GOLDEN
CHALICE RESOURCES INC.
#711 – 675 West Hastings Street,
Vancouver,
B.C. V6B 1N2 Telephone: 604-685-2222 Fax: 604-685-3764
FOR IMMEDIATE RELEASE
www.goldenchaliceresources.com
TSXV: GCR
February 28,
2008
BUILDING ON NICKEL DISCOVERY
Golden Chalice
Resources Inc. (TSX-V: GCR) is pleased to announce results
from its ongoing drill program on the Langmuir Nickel Discovery located
approximately 35
kilometers southeast of Timmins and 30 kilometers south
of the Xstrata metallurgical complex in Ontario. Golden Chalice
geologists are currently computer modeling and interpreting the shape and size
of the nickel mineralized discovery zone based on drilling to date (see model
below). The nickel mineralization has been traced for a strike extent of
approximately 200 meters
and is defined to at least a depth of 250 meters below
surface. In addition, nickel mineralization has been intersected at
approximately 375 meters
vertically below surface on the eastern down plunge extent of the C Zone.
Based upon recent
interpretive work, the nickel mineralization displays exceptionally good
continuity in the three (A,B,C) nickel zones intersected to date (see
cross-section below). Golden Chalice is now drilling from north to south
with tighter spaced drilling to validate continuity between drill intercepts
and confirm true widths of the mineralization. Drilling will also
continue to determine the down plunge extent of mineralization, and near
surface projection of the discovery zone to assess the open pit mining
potential. Upon completion of this next phase of drilling, an
external consultant will be engaged to determine a 43-101 compliant resource
estimate for the Langmuir Nickel Discovery.
Recent drilling on the
eastern extent of the nickel discovery has confirmed the down plunge
continuation of mineralization on the A and C Zones. Drill hole GCL07-31,
collared 50 meters east of the discovery drill hole, intersected 0.95%
Ni over 4.0 meters from 411.8 to 415.8 meters at a vertical depth of 300 meters
below surface. Drill hole GCL07-33, also collared 50 meters east of
the discovery drill hole intersected the A Zone and returned 1.40% Ni over 3.6
meters from 121.0 to 124.6 meters. Drill hole GCL07-35, collared 75
meters east of the discovery drill hole intersected nickel mineralization at
375 meters below surface and returned 0.60 % Ni over 7.0 meters from 449.7 to
456.7 meters. Drill hole GCL07-41, also collared 75 meters east of the
discovery drill hole, swung 25 meters to the east and intersected 1.08% Ni over
2.8 meters in what is interpreted as the A Zone at a vertical depth of 235 meters
below surface. Results are tabulated below. Drill holes GCL07-32, 34 and 36 to
40 were drilled both on the east and west extensions and encountered anomalous
but sub economic nickel mineralization.
One drill will continue to
explore and build a resource at the discovery zone while two drills test
airborne VTEM anomalies on other parts of the Langmuir Property.
Many of these anomalies have characteristics (e.g.: orientation, conductance,
size) similar to Golden Chalice’s Langmuir Nickel Discovery.
The airborne anomalies are hosted by subvertically
dipping successions of peridotitic komatiite flows, the same rock type as the nickel discovery
zone.
The anomalies appear on
strike with the discovery zone and occur in an arcing trend that wraps around
the Shaw Dome. This geological environment bears a striking
similarity to Kambalda nickel ore and host rocks that
are localized along the flanks of the Kambalda Dome
in Western Australia.
Nickel ore deposits in the Kambalda camp often occur
in groups or clusters. For example, 12 nickel deposits occur within
an ultramafic flow unit of approximately 8 km by 4 km
in area. Golden Chalice is testing clusters of airborne anomalies
on its Langmuir Property that occur within similar types of ultramafic
flows. The ultramafic flow package is over 35
km long and up-to 4 km wide on the Langmuir Property. Therefore,
the potential exists on the Langmuir Property to have one or more clusters or
groupings of Kambalda style nickel deposits.
Western Mining Corp. (WMC)
was one of the first companies to explore and develop Kambalda
nickel deposits in the late 1960’s. By the late 1990’s, WMC
was still mining and reportedly producing up-to 35,000 tonnes
of nickel annually from its’ Kambalda
operations alone. This equates to about 77 million pounds of nickel
per year. The current price for nickel is about US$12.50 per pound.
DDH
|
From
|
To
|
Drilled
|
Est. True
|
Ni
|
Cu
|
Pt
|
Pd
|
|
(m)
|
(m)
|
Width (m)
|
Width (m)
|
%
|
%
|
g/t
|
g/t
|
GCL07-31
|
279.9
|
281.6
|
1.7
|
1.2
|
0.86
|
0.02
|
0.15
|
0.08
|
|
411.8
|
415.8
|
4.0
|
3.0
|
0.95
|
0.09
|
0.06
|
0.12
|
GCL07-33
|
121.0
|
124.60
|
3.6
|
2.1
|
1.40
|
0.09
|
0.01
|
0.02
|
GCL07-35
|
438.5
|
441.8
|
3.3
|
2.0
|
0.63
|
0.04
|
0.01
|
0.01
|
GC07-41
|
302
|
304.8
|
2.8
|
1.8
|
1.08
|
0.06
|
0.02
|
0.02
|
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 Chalice
Golden Chalice is well
positioned to discover and capitalize on world class gold, silver, copper,
nickel, zinc, platinum and palladium 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 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
/s/”Richard W. Hughes”
Richard Hughes, Chairman
For
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.