Golden Chalice Resources Posts Langmuir NI 43-101 Mineral Resource Evaluation Report on SEDAR for Public Viewing
July 06 2010 - 1:04PM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce it has posted on SEDAR its recently completed
NI 43-101 Mineral Resource Evaluation Report for the W4 deposit at
its Langmuir Nickel Project. The report can be found by through
SEDAR's website located at www.SEDAR.com. The report was completed
by SRK Consulting Inc. of Toronto, Ontario.
EXCERPT FROM EXECUTIVE SUMMARY:
"The characteristics of Langmuir W4 are of sufficient merit to
justify undertaking preliminary engineering, environmental and
metallurgical studies aimed at completing the characterization of
the nickel sulphide mineralization. This would provide a snapshot
assessment of the current information base at Langmuir W4, which
can provide economic guidelines for future exploration strategies
within the Langmuir Property.
The geological setting and character of the nickel sulphide
mineralization delineated to date on Langmuir W4 are of sufficient
merit to justify additional exploration and development
expenditures."
"The W4 deposit represents the highest grade nickel deposit that
is amenable to open pit mining methods in the immediate area and it
is the Company's full intention to capitalize on this advantage
given current metal prices," stated Company President, Steve de
Jong. "The completion of the Resource Estimate is a major hurdle
for the Company as we begin to assess the development potential of
the W4 deposit. It is encouraging to see SRK's recommendations
involve metallurgical and environmental testing and that the W4
deposit is of sufficient merit to justify development
expenditures."
HIGHLIGHTS FROM THE REPORT INCLUDE:
-- an Indicated mineral resource of 677,000 tonnes at an average grade of
1.00% nickel and an additional 171,000 tonnes at an average grade of
0.89% nickel in the Inferred category, the majority of which is amenable
to open-pit mining methods.
-- SRK notes that these mineral resources occupy only a small footprint of
the larger Golden Chalice controlled Langmuir Property
The Company has also received from SRK a conceptual open pit
shell from which the 'Open Pit' portion of the resource estimate
was estimated (page 65 of Report). To view a 3D image of the
conceptual open pit shell click on the following link:
http://www.brmstatpack.com/lt/1001/1135/w4-open-pit
The mineral resource statement prepared by SRK is detailed in
Table 1, below.
Table 1: Mineral Resource Statement(i), Langmuir W4 Nickel
Project, Ontario (May 12, 2010)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Category Quantity Grade Metal
--------------------------------------------------------
Tonnes Ni Cu Ni Cu
000't % % lbs 000's lbs 000's
----------------------------------------------------------------------------
Open Pit(ii)
Indicated 590,000 0.99 0.06 12,816 840
Inferred 125,000 0.88 0.06 2,437 157
----------------------------------------------------------------------------
Underground(ii)
Indicated 87,000 1.04 0.08 1,997 149
Inferred 46,000 0.91 0.05 923 53
----------------------------------------------------------------------------
Combined
Indicated 677,000 1.00 0.06 14,813 989
Inferred 171,000 0.89 0.06 3,360 210
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Mineral resources are reported in relation to optimized pit shells.
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative
accuracy of the estimate. All assays have been capped where
appropriate.
(ii) Open pit mineral resources are reported at a cut-off of 0.40 percent
nickel inside a conceptual pit shell. Underground mineral resources are
reported at 0.70 percent nickel and include resource blocks above
cut-off outside the conceptual pit shell. Cut-off grades are based on a
nickel price of US$8 per pound and a metallurgical recovery of
eighty-seven percent, without considering revenues from other metals.
Kevin Montgomery, P.Geo., is the Company's qualified person 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 Kevin Montgomery.
ABOUT GOLDEN CHALICE
On May 19, 2010, the Company announced it had completed a NI
43-101 resource estimate for its flagship Langmuir Nickel 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.
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.
Steve de Jong or Stephen Pearce (604) 629-1808
info@goldenchaliceresources.com www.goldenchaliceresources.com
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