SOURCE: Golden Chalice Resources Inc.

December 05, 2007 08:00 ET

Golden Chalice Resources Commences Drilling in the Bathurst Zinc-Lead-Silver Mining District

VANCOUVER, BC--(Marketwire - December 5, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) is pleased to announce the commencement of drilling on the Taylor Brook Property south of Bathurst, NB. The Property is located 16 km south east of Xstrata's world famous Brunswick #12 base metal mine and 10 kilometres east of the Brunswick #6 mine. The Brunswick #12 deposit is reported to have contained over 220 million tonnes of 7.66% zinc, 3,26% lead, 0.46% copper, 0.46 g/t gold and 91 g/t silver. As one of the world's largest base metal mines, the Brunswick #12 has produced over 150 million tonnes of zinc-silver-lead-copper ore since the discovery of the deposit in the 1950s.

The Taylor Brook property is located in an area of the Bathurst mining camp where younger rocks overlie the older Brunswick #12 type of volcanic and sedimentary rocks. Until recent years the technology was not available to detect geophysical anomalies that could be associated with base metal mineralization beneath the younger rocks. The younger rocks can be in excess of 100 metres in thickness.

Golden Chalice Resources (GCR) commissioned Geotech to fly a VTEM airborne survey over the Taylor Brook Property to explore for a Brunswick #12 type of deposit beneath the younger cover rocks. The VTEM system was also used to discover GCR's Langmuir nickel discovery. The survey results indicate there are more than 20 favourable targets beneath the cover rocks to test by drilling. The Company plans to initially drill at least 1000 metres to test a number of the targets that could represent a Brunswick #12 type of deposit.

About Golden Chalice

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

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.

Contact Information

  • For Further Information Contact:

    The Hughes Exploration Group
    Phone: (604) 685-2222