Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

November 23, 2009 12:09 ET

Golden Chalice Resources Moves Forward With Second Phase of Gold Exploration Program on Abitibi East Property

- RECENT DRILLING ON THE EAST EXTENSION HAS INTERSECTED A WIDE ZONE OF ALTERATION WITH ANOMALOUS GOLD MINERALIZATION ON STRIKE WITH EXPLOR RESOURCES' DISCOVERY OF 142.26 G/T OVER 3 METERS

- IMMEDIATE PLANS ARE TO EXPAND THE CURRENT IP GRID TO FURTHER DEFINE GOLD TARGETS ON STRIKE AND FOLLOW UP WITH DRILLING

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2009) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce that after a review of recent drill and geophysical data it will be moving forward with the second phase of exploration plans on its Abitibi East property.

Recent drilling on the East Extension has intersected a wide zone of alteration with anomalous gold mineralization. Trends in ground and airborne magnetics were used to identify this new gold bearing zone that is on strike with Explor Resources discovery of 142.26 g/t over 3 metres. 

"The Abitibi East Property continues to produce high-quality exploration targets ranging from Kidd Creek type copper, zinc, and silver massive sulphide deposits to high grade gold mineralization," comments Company President, John Keating. "Most encouraging is how the new altered zone with gold potential was discovered by the first 2 holes ever drilled on the projected trend of the Explor discovery. This next phase of exploration and drilling will target areas where potential cross structures and porphyries intersect the alteration zone and produce larger systems for gold mineralization."

Two holes spaced 300 metres apart intersected the altered zone on the Abitibi East Property's East Extension. Trends in the ground geophysics suggest the zone crosses the entire length of the 1.5 km long grid. 

The Company plans to expand the grid and carry out a ground geophysical Induced Polarization (IP) survey to locate areas of greater sulphide mineralization beneath the overburden. Gold mineralization often increases in areas where there is an increase in sulphide minerals, such as pyrite. Targets identified in the IP survey will then be prioritized for drilling to test their gold potential.

As part of the Company's on-going initiative to focus resources on the most favourable exploration targets and properties, a review of historical work, recent drilling, and airborne geophysics for the West Extension of the Abitibi East property has been completed. Based on the results of this review the Company has decided drop the West Extension part of the property and focus resources on the Abitibi East - East Extension.

The Company is also currently conducting a review on the potential of it Shillington Gold property located 60 km southeast of Timmins, Ontario. Work done by the Lavigne Silver Mining Company in 1911 encountered 1.25 oz/t gold over 30 feet. An exploration update and Company plans for the property will be released shortly.

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 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. 

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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