Golden Chalice Resources Inc.
TSX VENTURE : GCR
TSX : GCRIF

Golden Chalice Resources Inc.

May 06, 2009 11:53 ET

Golden Chalice Resources Intersects 1.72% Over 3.0 Meters in Second Discovery Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2009) - Golden Chalice Resources (TSX VENTURE:GCR) (the 'Company') is pleased to announce that Hole GCL09-10 has returned significant nickel mineralization from the W2 Discovery area at its wholly owned Langmuir Property situated 35 km southeast of Timmins, Ontario.

Hole GCL09-10, completed in the W2 Discovery area, returned 1.72% nickel over 3.0 meters from 303.50 to 306.50 meters within a broader mineralized channel flow grading 0.55% nickel over 20.10 meters from 287.30 to 307.40 meters.

For a map and diagram including drill highlights from the Company's Langmuir project please click on the link: http://www.goldenchaliceresources.com/i/pdf/Langmuir-2008-05-06-NRM.pdf

The mineralization was found approximately 25 meters east and up-dip of a previously reported intersection grading 3.34% nickel over 0.9 meters from 373.50 to 374.40 meters. These previously released results represent the first new nickel mineralization on strike with the Langmuir Discovery Zone. The W2 Zone is located 1.5 km from the original W4 Discovery Zone where initial drilling in May of 2007 intersected 1.14% nickel over 72.5 meters.

The original drill target in the W2 area was a deep VTEM conductor identified using computer modeling for locating "Kambalda-style" deposits in conjunction with conventional MMI soil anomalies. This deposit type takes its name from the Kambalda Nickel District of Australia, where at least 36 sulphide bodies host collective reserves of 48 million tonnes at 3.6% nickel and 0.25% copper. Management is encouraged by the latest results as the mineralization within the channel flow horizon consists of blebby, patchy and fracture-filled pyrrhotite and pentlandite, consistent with Kambalda-style nickel mineralization. The mineralized channel flow is also similar to that of the Langmuir Discovery Zone.

Company President, John Keating, states, "We are extremely encouraged by the success we have had to date in the drilling of VTEM targets defined using the Kambalda model together with MMI soil anomalies. The full potential of the project remains unknown as the Company's significant land position contains numerous high-priority targets yet to be tested."

The latest W2 drilling further validates the theory of a Kambalda-type district with potential for multiple nickel deposits over a relatively small area of the Langmuir Property, as well as the validity of the Company's deep target conductivity model derived from the VTEM data. This new modeling has detected other large conductive bodies at depth with geophysical signatures similar to the known mineralized zone. The modeling also shows that the W2 discovery and nearby 2007 W4 Discovery Zone are still largely untested at depth relative to their geophysical signatures.

Along with testing of the new W2 discovery and the recently defined geophysical and geochemical targets, the Company will continue exploration on its most advanced target, the Langmuir Discovery Zone. Recent infill drilling as high as 2.75% Ni over 24.4 meters has confirmed the continuity of mineralization along strike of this zone (see press release, Feb. 18/09). These and other results will be used toward building an initial NI 43-101 compliant resource estimate.

The road-accessible Langmuir Property covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits. Another eight holes have been completed to date for a total of 3,445 meters testing several VTEM and MMI targets. Anomalous nickel values were found about 120 meters northwest of the W2 discovery below significant surface MMI responses in drill holes GCL09-6 and GCL09-7.

Peter Caldbick, P.Geo. has reviewed and approved the press release and Kevin Montgomery, P.Geo. is the project supervisor. Mr. Caldbick and Mr. Montgomery are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

About Golden Chalice

The Company's main focus continues to be 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.

Golden Chalice has other promising projects near the Timmins mining camp of Ontario, including the Radio Hill property and the Abitibi East Property, which covers similar host rocks as the Kidd Creek deposit, 85 km to the west. The Company 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.

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

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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