Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce updates on a number of its priority exploration
projects:
"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).
Three sub-vertical lenses (the A, B, and C Zones) have been
delineated to date within the W4 deposit. Infill drilling during
the past two years has confirmed the continuity of nickel
mineralization within these zones, which extend to surface and are
open at depth. The bulk of the mineralization appears to occur near
surface in the A Zone. Mineralization at the C Zone has been
intersected 375 meters vertically below surface (0.56% nickel over
a drilled width of 12.5 meters).
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.
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.
Contacts: Corporate Inquiries: Golden Chalice Resources Alan
Campbell or Kevin Hull Investor Relations (604) 685-2222
info@goldenchaliceresources.com www.goldenchaliceresources.com
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