Golden Chalice Resources Inc. is pleased to provide an update of the work being done on its wholly owned flagship Langmuir property located approximately 35 km southeast of Timmins, Ontario.
The Company recently drill-tested a number of other VTEM targets on the property which are only accessible for a short period due to swamp-like conditions and spring break-up. The drill has now returned to the W2 Discovery Zone, the drill target again being the deep-seated VTEM conductors (Figure 1.) previously identified using a computer modeling program for locating Kambalda-style nickel deposits. This deposit type takes its name from the Kambalda Nickel District of Australia, where at least 36 separate sulphide bodies host collective reserves of 48 million tonnes at 3.6% nickel and 0.25% copper.
"We are extremely encouraged by the new W2 discovery as it further confirms our Kambalda nickel model, being one and a half kilometers away from the 2007 Discovery Zone. The drill is now testing the W2 zone, guided by data from both the deep-target model as well as recent down-hole geophysics from the discovery hole," comments Company Chairman, Richard Hughes.
Management was pleased to report on February 27, 2009, that their first hole (W2) of the 2009 drilling program intersected a massive sulphide zone. The drill target in this case was a deep VTEM conductor identified using a computer modeling program for locating Kambalda-style deposits. Nickel grades of 3.34% nickel (Ni) over 0.9 meters from 373.50 to 374.40 meters which included a 20-cm massive sulphide section interval grading 11.35% nickel, 0.6% copper and 1.46 g/t combined platinum/palladium were encountered. This hole is on strike and located approximately 1.5 km east of the Langmuir Discovery Zone where initial drilling in May of 2007 had intersected 1.14% nickel over 72.5 meters.
Along with testing of the new nickel discovery and the recently defined geophysical and geochemical targets, Golden Chalice continues to test its most advanced target, the Langmuir Discovery Zone. Recent infill drilling, as high as 3.79% nickel over 14 meters, has confirmed the continuity of mineralization along strike of this zone (see press release, Feb. 18/09). These and other results will be used toward building an initial NI 43-101 compliant resource estimate.
Golden Chalice has other promising projects near the Timmins mining camp of Ontario, including the Radio Hill property, which hosts an historical non-compliant NI 43-101 resource of over 326 million tons grading 25.58% soluble iron, and the Abitibi East Property, which covers similar host rocks as the Kidd Creek deposit, 85 km to the west.
To view the deep-target conductivity model please visit: http://www.goldenchaliceresources.co...
About Golden Chalice
The Company's main focus continues to be its flagship Langmuir Project. 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.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.
CONTACT INFORMATION
Corporate Inquiries:
Kevin Hull or Alan Campbell, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldencha...
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
