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GOLDEN CHALICE RESOURCES INC.
711 – 675 West
Hastings Street, Vancouver, B.C. V6B 1N2
(604) 685-2222 *Fax: (604) 685-3764
www.goldenchaliceresources.com
TSXV: GCR
FOR IMMEDIATE
RELEASE
May 16,
2007
Golden Chalice Intersects 1.14% Nickel over 72.50 meters
Golden Chalice Resources Inc. is
pleased to announce the drill hole intersection of 1.14% Nickel over 72.50 metres, including two separate heavily
mineralized intervals of 2.23% Nickel (Ni),
0.22% Copper (Cu), 0.20 g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over
17.50 metres of drill core, and 1.74
% Ni, 0.12% Cu, 0.20 g/t Pt, and 0.47 g/t Pd over 13.10 metres of
drill core.
This intersection is from drill hole
GCL07-6 recently completed on the Company’s 100% owned Langmuir Property
(see table below) and is the first hole drilled to test a cluster of 4 airborne
VTEM anomalies on the property. The Langmuir Property is located about 35 km
south of Xstrata’s Kidd Creek Metallurgical site in Timmins, Ontario.
The Kidd Creek site has a nickel circuit for concentrating ore from
Xstrata’s Montcalm nickel mine located over 90 km west of Timmins.
The Langmuir property includes over
20 km of ultramafic and mafic flows and sills favourable for hosting nickel, copper
and platinum group mineralization (pgm). Less than 50% of this favourable
stratigraphy has been flown by the VTEM airborne system with 18 separate
clusters of airborne EM anomalies being identified. The current first
phase of drilling is designed to test each cluster which are largely covered by
overburden or swamp.
Hole GCL07-06 was drilled to test a
linear trending cluster of airborne EM anomalies that occur across 4 flight lines,
spaced 75 metres apart. Two additional EM anomalies are on strike, but
slightly offset from the others. The hole was oriented to drill across
the EM trend along the flight line azimuth of 325 degrees with a dip angle of
-55 degrees.
The drill hole intersected a
strongly mineralized nickel, copper, and pgm zone occurring within an altered
peridotitic komatiitic flow. Nickel mineralization is associated
with disseminated, fracture filling, and blebs of sulphides throughout the
72.50 metre core length. Higher values of up to 5.7% nickel occur when
sulphide concentrations increase to 30 or 35%. The following table
displays weighted average summaries for the mineralized
intersection. True width of the zone is not known at this time.
Table of preliminary
results for drill hole GCL-07-06
|
From (m)
|
To (m)
|
Core Length (m)
|
Ni (%)
|
Cu (%)
|
Co (%)
|
Pt (g/t)
|
Pd (g/t)
|
|
|
|
|
|
|
|
|
|
Zone
|
99.50
|
172.00
|
72.50
|
1.14
|
0.08
|
0.02
|
0.11
|
0.26
|
|
|
|
|
|
|
|
|
|
including
|
116.90
|
130.00
|
13.10
|
1.74
|
0.12
|
0.02
|
0.20
|
0.47
|
|
|
|
|
|
|
|
|
|
and
|
149.50
|
167.00
|
17.50
|
2.23
|
0.22
|
0.04
|
0.20
|
0.50
|
Bore-hole geophysics (downhole pulse
EM) is to be completed on all holes including GCL07-6. This will
provide additional interpretive data for the next phase of drilling which will
test this new nickel discovery and any other mineralization intersected during
the first phase of drilling.
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 10,000 ppm are re-analyzed using
total acid digestion and atomic absorption techniques. Check analyses
utilizing another assay laboratory are also being done.
Peter
Caldbick, P.Geo., and Kevin
Montgomery, P.Geo. are the qualified people for the purposes of National
Instrument 43-101 for the Company's Langmuir Project. Project supervision
is by Kevin Montgomery and the
contents of the press release have been reviewed and approved by Peter Caldbick.
About Golden
Chalice
Golden Chalice is well positioned to
discover and capitalize on world class gold, silver, copper, nickel, zinc,
platinum, palladium and diamond deposits. 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 in the Bathurst Camp in New
Brunswick. These properties have existing
infrastructure and are often within road access to metallurgical facilities to
process mined ores. Details relating to exploration activities on
specific properties will be announced during the coming months as the work
program is implemented.
GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard Hughes, Chairman
For Further Information Contact: Richard Hughes
Phone: (604) 685-2222 or visit Golden Chalice’s
web-site: www.goldenchaliceresources.com
to see Smartstox interview 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.