Golden Chalice Resources Posts NI 43-101 Technical Report for Radio Hill Iron Ore Property on SEDAR
July 20 2010 - 11:39AM
Marketwired Canada
Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce it has posted on SEDAR its recently completed an independent Property
of Merit report on the Radio Hill iron deposit. The report was completed Micon
International Inc. of Toronto, Ontario.
The report can be found on SEDAR or by clicking on the following link:
www.sedar.com
The report states that the project holds significant economic potential should
the mineralization prove to be consistent with historical results. Various
historical resources estimates exist on the property ranging from 90 million
tons grading 27.3% soluble iron to 427 million tons grading 27.3%, depending on
the depth of the open pit used in the calculation. However, since none of the
original core remains available and only limited amounts of the original
metallurgical testwork information remains, none of the resources at the Radio
Hill property meet NI 43-101 requirements.
EXCERPT FROM REPORT CONCLUSIONS:
"In the Radio Hill iron property, GCR has acquired a property containing
extensive iron formation with two potentially significant iron deposits, Radio
Hill and Nat River. On the basis of work carried out by previous operators, the
extensive zone of magnetite-bearing iron formation at Radio Hill appears
amenable to processing by magnetic separation. The Nat River deposit is smaller
and less well explored but appears similar.
Based on the review of all of the historical documentation presented, the
results of GCR's exploration and its site visit to the property, Micon concludes
that a moderate-sized iron resource is likely to exist at Radio Hill that may be
developed commercially as a conventional iron ore operation.
The iron formation lies in areas of high relief relative to surrounding
flat-lying land, thus the Radio Hill deposit will require minimal waste removal
from any pits developed over the early years of mine life. Historical mine
planning work, indicated a stripping ratio of approximately 1:1."
Bench-scale Metallurgical Test Results with Flotation, 1964
--------------------------------------------------------------------------
Facility Weight recovery Concentrate Grade Silica Iron Recovery
(%) (% Fe) (% SiO2) (%)
--------------------------------------------------------------------------
Lakefield 25.9 63.27 7.46 61.1
--------------------------------------------------------------------------
KHD 32.2 61.60 - 66.0
--------------------------------------------------------------------------
These results indicated that the Radio Hill iron deposit had the potential to be
developed commercially, based on the concentrate quality specifications of that
time.
Micon recommends that a thorough program of drilling, assaying, metallurgical
bench-scale testing as well as pilot scale testing should be implemented in
order to verify earlier results and better characterize the quality of the
mineralization. The cost of the program is estimated to be $3.5 million which
would meet the requirements for a 43-101 compliant mineral resource.
The Nat River iron formation , approximately 9.8 kilometers east of the Radio
Hill iron deposit on the adjacent Golden Chalice Resources Timmins West Property
is considered by Micon to be an effectively unexplored area with the potential
for commercial iron deposits.
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.
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
ABOUT RADIO HILL/TIMMINS WEST PROJECT
The Timmins West Project covers portions of iron formation that includes the
historically identified iron deposits of Radio Hill and Nat River approximately
80 km southwest of Timmins. The property comprises 68 claims in two groups that
encompass the Radio Hill and Nat River iron formations. The areal extent of the
property is approximately 12,304 ha. The location, close to the Canadian
National Railway (CN) and to Timmins, together with the associated
infrastructure in the Timmins area, is a significant advantage for the future
development of the property.
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.
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