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Message: Press Release Jan 16th

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Press Release Jan 16th

posted on Mar 09, 08 02:25PM

News from Filing Services Canada
Drilling Continues to Expand Langmuir Nickel Mineralization to the East and at Depth
08:00 EST Wednesday, January 16, 2008FSC / Press ReleaseDrilling Continues to Expand Langmuir Nickel Mineralization to the East and at DepthVancouver, British Columbia CANADA, January 16, 2008 /FSC/ - Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), is pleased to announce results from its Langmuir Nickel Project located approximately 35 kilometers southeast of Timmins and 30 kilometers south of the Xstrata Metallurgical complex in Ontario. Two drills have been exploring the easterly and westerly strike extensions of nickel mineralization discovered in early May of 2007. A third drill has just been added to commence testing over 20 newly identified B-field airborne VTEM targets on the Langmuir property. The Company geophysicist has noted that numerous targets share similar characteristics to the initial nickel discovery with respect to size and depth.The GCR nickel discovery in the southeast portion of Langmuir Township is the first nickel discovery in over 30 years within an area geologists believe has similar potential to the Kambalda nickel camp in Western Australia. The Kambalda camp is approximately 10 km long by 4 km wide and hosts at least 25 nickel sulphide deposits. These deposits rim a geological feature called the Kambalda Dome.In comparison, GCR's land position is over 25 kilometers long and up-to 6 km wide. The property encompasses a substantial part of an arcuate belt of highly prospective peridotitic komatiites that rim a geological dome called the Shaw Dome. Similar peridotitic komatiites within the arcuate belt and adjacent to GCR's Langmuir property currently host nickel deposits such as the Redstone and the Langmuir nickel mines.The Shaw Dome shares similar characteristics to the Kambalda Dome. The presence of several nickel deposits rimming the Shaw Dome confirms the potential for the discovery of additional nickel deposits around this Dome. Drilling to date on GCR's Langmuir nickel discovery has established 3 parallel nickel bearing zones (A,B,C). The A and B zones appear to merge and separate from one another. They range in true width from 3 to over 20 metres and have been followed along strike for 200 metres and to a vertical depth of 250 metres. The C zone is 3 to 10 metres in true width and is only intersected at depth. Thus far the deepest intersection is at about 375 metres below surface. All 3 zones are open at depth. The zones dip subvertically to the north and may roll and dip toward the south according to geophysics. Deeper drilling is underway to test the depth and down plunge extension of the nickel zones. In addition, shallow drilling is planned to determine the near surface expression of the nickel mineralization to better define the zones for resource estimation. The drill results will be used to calculate a resource estimate as a first step toward determining the economic viability of the recently discovered Langmuir nickel zones. Recent results from drilling include hole GCL07-27, collared 25 meters east of the discovery drill hole, which intersected 1.62% Ni over 4.90 meters from 203.10 to 208.0 meters drilled width including 2.65% Ni over 2.35 meters from 203.10 to 205.45 meters. This zone is tentatively correlated with the A zone. The B zone further downhole intersected 1.02% Ni over 5.60 meters from 263.40 to 269.0 meters drilled width. This includes an intersection of 1.36% Ni over 3.10 meters from 263.40 to 266.50 meters. The C zone intersected 1.19% Ni over 10.25 meters from 326.75 to 337.0 meters drilled width.Drill hole GCL07-29, collared 50 meters east of the discovery drill hole intersected 2.0% Ni over 5.20 meters from 217.80 to 223.0 meters. This includes a higher grade interval of 6.73% Ni over 0.85 meters. Estimated true widths are given in the table below:-***-------------------------------------... Est. DDH From To Drilled True Au Pt Pd Cu Ni Width Width (m) (m) (m) (m) g/t g/t g/t % %------------------------------------... GCL07- 26 no significant values ------------------------------------... GCL07- 27 Zone A 203.10 208.00 4.90 4.00 0.01 0.13 0.30 0.14 1.62------------------------------------... incl. 203.10 205.45 2.35 1.90 Nil 0.21 0.47 0.21 2.65------------------------------------... Zone B 263.40 269.00 5.60 3.50 Nil 0.14 0.29 0.07 1.02------------------------------------... incl. 263.40 266.50 3.10 1.70 0.01 0.24 0.48 0.07 1.36------------------------------------... Zone C 326.75 337.00 10.25 5.00 0.04 0.11 0.25 0.11 1.19------------------------------------... GCL07- 28 no significant values ------------------------------------... GCL07- 29 Zone A 217.80 223.00 5.20 3.00 0.02 0.11 0.23 0.16 2.00------------------------------------... incl. 221.5 222.35 0.85 0.50 0.03 0.26 0.53 0.67 6.73------------------------------------... GCL07- 30 no significant values ------------------------------------... -****-A rigorous quality assurance program is employed which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Quebec, and the other half retained for future reference. Core samples are routinely analyzed for nickel, copper and cobalt by aqua regia digestion with atomic absorption techniques. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion and atomic absorption techniques. Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.About Golden ChaliceGolden Chalice Resources Inc. is a Canadian mining exploration company that seeks to find mineable mineralization in Ontario, New Brunswick, Quebec, British Columbia and Nevada. Creative geological interpretations along with the latest in geophysical and geochemical surveys give this aggressive company a full range of prospects that may host gold, silver, platinum group metals, nickel, copper and diamonds. During the last couple of years the Company has strategically accumulated large land packages in existing mining or mineral districts such as the Abitibi in Ontario and the Bathurst Camp in New Brunswick. These properties have existing infrastructure and are often within road access to metallurgical facilities to process mined ores.GOLDEN CHALICE RESOURCES INC. On behalf of the Board of Directors
Richard W. Hughes, ChairmanFor Further Information Contact: The Hughes Exploration Group
Phone: (604) 685-2222 or visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman and President.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. Source: Golden Chalice Resources Inc. (TSX-V: GCR http://www.goldenchaliceresources.com/
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com