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
July 19,
2007
Golden
Chalice Resources – Langmuir Nickel Discovery
Golden Chalice
Resources Inc. is pleased to announce that nickel
mineralization continues to depth at the Langmuir Nickel Discovery. The
Langmuir Property is located about 35 km south of Xstrata’s Kidd Creek
Metallurgical site in Timmins,
Ontario. Partial assay results
from the third drill hole, GCL07-11, suggest that nickel (Ni) mineralization
occurs in multiple zones at depth. In addition, full assay results from drill
hole GCL07-10 indicate higher grade platinum (Pt) and palladium (Pd) grades for
massive sulphide mineralization.
Drill hole
GCL07-11 was collared 75 meters south of GCL07-6, the initial discovery hole
which reported 72.90 meters drilled width of 1.14% Ni, and an updip drill hole
GCL07-10 which intersected 2.36% Ni over 14.90 meters of drilled width.
Drill hole
GCL07-11, drilled at -45 degrees downdip of the first two drill holes,
encountered three separate mineralized intervals of nickel mineralization. The
first interval from 213.0 to 220.80 meters intersected 0.89% Ni, 0.06% Cu,
0.21 g/t Pd and 0.18 g/t Pt over 7.80 meters drilled width. A second
mineralized interval from 264.30 to 270.30 meters intersected 1.52% Ni,
0.21% Cu, 0.29 g/t Pd and 0.13 g/t Pt over a drilled width of 6.0 meters.
The third mineralized zone encountered 1.11% Ni, 0.13% Cu, 0.23 g/t Pd and
0.11 g/t Pt over a drilled width of 11.60 meters from 314.40 to 326.0
meters.
The
mineralized sections were sampled based on visual sulphide mineral observations
and assays are still pending for sections sampled between these more mineralized
sections. The first two zones are currently interpreted to correlate with the
mineralized zones encountered in the first two drill holes. However, the third
mineralized zone may be a separate new zone. This third zone occurred
approximately 200 meters vertically below surface and deeper drilling is
required to determine the downdip and down plunge extent of this and the other
mineralized zones.
Complete
platinum and palladium group assay results have also been received for the
previous drill hole GCL07-10 which reported 2.36 % Ni over 14.90 meters and now
includes 0.52 g/t Pd and 0.22 g/t Pt. This intersection includes massive
sulphide from 94.6 to 95.0 meters that assayed 0.58 g/t Pt, 2.25 g/t Pd, and
17.9% Ni.
Golden
Chalice is currently drilling on strike of the first three drill holes and
assays are pending for sulphide mineralization encountered in a drill hole
collared approximately 25 meters southwest of holes GCL07-6 and GC07-10.
Laboratory results are expected to be delayed by 2 to 3 weeks because of the
large inventory of samples that need to be processed due to the busy summer
field season.
Drilling on
the Langmuir Property will continue to test the zone along strike and at depth.
Geotech has
also been commissioned to fly the entire Langmuir Property with the latest and
most advanced version of the B-Field VTEM airborne system. This survey is
expected to start within two weeks. Less than one-third of the Langmuir
Property was flown in 2006 with an older version of the VTEM system which identified
18 clusters (groups) of electromagnetic (EM) anomalies. Drill testing of one EM
anomaly in a VTEM cluster resulted in the Langmuir Nickel Discovery. The
Company is optimistic that additional clusters of EM anomalies will be
identified by the advanced VTEM system on the remainder of the Langmuir
Property. The Langmuir Property is located about 35 km south of Xstrata’s
Kidd Creek Metallurgical site in Timmins,
Ontario.
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 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
Richard W.
Hughes, Chairman