrastructure in the Timmins camp, known for its world-class gold and base metal mines and deposits. Approximately 70 million ounces of gold, and over 420 million ounces of silver, 18 billion pounds of zinc and 6.8 billion pounds of copper have been produced from this prolific mining district since mining began in the early 1900s.
The Company would also like to give a brief update on its Abitibi East property, adjacent to a 2009 discovery by Explor Resources where drilling intersected 142.26 g/T Au over 3.0 meters. On July 8th, 2009 the Company announced it had partnered with a private company which would incur $394,694 in expenditures on the project. Prospecting and sampling programs have been completed and drilling is currently underway. The Abitibi East property is located approximately 75 km northeast of Timmins, Ontario.
Please click on the following link for a map of the Abitibi East gold target area (if the link does not work cut & paste it into the address bar of your browser):
http://www.goldenchaliceresources.com/i/pdf/Abitibi-East-map-v9.pdf
Peter Caldbick, P.Geo. and Kevin Montgomery, PGeo., are the qualified persons for the purposes of National Instrument 43-101 for the Company's Timmins West and Abitibi East Projects. The technical contents of the press release have been reviewed and approved by Peter Caldbick.
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focus on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.