Golden Chalice Resources Inc. Provides Project Updates
- DRILLING COMMENCES AT LANGMUIR TO TEST NICKEL POTENTIAL OUTSIDE THE ORIGNIAL W4 DISCOVERY AREA, 1.5 KM AWAY IN THE W2 AREA WHERE 2009 DRILLING INTERSECTED 1.72% NICKEL OVER 3.0 METERS
- W4 DEPOSIT NI43-101 RESOURCE ESTIMATE CURRENTLY UNDERWAY
- RADIO HILL IRON-ORE NI43-101 PROPERTY OF MERIT REPORT UNDERWAY, PROPERTY CONTAINS A HISTORICAL NON-COMPLIANT 43-101 RESOURCE ESTIMATE OF 326 MILLION TONS GRADING 25.58% SOLUBLE IRON CALCULATED BY DRILLING AND BULK TONNAGE SAMPLING, HISTORIC METALLURGICAL TESTS INDICATE THE POTENTIAL TO PRODUCE 63 TO 65% IRON CONCENTRATE.
- DRILLING RECENTLY COMPLETED ON SOUTH PORCUPINE PROPERTY AND ASSAYS PENDING
"The Company's 2010 exploration program is well underway and we are excited to be moving forward on a number of fronts," comments Company President, Richard Hughes. "Drilling is underway at Langmuir, two NI 43-101 reports are in progress, assays are pending one the South Porcupine and spring/summer exploration plans are now being finalized for a number of the Company's newly acquired West Timmins gold projects as well as upcoming work on our Abitibi East project and Timmins West project."
LANGMUIR NICKEL/PLATINUM/PALLADIUM PROJECT:
Drilling has commenced its 100% owned Langmuir Nickel/Platinum/Palladium project, located 35 km southeast of Timmins, Ontario.
Drilling will focus on the follow up of earlier nickel discoveries on the W2 nickel occurrence (see map below), located approximately 1.5 km east of the W4 Nickel Deposit. Previous drilling on the W2 intersected 3.3% Ni over a drilled width of 0.9 meters in drill hole GCL09-1. Another hole, GCL09-10 drilled 25 meters east of the first hole intersected 0.55% nickel over 20 meters including 1.72% nickel over 3.0 meters drilled width. The style of mineralization in the W2 zone is consistent with that of the W4 Deposit, further validating the theory of the potential that Langmuir is a Kambalda-type district with potential for multiple nickel deposits. The W2 and W4 areas are 1.5 km away from each other.
To view a map showing the Langmuir property in comparison to the Kambalda Dome in Australia click on the following link or cut and paste the link into your browser location bar:
http://www.brmstatpack.com/lt/1001/1075/langmuir-compilation-map
In addition to the drilling announced today, on February 4, 2010, the Company announced it had commissioned SRK Consulting (Canada) Inc. to commence a NI 43-101 resource estimate report on the W4 deposit at Langmuir.
Past GCR drill highlights from the W4 deposit include:
- 2.75% Ni over 24.4 meters including 3.79% Ni over 14 meters
- 3.14% Ni over a 10.6 meters
- 2.37% Ni over 10.7 meters
- 1.14% Ni over 72.5 meters including 2.23% Ni over 17.5 meters (Discovery Hole).
Completion of the report is expected within approximately four to six weeks.
RADIO HILL IRON-ORE PROJECT (WESTERN EXTENSION OF TIMMINS WEST PROPERTY):
On March 2, 2010, the Company announced it had commissioned Micon International Ltd to undertake a NI 43-101 property of Merit report on its Radio Hill Iron-Ore project. An historic, non NI 43-101 resource compliant estimate done in the 1960's estimated the potential at 326 million tons of 25.58% soluble iron to a depth of approximately 300 meters. Historic metallurgical tests indicate the potential to produce a 63 to 65% iron concentrate.
"Data gathered from the report will be used to provide a more thorough understanding of the potential feasibility of the project as well as assess various options in moving the project towards production," commented Company President, Richard Hughes, in the March 2, 2010 press release announcing the 43-101 report.
The Radio Hill 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.
Completion of the report is expected within approximately six to eight weeks.
SOUTH PORCUPINE:
An early stage drill program was recently completed on the Company's South Porcupine property. Core is being logged and assays are pending.
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
Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo., are the Company's qualified persons for the purposes of National Instrument 43-101 for the Company's Timmins' area projects. The technical contents of the press release have been reviewed and approved by Peter Caldbick.
About Golden Chalice
On February 4, 2010 the Company announced it had commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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.
