taken from MD&A April 20th from Sedar:
Timmins West Property (Base Metal, Precious Metal and Diamond Targets)
In March 2006 Golden Chalice announced the completion of an extensive VTEM airborne survey over the Company’s 100% owned Timmins West property, located approximately 80 km by road southwest of Timmins, Ontario. The Timmins West property covers highly prospective geology with significant base metal, precious metal, and diamond potential.
The detailed Geotech VTEM airborne survey has outlined exceptional electromagnetic and magnetic targets in areas with favourable geology and structures for hosting Kidd Creek style massive sulphides, Timmins and Kirkland Lake vein and porphyry hosted gold deposits, and nickel deposits in ultramafic sills and flows. This relatively new airborne technology can identify exploration targets near surface and at depths of over 300 metres. Special processing of the geophysical data has also discovered numerous circular magnetic features that occur at surface and continue to depth. This type of anomaly is similar to the geophysical signature of kimberlite pipes that could host diamonds.
The undeveloped mineral potential for this area came to light after Golden Chalice completed in-house compilations using largely government data, including information generated by the Ontario and Federal governments’ jointly funded “Discover Abitibi Initiative”.
Golden Chalice has subsequently staked more than 19,000 acres of land. Part of this sizable land package also covers the entire nose of a major regional fold structure with ultramafic and mafic volcanics, sedimentary rocks, and felsic porphyries analogous in geology and structure to that of the Timmins gold camp. The Timmins camp has produced more than 60 million ounces of gold. Next steps will include ground follow-up of airborne targets followed by trenching or drilling.
