Golden Chalice Resources Commences Gold Exploration on Timmins West Property and Advances Radio Hill Iron-Ore Project
November 10 2009 - 12:01PM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce it has commenced exploration work on its
Timmins West project, focusing on a number of known porphyries on
the property. Initial exploration will focus on one of the central
porphyries, where historic testing shows it is geochemically
similar to the Pearl Lake Porphyry in Timmins. The Pearl Lake
porphyry is associated with the McIntyre and Hollinger gold mines
in Timmins. The two mines jointly produced more than 25 million
ounces of gold.
"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.
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.
Contacts: Golden Chalice Resources Inc. Corporate Inquiries:
Alan Campbell or Kevin Hull, Investor Relations (604) 685-2222
info@goldenchaliceresources.com www.goldenchaliceresources.com
AGORACOM Investor Relations: GCR@agoracom.com
http://www.agoracom.com/ir/goldenchalice
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