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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
July 19, 2007
MAJOR
NICKEL INTERSECTION ON STRIKE WITH
GOLDEN
CHALICE LANGMUIR NICKEL DISCOVERY
Golden Chalice
Resources Inc. is
pleased to announce results from drill hole GCL07-14, which
intersected three significant nickel (Ni) zones of 1.26% Ni over 30.50 metres,
1.08% Ni over 27.90 metres, and 1.76% Ni over 10.50 metres. The nickel
zones also continue to contain elevated platinum (Pt) and palladium (Pd)
mineralization.
Drill hole GCL07-14 was collared 25
meters grid west and on strike of discovery hole GCL07-06 that intersected
72.50 meters of 1.14% Ni. GCL07-14 is the 6th hole drilled in
the discovery zone area.
Details are tabulated below for hole
GCL07-14, all intercepts reported are drilled widths.
|
GCL07-14
|
From
|
To
|
Interval
|
Ni
|
Cu
|
Pt
|
Pd
|
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
(g/t)
|
(g/t)
|
|
|
|
|
|
|
|
|
|
|
|
149.00
|
179.50
|
30.50
|
1.26
|
0.09
|
0.12
|
0.30
|
|
including
|
153.00
|
167.00
|
14.00
|
1.79
|
0.15
|
0.14
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
226.00
|
253.90
|
27.90
|
1.08
|
0.06
|
0.16
|
0.29
|
|
including
|
226.00
|
233.40
|
7.40
|
2.06
|
0.12
|
0.38
|
0.67
|
|
with
|
228.00
|
228.70
|
0.70
|
7.04
|
0.14
|
0.74
|
1.40
|
|
and
|
231.50
|
231.80
|
0.30
|
12.03
|
1.47
|
2.86
|
7.17
|
|
including
|
240.50
|
243.70
|
3.20
|
2.40
|
0.18
|
0.18
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
277.50
|
288.00
|
10.50
|
1.76
|
0.12
|
0.09
|
0.22
|
|
including
|
286.00
|
287.05
|
1.05
|
6.84
|
0.31
|
0.13
|
0.40
|
Two additional
drill holes, GCL07-15 and GCL07-16, have been drilled on section above and
below GCL07-14 intersecting sulphide mineralization. Assays are currently
pending for these drill holes.
Assay results for
completed drill holes GCL07-12 and GCL07-13 are also pending. Both holes
were collared from the same setup 25 meters grid east of discovery hole
GCL07-06. They intersected reduced sulphide mineralization and numerous
dykes within ultramafic volcanics different from the host peridotites of the
main mineralized zones. This change in volcanics may be the result of
north-south faulting that could have offset the nickel zone. In the coming
weeks, a second drill is expected to explore for the grid east extension of the
mineralized horizon.
Drilling is
currently testing the westerly strike extent of the mineralized zone
encountered in GCL07-14 with drill hole GCL07-17 stepping out 50 meters grid
west from GCL07-06. This drilling will be used to assess the orientation
and true width of the mineralized zones.
Geotech’s
most advanced version of the B-Field VTEM airborne system has begun flying the
entire Langmuir Property. 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.
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.
Check analyses utilizing another assay laboratory are also being done.
Peter Caldbick,
P.Geo and Kevin Montgomery 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
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.