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
June
15, 2007
Golden
Chalice Resources Langmuir Property Drilling
Golden Chalice Resources Inc. is pleased to announce that the second hole (GCL 07-10) on the
Langmuir Nickel Discovery intersected 2.36% Nickel over 14.90 metres of
drill core. Drill hole GCL 07-10 intersected the same strongly
mineralized nickel, copper, and platinum group metal (pgm) zone occurring
within an altered peridotitic komatiitic flow as in the discovery hole GCL
07-06 that was announced May
16.
Included in this intersection are two separate
mineralized intervals of 2.95% Nickel (Ni) and 0.26% Copper (Cu) over 3.70
metres (upper) and 3.52% Ni and 0.48% Cu over 5.90 metres (lower).
The lower interval contains a high grade section of net textured to massive
pentlandite – pyrrhotite mineralization that returned 7.03% Ni and
0.82% Cu over 2.30 metres including 17.90% Ni and 0.83% Cu over 0.40
metres.
Platinum and palladium assays for GCL 07-10 are
incomplete at this time (see table below).
The discovery hole (GCL 07-06) intersected a
zone containing variable concentrations from 1% to 35% sulphide
mineralization. This sulphide mineralization was from 99.50 to
172.00 metres core length with an average grade of 1.14% Ni, 0.11 g/t Pt and
0.26 g/t Pd over 72.50 metres. This included two separate heavily
mineralized intervals of 2.23% Ni, 0.22% Cu, 0.20 g/t Pt, and 0.50 g/t 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.
Table of preliminary results for drill hole GCL-07-10 and GCL-07-06
|
From (m)
|
To
(m)
|
Core Length
(m)
|
Ni
(%)
|
Cu
(%)
|
Co (%)
|
Pt (g/t)
|
Pd (g/t)
|
GCL
07-10
|
|
|
|
|
|
|
|
|
Zone
|
81.00
|
95.90
|
14.90
|
2.36
|
0.26
|
0.03
|
-
|
-
|
|
|
|
|
|
|
|
|
|
including
|
81.00
|
84.70
|
3.70
|
2.95
|
0.14
|
0.03
|
0.42
|
0.94
|
|
|
|
|
|
|
|
|
|
and
|
90.00
|
95.90
|
5.90
|
3.52
|
0.48
|
0.05
|
-
|
-
|
|
|
|
|
|
|
|
|
|
GCL
07-06
|
|
|
|
|
|
|
|
|
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
|
Both holes were drilled from the same set-up site and
oriented to drill across an airborne EM anomaly trend along the flight line
azimuth of 325 degrees with dips of -55 degrees for GCL 07-06 and -45 degrees
for GCL 07-10. The sulphide mineralization being intersected closer to
surface in the second hole suggests that the zone has a subvertical dip to the
north and is interpreted to widen at depth. The discovery will be tested
to depth and on strike in order to interpret the true width and extent of the
mineralized zone. Drilling is on-going.
In addition, Hole GCL 07-10 was extended to 413.0 m,
and intersected two other mineralized sections with finely disseminated
sulphides (less than 3%). One zone from 250m to 260m (10 metre core
length) and the other from 300m to 310m (10 metre core length) down the
hole. The sulphide intersections may or may not contain nickel as the
assays are pending. However, what these intersections do indicate, is
that the thick sequence of interbedded mafic to ultramafic flows, sills, and
interflow sediments on the Langmuir Property have the potential to host
additional mineralized zones at depth and along strike.
The Company’s land holdings cover over 30
kilometres of favourable stratigraphy for hosting nickel, copper, platinum and
palladium mineralization. The total land package for the Langmuir
Property is now 851 claim units covering 13,616 hectares (34,000 acres).
An airborne VTEM survey has been flown over less than
30% of the Property. Of the 18 target areas identified by the survey,
only 9 have been tested by drilling to date.
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.
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 W.
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 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.