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Drilling Commences On Radio Hill Property
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Golden Chalice Resources Inc. (TSX:V GCR) is pleased to announce that
drilling has commenced on the Company's Radio Hill Property, which is
located approximately 76 kilometres southwest of Timmins, Ontario. The
Radio Hill Property has potential to host gold, nickel, copper, zinc or
iron ore deposits.
An historical non-compliant 43-101 resource was calculated for the iron
mineralization on the Property in the early 1960s. At that time it was
estimated by drilling and bulk sampling that the property has over 326
million tons, grading 25.58% soluble iron. The magnetite rich iron
formation forms a topographical high and is reported to cover an area
over two kilometres long, with a maximum width of about 500 metres.
Historical drilling tested the iron to a vertical depth of only 400
metres. Mineralization is expected to continue to depth. Additional
untested iron mineralization occurs on Golden Chalice's adjacent
Timmins West Property.
The drilling is targeted on the iron ore formation to assist in
evaluating historical data relating to the iron occurrence, and to move
forward with additional information for seeking possible partners to
develop the resource.
One main advantage the Property has over other undeveloped iron-ore
type occurrences in the world is the excellent infrastructure in the
area. The Property is accessible by highway and secondary roads from
Timmins and Sudbury, Ontario. The CN Railroad has a railroad siding
only three km by road from the iron occurrence. Natural gas and hydro
are also readily available.
Langmuir Project
The Langmuir Property, which hosts our Nickel Discovery, is over 35 km
long and up to 4 km wide, with more than 20 separate clusters of
airborne EM anomalies having been identified. Below the Discovery Zone,
computer modeling has detected numerous large conductive bodies at
depth that have similar geophysical signatures. See our May 14th news
release for further details. The attached cross section is also
available at the Company's website.
http://www.goldenchaliceresources.com/i/misc/08-05-16Langmuir2.jpg
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 few 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.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell, Investor Relations
(604) 685-2222
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
The statements made in this news 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.
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Copyright (c) 2008 GOLDEN CHALICE RESOURCES INC. (GCR) All rights
reserved. For more information visit our website at
http://www.goldenchaliceresources.com/ or send
mailto:info@goldenchaliceresources.com
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