CONTACT INFORMATION
Corporate Inquiries:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
Visit Golden Chalice's web-site: www.goldenchaliceresources.com for further information on the Company and its various projects.
To view a Smartstox interview with Company Chairman, Richard Hughes, click on the following link:
http://www.brmstatpack.com/lt/1001/1080/smartstox-intervew-gcr
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources Inc. Commissions NI 43-101 Report on Radio Hill Iron-Ore Project; Completes Drilling on South Porcupine
• PREVIOUS DRILLING HAS ONLY TESTED THE IRON FORMATION TO A VERTICAL DEPTH OF 400 METERS, HISTORIC REPORTS INDICATE THE POTENTIAL FOR MINERALIZATION TO CONTINUE TO DEPTH
• MICON INTERNATIONAL LTD. COMMISIONED TO UNDERTAKE REPORT
• EXISTING INFRASTRUCTURE IN PLACE INCLUDING A RAILROAD SIDING PREVIOUSLY BUILT TO ACCESS IRON-ORE; HYDROELECTRIC POWER, WATER AND NATURAL GAS ALSO AVAILABLE IN THE AREA
• NI 43-101 RESOURCE ESTIMATE ALSO UNDERWAY FOR THE COMPANY'S LANGMUIR NICKEL-PLATINUM-PALLADIUM PROJECT
Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce it has engaged the services of Micon International Ltd. to initiate a property of merit National Instrument 43-101 compliant report on its wholly-owned Radio Hill Iron-Ore project, the western extension of the Company's Timmins West property.
An historic, non NI 43-101 resource compliant estimate done in the 1960's estimated the potential at 326 million tons of 25.58% soluble iron to a depth of approximately 300 meters. Historic metallurgical tests indicate the potential to produce a 63 to 65% iron concentrate.
"We are excited to be moving forward with a 43-101 report on the property," comments Company President, Richard Hughes. "The Radio Hill Iron-Ore project is unique in that a large part of the infrastructure needed to advance the project towards production, including the Kukatush railroad siding, was built in the 1960s and never utilized. Data gathered from the report will be used to provide a more thorough understanding of the potential feasibility of the project as well as assess various options in moving the project towards production. We are also awaiting results from the recently commissioned NI 43-101 resource estimate on the Company's Langmuir project."
To view a map of the Company's Radio Hill Iron-Ore project click on the following link (if the link does not work cut and paste it into the location bar of your web browser):
http://www.brmstatpack.com/lt/1001/1069/radio-hill-pdf
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 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.
The Company would also like to announce it has completed an early-stage drill program on its South Porcupine Gold and Nickel project. Core is currently being logged and assays are pending.
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
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 Company is also pleased to announce the appointment of Diana Mark as Corporate Secretary and Kathi Bartels as Assistant Corporate Secretary.
About Golden Chalice
On February 4, 2010 the Company announced it had also commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
Visit Golden Chalice's web-site: www.goldenchaliceresources.com for further information on the Company and its various projects.
To see Smartstox interviews with Company Chairman, Richard Hughes, click on the following link:
http://www.brmstatpack.com/lt/1001/1070/smartstox-interview---gcr
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 Inc. Closes Private Placement
In connection with the transaction, a cash commission totaling $80,000 was paid to Limited Market Dealer Inc. Included in the private placement was the sale of 7,142,855 flow-through units to MineralFields Group.
The proceeds of the private placement will be used for exploration expenditures on the Company's Ontario mineral properties as well as for general working capital.
About MineralFields
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.
About Golden Chalice
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.
The Company is also advancing its Timmins West property, which contains a number of porphyries and similar geology to the Lake Shore Gold ground, approximately 30 km to the northeast, as well as its Abitibi East gold property.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations Phone: (604) 685-2222 Email: info@goldenchaliceresources.com Website: www.goldenchaliceresources.com
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company President, Richard Hughes.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources Inc. Commissions NI43-101 Resource Estimate on Langmuir Nickel/Platinum/Palladium Project
- INFILL DRILLING RESULTS USED FOR RESOURCE DEFINITION AS HIGH AS 2.75% NICKEL OVER 24.4 METERS INCLUDING 3.79% NI OVER 14 METERS
- UPCOMING DRILL PROGRAM PLANNED FOR THE 2009 W2 DISCOVERY AREA THAT RETURNED 1.72% NICKEL OVER 3.0 METERS
- SRK CONSULTING (CANADA) INC. COMMISIONED TO UNDERTAKE NI43-101 RESOURCE ESTIMATION REPORT
Langmuir drill highlights include:
A diagram of the Langmuir project, including a longitudinal of the W4 --A Zone and a conductivity model derived from airborne VTEM data can be found by clicking on the following link (if the link does not work cut and paste into the location bar of your web browser):
- 2.75% Ni over 24.4 meters including 3.79% Ni over 14 meters
- 3.14% Ni over a 10.6 meters
- 2.37% Ni over 10.7 meters
- 1.14% Ni over 72.5 meters including 2.23% Ni over 17.5 meters (Discovery Hole).
