Golden Chalice Resources Acquires Kenogaming & Goose Lake Gold Properties in West Timmins Along Destor-Porcupine Fault
May 05 2010 - 11:18AM
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 Extension,
Kenogaming Central, and Goose Lake gold properties. The properties
consist of eleven claims (81 units) in the Kenogaming and Shaw
Townships, Porcupine Mining Division, Ontario. The Kenogaming
properties are accessible by road and are approximately 50 km
southwest of Timmins, Ontario while the Goose Lake property is
approximately 15 km east of Timmins, near the southwest border of
the South Porcupine property, building on the Company's land
packages in each area.
To view a map of the Kenogaming South Extension, Kenogaming
Central, and Goose Lake gold properties located in the West Timmins
district, please click on the following link:
http://www.brmstatpack.com/lt/1001/1117/timmins-properties
The Kenogaming properties occur along what may be a splay off
the prolific gold-bearing Destor Porcupine Fault Zone ('DPFZ'). The
DPFZ hosts the world famous Timmins gold camp as well as other gold
deposits in the Harker-Holloway area of Ontario.
The newly acquired Goose Lake property, like the South Porcupine
property, is within the Timmins mining camp that has produced over
67 million ounces of gold.
Consideration for the Goose Lake property consists of $15,000
and 200,000 shares, payable over three years. There is a 2% net
smelter return payable, one-half (1%) of which may be purchased for
$1,000,000.
Consideration for the Kenogaming South Extension property
consists of $65,000 and 325,000 shares, payable over three years.
There is a 2% net smelter return payable, one-half (1%) of which
may be purchased for $1,000,000.
Consideration for the Kenogaming Central property consists of
$70,000 and 250,000 shares, payable over three years. There is a 2%
net smelter return payable, one-half (1%) of which may be purchased
for $1,000,000.
The Company also announces that it has completed its evaluation
of the Rayner Lake property and decided not to continue with the
option.
The Company also announces that, subject to the approval of the
TSX Venture Exchange, it plans to extend the term and reduce the
exercise price of 3,607,345 warrants issued by the Company which
currently expire on May 15, 2010. The expiration date of these
warrants will be extended for an additional three years, expiring
on May 15, 2013. The warrant exercise price is amended to $0.15 for
the third year, $0.20 for the fourth year and $0.25 for the fifth
year
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.
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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