Golden Chalice Resources Provides Exploration Update on Portage Property, Bathurst, New Brunswick
November 16 2009 - 12:52PM
Marketwired
Golden Chalice Resources Inc.(TSX VENTURE: GCR) ("The Company") is
pleased to provide an exploration update on its Portage property,
located in the Bathurst district of New Brunswick. The Bathurst
base metal mining district also includes the current producer
Brunswick #12 mine one of the largest zinc/lead/silver massive
sulphide deposits in the world (150 million tons grading
approximately 12% Zn, 3,5% Pb, 3 oz. Ag, and 0.4% Cu/ton).
Previous drilling on the Portage property intersected
Zn-Pb-Cu-Ag mineralization within and in the vicinity of the
Portage Brook sulphide zone. Additional drilling is required on
this zone where one drill hole intersected 47 metres of 2.3%
Zn.
A subsequent drill hole on an airborne anomaly over 1 km to the
south of the Portage zone intersected approximately 60 metres of
massive to disseminated sulphides in a chloritic alteration zone.
This type of mineralization elsewhere in the Bathurst district is
generally only encountered near significant base metal
mineralization.
"The Company has flown more than 600 line kilometers of airborne
VTEM surveying which has led to the identification of over 50
anomalies. Only six of these anomalies have been tested to date,
three of which have returned low grade sulphides in drill core,"
comments Company President, John Keating. "These VTEM anomalies,
which are currently being defined with a MMI geochemical sampling
program, will be the focus our next drill program."
The current work program consists of MMI geochemical sampling
along the favourable geological trends and over airborne
electromagnetic anomalies. Approximately 750 samples will be
collected and submitted for analyses. Results of the geochemical
survey will assist in anomaly selection and target delineation for
the 2010 field program. Diamond drilling and trenching are
planned.
Terry Mersereau, PGeo, is the qualified person for the purposes
of National Instrument 43-101 for the Company's Portage property.
The contents of the press release have been reviewed and approved
by Terry Mersereau.
As a correction to a news release issued February 27, 2009,
options issued in April 2004 and November 2004 will remain at their
issued price and options issued between April 2005 and January 2008
which were all priced above $0.20 will be re-priced to $0.20.
Options announced on September 23, 2009 are priced at $0.14.
The Company is pleased to announce that Intrinsic Minerals Ltd.
has earned its 6% joint venture interest and it has exercised its
option to sell this interest back to the Company through the
issuance of 2,872,450 units.
The Portage Property
The Portage property is located approximately 1.5 km from Blue
Note Metals Inc.'s Restigouche massive sulphide deposit and
approximately 20 km from their Caribou deposit. The Portage claims
comprise approximately 12 km of favourable volcanic stratigraphy
for hosting a Bathurst type massive sulphide deposit.
About Golden Chalice
Along with its Portage 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.
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: Corporate Inquiries: Golden Chalice Resources Inc.
Alan Campbell Investor Relations (604) 685-2222
info@goldenchaliceresources.com Golden Chalice Resources Inc. Kevin
Hull Investor Relations (604) 685-2222
info@goldenchaliceresources.com www.goldenchaliceresources.com
AGORACOM Investor Relations: GCR@agoracom.com
www.agoracom.com/ir/goldenchalice
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