http://www.brmstatpack.com/lt/1001/1048/compilation-map-of-langmuir-project
"Almost three years of exploration and definition drilling has brought us to this stage and we are excited to be moving ahead with an NI 43-101 resource estimate on the W4 zone of the Langmuir project. A number of nickel explorers in close proximity have recently announced resource estimates which, given the apparent grade and shallow depth of mineralization at Langmuir, has encouraged us to move forward with our own," comments Company President, Richard Hughes. "The Langmuir project continues to show its potential and we will continue to test a number of other high priority targets within this extensive land package as we develop our resource estimate."
Infill drilling over the course of 2008 helped define and validate continuity of mineralization within the A Zone. Three sub-vertical lenses (the A, B, and C Zones) that are open with depth, have been delineated to date within the W4 deposit. The A Zone, which comes to surface, hosts the bulk of the mineralization. Mineralization at the C Zone has been intersected 375 meters vertically below surface (0.56% nickel over a drilled width of 12.5 meters). Drilling suggests that true widths vary anywhere from 2.0 to 18.0 meters. The nickel zones consisting predominantly of pyrrhotite and pentlandite mineralization within komatiitic peridotites, also possesses accessory copper, cobalt, platinum and palladium. This sulphide mineralization and geological setting is typical of a Kambalda style nickel deposit.
Drilling in 2009 by Golden Chalice discovered nickel mineralization approximately 1.5 kilometers east of the W4 Nickel deposit. The discovery, known as the W2 Discovery was initially drilled following up on combined VTEM conductors and strong MMI nickel anomalies. The first drill hole, GCL09-1, intersected 3.3% nickel over a drilled width of 0.9 meters. Another hole , GCL09-10 drilled 25 meters east of the first hole program intersected 0.55% nickel over 20 meters including 1.72% Nickel over 3.0 meters drilled width. Golden Chalice Resources plans to drill test this new discovery in 2010.
Kevin Montgomery, P.Geo. is the project supervisor and has reviewed and approved the technical contents of the press release. Peter Caldbick, PGeo. and Mr. Montgomery are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.
About Golden Chalice
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.
The Company is also advancing its Timmins West property, which contains a number of porphyries and similar geology to the Lake Shore Gold ground, approximately 30 km to the northeast, as well as its Abitibi East gold property.
CONTACT INFORMATION
Corporate Inquiries:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman, Richard Hughes.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Chalice Resources Inc Announces Change in Senior Management
Richard Hughes, Company Chairman, said, "John has helped immensely in establishing a strong exploration team centered in Timmins and has supported and taken part in building an excellent development program in Ontario. Mr. Peter Caldbick has been named as V.P Exploration and will now manage our future continued success in the region."
Mr. Caldbick, a Professional Geologist, has been active in exploration and mining for the past 27 years throughout Northern Ontario and Quebec, Newfoundland and Northwest Territories in the positions of exploration geologist, mine geologist, and consultant. For the past 5 years Mr. Caldbick has worked with the Hughes Group of Companies, notably Golden Chalice Resources and Amador Gold Resources. Mr. Caldbick was directly responsible for building and managing the exploration teams that led to the discovery of Golden Chalice Resources' Langmuir Kambalda nickel discovery and Shillington Lavigne copper discovery, Amador Gold Corp's Loveland nickel-copper discovery, deep-seated zinc, copper and lead replacement style mineralization on the Abitibi East project as well as diamondiferous dykes and conglomerates on Chalice Diamond's Wawa-Chapleau project.
"Given his geological background, proven track record, and extensive knowledge of the Timmins camp and surrounding area we are confident in Peter's ability to lead the Company's exploration team into the New Year. We have amassed an extensive land position in the Timmins camp over the previous five years, including a number of gold projects west of Timmins in 2009, and are now moving forward with an aggressive exploration program," comments, Richard Hughes. "Peter will be working closely with the management team in the development and execution of numerous exploration programs throughout the Timmins camp." (News Release January 7, 2010)
In other matters, 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.
The Company is also advancing its Timmins West property, which contains a number of porphyries and similar geology to the Lake Shore Gold ground, approximately 30 km to the northeast, as well as its Abitibi East gold property.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.