From: PopnGap 7/19/2007 8:34:53 PM
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Golden Chalice Resources - Langmuir Nickel Discovery
anyone how good is this NR....re assays, etc.
19:46 EDT Thursday, July 19, 2007
FSC / Press Release
Golden Chalice Resources - Langmuir Nickel Discovery
Vancouver, British Columbia CANADA, July 19, 2007 /FSC/ - Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), 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
For Further Information Contact:
The Hughes Exploration Group
Phone: (604) 685-2222 or visit Golden Chalice's website: www.goldenchaliceresources.com to see Smartstox interviews with the 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.
For Further Information Contact:
The Hughes Exploration Group
Phone: (604) 685-2222
Website: www.goldenchaliceresources.com
Source: Golden Chalice Resources |
