Golden Chalice Resources Posts NI 43-101 Technical Report for Radio Hill Iron Ore Property on SEDAR
July 20 2010 - 11:39AM
Marketwired
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Golden Chalice Resources Inc. Steve de Jong (604)
629-1808 Golden Chalice Resources Inc. Stephen Pearce (604)
629-1808 info@goldenchaliceresources.com
www.goldenchaliceresources.com
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