SOURCE: Golden Chalice Resources Inc.

September 12, 2007 19:52 ET

Golden Chalice Resources Inc. Langmuir Nickel Discovery Drilling

VANCOUVER, BC--(Marketwire - September 12, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) (is pleased to announce results from its Langmuir Nickel Project located approximately 35 kilometers southeast of Timmins, Ontario. Two drills are currently exploring the easterly and westerly strike extensions of the nickel mineralization intersected in early May of 2007. The discovery drill hole, GCL07-06, reported 1.14% Nickel (Ni) over 72.50 meters (drilled width). A subsequent and previously released drill hole GCL07-14, collared 25 meters west of GCL07-6, intersected three significant nickel zones of 1.26% Ni over 30.50 meters, 1.08% Ni over 27.90 meters and 1.76% Ni over 10.50 meters.

Drill hole GCL07-15, collared approximately 30 meters grid south of and downdip of drill hole GCL07-14, has intersected 1.34% Ni and 0.12% Cu over 21.60 meters (drilled width) from 235.70 meters to 257.30 meters. Included in this interval was an intercept of 2.05% Ni over 11.30 meters from 235.70 to 247.0 meters.

DDH         From      To      Interval      Ni      Cu      Pt      Pd
            (m)       (m)       (m)        (%)      (%)    (g/t)   (g/t)
Zone        99.50   172.00     72.50       1.14     0.08    0.11    0.26
incl.      116.90   130.00     13.10       1.74     0.12    0.20    0.47
and        149.50   167.00     17.50       2.23     0.22    0.20    0.50

Zone        81.00    95.90     14.90       2.36     0.26    0.22    0.52
            81.00    84.70      3.70       2.95     0.14    0.42    0.94
            90.00    95.90      5.90       3.52     0.48    0.23    0.58

Zone       213.00   220.80      7.80       0.89     0.06    0.18    0.21
Zone       264.30   270.30      6.00       1.52     0.21    0.13    0.29
Zone       314.40   326.00     11.60       1.11     0.23    0.11    0.23

Zone       149.00   179.50     30.50       1.26     0.09    0.12    0.30
incl.      153.00   167.00     14.00       1.79     0.15    0.14    0.34
Zone       226.00   253.90     27.90       1.08     0.06    0.16    0.29
incl.      226.00   233.40      7.40       2.06     0.12    0.38    0.67
incl.      240.50   243.70      3.20       2.40     0.18    0.18    0.34
Zone       277.50   288.00     10.50       1.76     0.12    0.09    0.22

Zone       235.70   257.30     21.60       1.34     0.12    0.10    0.22
incl.      235.70   247.00     11.30       2.05     0.17    0.14    0.27
and        250.80   256.50      5.70       0.91     0.08    0.08    0.02

Drill holes GCLO7-12 and GCL07-13, drilled 25 meters northeast of the discovery drill hole GCL07-06, did not encounter the host peridotite or significant mineralization. However, hole GCL07-21 collared on the same section and approximately 125 meters grid south of GCL07-12 and 13 has successfully intersected peridotite with mineralization. This hole is being logged and sampled for assaying.

Holes GCL07-16 through 20 have been drilled grid west of the discovery hole on sections at 25m intervals. These holes have also intersected the favourable peridotite unit with mineralization. The holes are at varying stages of being logged and sampled for assay.

In summary, twenty-one holes have been drilled on the Langmuir Property. Thirteen of these holes (GCL07-06 and GCL07-10 through 21) have been drilled on the nickel discovery zone. GCL07-6 intersected the nickel discovery while testing a cluster of Electromagnetic (EM) airborne anomalies called zone W4. Holes GCL07-01 to 05 and GCL07-07 to 09 were drilled to test other zones or clusters of EM anomalies on the Langmuir Property. Only 9 of the eighteen EM clusters that occur on the Langmuir Property have been tested. Assays have been received to date up to and including GCL07-15 and are pending for holes GCL07-16 to 21 that have been drilled both grid east and west of the discovery hole GCL07-06.

As mentioned, holes GCL07-02 to 05 and GCL07-07 to 09 were drilled to test one EM anomaly within 8 of the 18 clusters or zones of EM anomalies. No significant mineralization has been encountered on these anomalies with the exception of GCL07-01, drilled approximately 250 meters east of four holes drilled in 2005. This drill hole encountered anomalous nickel mineralization returning 0.19% Ni over 6.00 meters from 90.90 to 96.90 meters (drilled width) hosted within mesocumulate peridotites. Some of the other holes intersected peridotites without anomalous mineralization or a clear cause of the EM responses.

Golden Chalice Resources plans to re-evaluate all 17 clusters of EM anomalies based on the company's increased understanding of the geological environment, geophysical signature, and surface geochemical response of the nickel discovery zone. Drilling on the 17 target areas will be planned based on the review. In addition, both drills will continue to evaluate the discovery zone to determine the true width, strike and depth extent of the nickel mineralization.

The Langmuir Property is located about 35 km south of Xstrata's Kidd Creek Metallurgical Complex in Timmins, Ontario.

A rigorous quality assurance program is employed which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Quebec, and the other half retained for future reference. Core samples are routinely analyzed for nickel, copper and cobalt by aqua regia digestion with atomic absorption techniques. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion and atomic absorption techniques. Check analyses utilizing another assay laboratory are also being done.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

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.

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.

Golden Chalice's website: to see Smartstox interviews with Company Chairman and President.

Contact Information

  • For Further Information Contact:

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