Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

October 07, 2009 10:04 ET

Golden Chalice Resources: Drilling Discovers Southeast Extension of Volcanic Stratigraphy Hosting Explor Resources' Gold Discovery

- TWO DRILL HOLES INTERSECTED GOLD MINERALIZATION IN VOLCANICS SIMILAR TO EXPLOR RESOURCES DISCOVERY OF 142.26 G/T GOLD OVER 3 METERS, APPROXIMATELY 3.5 KILOMETERS TO THE NORTHWEST - COMPANY PLANNING IP SURVEY AS A PRECURSOR TO A SECOND DRILL PROGRAM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2009) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce the completion of a diamond drilling program of 2,039 meters on its Abitibi East Property. Drilling intersected what the Company believes to be the southeast extension of the volcanic stratigraphy hosting Explor Resources' Eastford Lake Property gold discovery of 142.26 g/t Au over 3.0 meters, announced by Explor Resources, February 9, 2009.

"We are encouraged by the results of this initial shallow drilling program. Two widely spaced holes, in an area that has never been drilled, have successfully intersected what appears to be an extension of the favourable volcanic horizon hosting Explor's high-grade gold discovery. The presence of anomalous gold mineralization within the altered volcanics supports the exploration potential for gold at depth and along strike," comments Company President, John Keating. "Explor Resources' gold discovery at 400 m vertically below surface and West Timmins' recent discovery at 700 m below surface confirm the need to test favourable geological environments at depth. Moving forward, the Company will conduct ground surveys followed by drilling to test at depth for high grade gold mineralization."

Two gold intercepts were returned from hole GCAE09-5 including 1.52 g/t Au over 0.5m (23.4-23.9 m downhole) and 1.95 g/t Au over 0.7m (91.9-92.6 m). Hole GCAE09-6 located 300 m southeast of GCAE09-05 intersected 1.85 g/t Au over 0.8 m (236.7-237.5 m). The gold mineralization occurs within sulphidic quartz flooded zones in a belt of carbonatized ultramafic and mafic volcanic rocks intruded by local feldpar porphyries. The favourable belt of altered volcanics appears to correlate with a magnetic geophysical signature that can be traced across a 1.5 km long grid, and remains open along strike.

The Abitibi East property is located approximately 75 km northeast of Timmins, Ontario.

Peter Caldbick, P.Geo. and Kevin Montgomery, PGeo., are the qualified persons for the purposes of National Instrument 43-101 for the Company's Abitibi East Project. The technical contents of the press release have been reviewed and approved by Peter Caldbick.

About Golden Chalice

Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.

Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.

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.

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