Golden Chalice Resources Inc. Commissions NI 43-101 Report on Radio Hill Iron-Ore Project; Completes Drilling on South Porcupine
March 02 2010 - 12:10PM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: 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/1001/1068/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.
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.
Contacts: Corporate Inquiries: Golden Chalice Resources Inc.
Alan Campbell or Kevin Hull Investor Relations (604) 685-2222
info@goldenchaliceresources.com www.goldenchaliceresources.com
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