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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
March 22,
2007
LANGMUIR DRILLING COMMENCES
Golden
Chalice Resources Inc. (TSXV: GCR) is pleased to announce
that it has commenced drilling on the Langmuir nickel property located in
Langmuir Township approximately 35 kilometers southeast of Timmins,
Ontario. Golden Chalice is targeting peridotitic komatiites which are
favourable for hosting Kambalda style nickel mineralization. These
deposits represent attractive exploration targets as they can be very high
grade nickel (+/- copper, cobalt, platinum group elements) deposits as
exemplified by the type deposits in the western part of Australia. The
Kamabalda mining district has produced about 35 million tonnes of ore averaging
3% nickel from 25 mines since the 1960’s. Kambalda style
nickel deposits were first discovered in the Timmins
mining camp at the Alexo open pit mine, approximately 45 kilometers northeast
of Timmins, in
1907.
Langmuir Township is considered to be one of the
most attractive areas for hosting Kambalda style nickel deposits. The
arcuate southwesterly trending series of peridotitic komatiitic flows that
occur in Langmuir Township trend westerly into the adjoining Eldorado Township where Liberty Minerals is
currently extracting nickel ore at the Redstone Mine. In addition,
the Langmuir drill targets lie approximately 6 kilometers southeast of the
McWatters nickel deposit. Golden Chalice has amassed a considerable land
package in the south central portion of Langmuir and eastern portion of Eldorado Township that covers favourable
peridotitic komatiites with known nickel occurrences.
Golden Chalice first
explored this land package in the spring of 2005 with four short drill holes
that tested a geophysical HLEM conductor in the south central part of
Langmuir. Drilling successfully intersected graphitic argillite with
strong pyrrhotite mineralization hosted within a peridotitic komatiite that
contains elevated background nickel values, up to 1800 ppm nickel occurring
ubiquitously throughout the peridotites. The graphitic horizon was interpreted
to be the possible source of sulphur for the precipitation of nickel sulphides
which tend to “pool or puddle” within paleotopographic depressions
at the base of these peridotitic flows. The short test holes, approximately 125
meters each, may have only skimmed the surface of these deeper deposit types.
Golden Chalice has since
employed the state of the art airborne VTEM survey to identify additional
attractive sulphide targets. The Company has also engaged the services of
Mr. Kevin
Montgomery, M.S.c., P.Geo who has considerable experience in
targeting and drilling Kambalda style targets such as the Alexo-Dundonald
deposits. Mr. Montgomery has undertaken an historical geological
compilation of the area and integrated this data with the VTEM anomalies to
facilitate the drill target selection process. More than 15 priority
targets have been initially identified for drilling.
The Property is
accessible by road and is only 32 kilometers southeast of Xstrata’s Timmins metallurgical
facility that recently commissioned a nickel circuit in late 2004 to process
ore from the Montcalm deposit located approximately 80 km west of the
metallurgical facility.
Peter
Caldbick, PGeo, is the qualified person for the
purposes of National Instrument 43-101 for the Company's Langmuir project.
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, Bathurst Camp in New
Brunswick and the Burwash area in the Yukon. 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 the Smartstox Report in which Stanlie Hunt interviews Golden Chalice
Resources Inc. President John Keating and Chairman Richard Hughes.
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.