Golden Chalice Resources Inc.

Golden Chalice Resources Inc.

June 24, 2009 09:15 ET

Golden Chalice Resources Commences Surface Exploration Program on Claims Adjacent to Explor Resources Discovery


VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2009) - Golden Chalice Resources (TSX VENTURE:GCR) (the 'Company') is pleased to announce it has commenced early-stage exploration work on its Abitibi East Property. The property is located northeast of Timmins and surrounds Explor Resources' Eastford Lake Gold Project on three sides.

In June of 2008 while testing a 600 meter mag low Explor Resources intersected 12.7 g/t Au over 7.5 meters with the lower 4 meters containing visible gold. On February 9, 2009 Explor Resources reported intersecting 142 g/t Au over 3.0 meters and 45.45 g/t over 3.3 meters. This area is known as the Lynx Gold Zone and is immediately north of the Abitibi East Property.

Drilling by Explor Resources identified a belt of carbonatized ultramafic and mafic volcanics intruded by a number of porphyries as well as a strong structural trend in the area. Geologists at Explor Resources believe that this structural zone, in combination with these altered porphyries, were crucial in the precipitation of hydrothermal gold bearing fluids that occur within ultramafic intrusives.

A significant portion of this belt of ultramafic intrusives trends on to Golden Chalice's Abitibi East ground.

The entire property has been flown by Geotech and numerous VTEM airborne anomalies have been identified. A program of ground truthing the VTEM anomalies and reconnaissance mapping is currently underway. In addition, a program of linecutting and Mag-VLF has also started to delineate potential gold targets along the belt of ultramafics for follow-up by trenching and/or drilling.

All other recent work on Abitibi East has focused on the VMS potential, which the Company will be providing an update on in the near future. A map of the property with potential mineral trends is currently being produced and will soon be available on the Company website.

Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Abitibi East Project.

About Golden Chalice

Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project. 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.

Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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