SOURCE: Golden Chalice Resources Inc.

June 07, 2007 09:43 ET

Golden Chalice Resources Langmuir Property Drilling

VANCOUVER, BC--(Marketwire - June 7, 2007) - Golden Chalice Resources Inc. (PINKSHEETS: GCRIF) is pleased to announce that the second hole on the Langmuir Nickel Discovery has intersected sulphide mineralization similar in style as the discovery hole. The core is being logged, split and sent for analysis. The nickel grade is not known at this time and results are expected late next week.

The sulphide mineralization being intersected closer to surface in the second hole suggests that the zone has a subvertical dip to the north and is interpreted to widen at depth. The drilling is ongoing and is presently at 162 metres. Given the recent market activity the Company considered it necessary to ensure full disclosure and the proper dissemination of information about the status of current drilling prior to having assay results.

The discovery hole (GCL 07-06), announced on May 16, intersected a zone containing variable concentrations from 1% to 35% sulphide mineralization. This sulphide mineralization was from 99.5 to 172 metres with an average grade of 1.14% Nickel, 0.11 g/t Platinum and 0.26 g/t Palladium over 72.50 metres. This second hole (GCL 07-10) was drilled up-dip of the discovery zone and intersected significant sulphide mineralization from 81 to 96 metres.

Both holes were drilled from the same set-up site and oriented to drill across an airborne EM anomaly trend along the flight line azimuth of 325 degrees with dips of -55 degrees for GCL 07-06 and -45 degrees for GCL 07-10. Drilling on strike and to depth will be used to interpret the true width and extent of the mineralized zone.

The Company's land holdings cover over 30 kilometres of favourable stratigraphy for hosting nickel, copper, platinum and palladium mineralization. The total land package for the Langmuir Property is now 851 claim units covering 13,616 hectares (34,000 acres).

The Langmuir Property is underlain by a thick package of mafic to ultramafic flows and sills with interflow sediments. An airborne VTEM survey has been flown over less than 30% of the Property. Of the 18 target areas identified by the survey, only 9 have been tested by drilling to date.

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. Project supervision is by Kevin Montgomery and the contents of the press release have been reviewed and approved by Peter Caldbick.

About Golden Chalice

Golden Chalice is well positioned to discover and capitalize on world class gold, silver, copper, nickel, zinc, platinum, palladium and diamond 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 in 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

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.

Contact Information

  • For Further Information Contact:
    Richard Hughes
    Phone: (604) 685-2222

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

    GOLDEN CHALICE RESOURCES INC.
    711 - 675 West Hastings Street
    Vancouver, B.C. V6B 1N2
    (604) 685-2222
    Fax: (604) 685-3764