Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

March 05, 2010 10:20 ET

Golden Chalice Resources Inc. Provides Project Updates

- DRILLING COMMENCES AT LANGMUIR TO TEST NICKEL POTENTIAL OUTSIDE THE ORIGNIAL W4 DISCOVERY AREA, 1.5 KM AWAY IN THE W2 AREA WHERE 2009 DRILLING INTERSECTED 1.72% NICKEL OVER 3.0 METERS

- W4 DEPOSIT NI 43-101 RESOURCE ESTIMATE CURRENTLY UNDERWAY

- RADIO HILL IRON-ORE NI43-101 PROPERTY OF MERIT REPORT UNDERWAY, PROPERTY CONTAINS A HISTORICAL NON-COMPLIANT 43-101 RESOURCE ESTIMATE OF 326 MILLION TONS GRADING 25.58% SOLUBLE IRON CALCULATED BY DRILLING AND BULK TONNAGE SAMPLING, HISTORIC METALLURGICAL TESTS INDICATE THE POTENTIAL TO PRODUCE 63 TO 65% IRON CONCENTRATE.

- DRILLING RECENTLY COMPLETED ON SOUTH PORCUPINE PROPERTY AND ASSAYS PENDING

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2010) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce updates on a number of its priority exploration projects:

"The Company's 2010 exploration program is well underway and we are excited to be moving forward on a number of fronts," comments Company President, Richard Hughes. "Drilling is underway at Langmuir, two NI 43-101 reports are in progress, assays are pending one the South Porcupine and spring/summer exploration plans are now being finalized for a number of the Company's newly acquired West Timmins gold projects as well as upcoming work on our Abitibi East project and Timmins West project."

LANGMUIR NICKEL/PLATINUM/PALLADIUM PROJECT:

Drilling has commenced its 100% owned Langmuir Nickel/Platinum/Palladium project, located 35 km southeast of Timmins, Ontario.

Drilling will focus on the follow up of earlier nickel discoveries on the W2 nickel occurrence (see map below), located approximately 1.5 km east of the W4 Nickel Deposit. Previous drilling on the W2 intersected 3.3% Ni over a drilled width of 0.9 meters in drill hole GCL09-1. Another hole, GCL09-10 drilled 25 meters east of the first hole intersected 0.55% nickel over 20 meters including 1.72% nickel over 3.0 meters drilled width. The style of mineralization in the W2 zone is consistent with that of the W4 Deposit, further validating the theory of the potential that Langmuir is a Kambalda-type district with potential for multiple nickel deposits. The W2 and W4 areas are 1.5 km away from each other.

To view a map showing the Langmuir property in comparison to the Kambalda Dome in Australia click on the following link or cut and paste the link into your browser location bar:

http://www.brmstatpack.com/lt/1001/1075/langmuir-compilation-map

In addition to the drilling announced today, on February 4, 2010, the Company announced it had commissioned SRK Consulting (Canada) Inc. to commence a NI 43-101 resource estimate report on the W4 deposit at Langmuir. 

Past GCR drill highlights from the W4 deposit 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).

Three sub-vertical lenses (the A, B, and C Zones) have been delineated to date within the W4 deposit. Infill drilling during the past two years has confirmed the continuity of nickel mineralization within these zones, which extend to surface and are open at depth. The bulk of the mineralization appears to occur near surface in the A Zone. Mineralization at the C Zone has been intersected 375 meters vertically below surface (0.56% nickel over a drilled width of 12.5 meters).

Completion of the report is expected within approximately four to six weeks.

RADIO HILL IRON-ORE PROJECT (WESTERN EXTENSION OF TIMMINS WEST PROPERTY):

On March 2, 2010, the Company announced it had commissioned Micon International Ltd to undertake a NI 43-101 property of Merit report on its Radio Hill Iron-Ore project. An historic, non NI 43-101 resource compliant estimate done in the 1960's estimated the potential at 326 million tons of 25.58% soluble iron to a depth of approximately 300 meters. Historic metallurgical tests indicate the potential to produce a 63 to 65% iron concentrate.

"Data gathered from the report will be used to provide a more thorough understanding of the potential feasibility of the project as well as assess various options in moving the project towards production," commented Company President, Richard Hughes, in the March 2, 2010 press release announcing the 43-101 report.

The Radio Hill project is accessible by paved highway and gravel secondary road. The Kukatush railroad siding of the Canadian National Railroad is 3 km along an existing road from the Radio Hill Iron Ore occurrence. Hydroelectric power, water, and natural gas are also available in the area. The property was last worked and explored in the 1960s by Kukatush Mining Corporation.

Completion of the report is expected within approximately six to eight weeks.

SOUTH PORCUPINE:

An early stage drill program was recently completed on the Company's South Porcupine property. Core is being logged and assays are pending.

The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability.

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

About Golden Chalice

On February 4, 2010 the Company announced it had commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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.

Visit Golden Chalice's web-site: www.goldenchaliceresources.com for further information on the Company and its various projects.

To view a Smartstox interview with Company Chairman, Richard Hughes, click on the following link:

http://www.brmstatpack.com/lt/1001/1080/smartstox-intervew-gcr

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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