Golden Chalice Resources Acquires Two Properties in West Timmins Gold District Along Destor-Porcupine Fault
December 15 2009 - 8:45AM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce, subject to regulatory approval, the
acquisition of a 100% interest in the Kenogaming South gold
property and the Rosswin property. The Kenogaming South property
consists of five claims (40 units) in Kenogaming Township,
Porcupine Mining Division. The Rosswin property consists of one
claim of 3 units in Penhorwood Township, Porcupine Mining Division
directly north of the Company's Timmins West property. Both
properties are accessible by road and are located approximately 50
km southwest of Timmins.
To view a map of the Kenogaming South and Rosswin properties,
please click on the following link:
http://media3.marketwire.com/docs/tw_map_1215.pdf
"We staked the Timmins West Property because the geology is a
mirror image to that of the Timmins Mining Camp," commented Company
President, John Keating in a recent press release (November 10,
2009) highlighting the Company's Timmins West Project. "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"
Consideration for the Kenogaming South property consists of
$70,000 and 200,000 shares, payable over four years. There is a 3%
net smelter return payable, two-thirds (2%) of which may be
purchased for $1,500,000. Upon completion of a positive feasibility
study a further 100,000 common shares would become payable.
Consideration for the Rosswin property consists of $4,000. There is
a 2% net smelter return payable, one-half (1%) of which may be
purchased for $1,000,000.
About Golden Chalice
Golden Chalice Resources is a member of the Hughes Exploration
Group of Companies and is led by a team with a stellar track record
of discovery and development in Canada.
The Company continues to advance 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.
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. Alan Campbell or Kevin
Hull Investor Relations (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
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