Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

February 04, 2010 09:00 ET

Golden Chalice Resources Inc. Commissions NI43-101 Resource Estimate on Langmuir Nickel/Platinum/Palladium Project

- INFILL DRILLING RESULTS USED FOR RESOURCE DEFINITION AS HIGH AS 2.75% NICKEL OVER 24.4 METERS INCLUDING 3.79% NI OVER 14 METERS

- UPCOMING DRILL PROGRAM PLANNED FOR THE 2009 W2 DISCOVERY AREA THAT RETURNED 1.72% NICKEL OVER 3.0 METERS

- SRK CONSULTING (CANADA) INC. COMMISIONED TO UNDERTAKE NI43-101 RESOURCE ESTIMATION REPORT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce it has engaged the services of SRK Consulting (Canada) Inc. to initiate a National Instrument 43-101 compliant resource audit and estimate on the Langmuir W4 Nickel deposit. The resource estimate will encompass all three zones, A, B, and C, of mineralization identified within the W4 deposit of the Langmuir Project. The A Zone was discovered by the Company in May of 2007 when a diamond drill hole intersected 72.5 meters of 1.14% nickel at a vertical depth of approximately 100 meters. Infill drilling since has intersected mineralization as high as 2.75% Ni over 24.4 meters of core length.

Langmuir drill highlights include:

  • 2.75% Ni over 24.4 meters including 3.79% Ni over 14 meters
  • 3.14% Ni over a 10.6 meters
  • 2.37% Ni over 10.7 meters
  • 1.14% Ni over 72.5 meters including 2.23% Ni over 17.5 meters (Discovery Hole).

A diagram of the Langmuir project, including a longitudinal of the W4 –A Zone and a conductivity model derived from airborne VTEM data can be found by clicking on the following link (if the link does not work cut and paste into the location bar of your web browser):

http://www.brmstatpack.com/lt/1001/1048/compilation-map-of-langmuir-project

"Almost three years of exploration and definition drilling has brought us to this stage and we are excited to be moving ahead with an NI 43-101 resource estimate on the W4 zone of the Langmuir project. A number of nickel explorers in close proximity have recently announced resource estimates which, given the apparent grade and shallow depth of mineralization at Langmuir, has encouraged us to move forward with our own," comments Company President, Richard Hughes. "The Langmuir project continues to show its potential and we will continue to test a number of other high priority targets within this extensive land package as we develop our resource estimate."

Infill drilling over the course of 2008 helped define and validate continuity of mineralization within the A Zone. Three sub-vertical lenses (the A, B, and C Zones) that are open with depth, have been delineated to date within the W4 deposit. The A Zone, which comes to surface, hosts the bulk of the mineralization. Mineralization at the C Zone has been intersected 375 meters vertically below surface (0.56% nickel over a drilled width of 12.5 meters). Drilling suggests that true widths vary anywhere from 2.0 to 18.0 meters. The nickel zones consisting predominantly of pyrrhotite and pentlandite mineralization within komatiitic peridotites, also possesses accessory copper, cobalt, platinum and palladium. This sulphide mineralization and geological setting is typical of a Kambalda style nickel deposit.

Drilling in 2009 by Golden Chalice discovered nickel mineralization approximately 1.5 kilometers east of the W4 Nickel deposit. The discovery, known as the W2 Discovery was initially drilled following up on combined VTEM conductors and strong MMI nickel anomalies. The first drill hole, GCL09-1, intersected 3.3% nickel over a drilled width of 0.9 meters. Another hole, GCL09-10 drilled 25 meters east of the first hole program intersected 0.55% nickel over 20 meters including 1.72% Nickel over 3.0 meters drilled width. Golden Chalice Resources plans to drill test this new discovery in 2010.

Kevin Montgomery, P.Geo. is the project supervisor and has reviewed and approved the technical contents of the press release. Peter Caldbick, PGeo. and Mr. Montgomery are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

About Golden Chalice

The Company's continues to focus 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.

The Company is also advancing its Timmins West property, which contains a number of porphyries and similar geology to the Lake Shore Gold ground, approximately 30 km to the northeast, as well as its Abitibi East gold property.

Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company Chairman, Richard Hughes.

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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