SOURCE: Golden Chalice Resources Inc.

August 14, 2007 07:30 ET

Major Nickel Intersection on Strike With Golden Chalice Langmuir Nickel Discovery

VANCOUVER, BC--(Marketwire - August 14, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce results from drill hole GCL07-14, which intersected three significant nickel (Ni) zones of 1.26% Ni over 30.50 metres, 1.08% Ni over 27.90 metres, and 1.76% Ni over 10.50 metres. The nickel zones also continue to contain elevated platinum (Pt) and palladium (Pd) mineralization.

Drill hole GCL07-14 was collared 25 meters grid west and on strike of discovery hole GCL07-06 that intersected 72.50 meters of 1.14% Ni. GCL07-14 is the 6th hole drilled in the discovery zone area.

Details are tabulated below for hole GCL07-14, all intercepts reported are drilled widths.

--------------------------------------------------------------
GCL07-14    From     To    Interval  Ni    Cu    Pt       Pd
             (m)     (m)     (m)     %      %   (g/t)    (g/t)
--------------------------------------------------------------
            149.00  179.50   30.50  1.26  0.09   0.12    0.30
including   153.00  167.00   14.00  1.79  0.15   0.14    0.34
            226.00  253.90   27.90  1.08  0.06   0.16    0.29
including   226.00  233.40    7.40  2.06  0.12   0.38    0.67
with        228.00  228.70    0.70  7.04  0.14   0.74    1.40
and         231.50  231.80    0.30 12.03  1.47   2.86    7.17
including   240.50  243.70    3.20  2.40  0.18   0.18    0.34
            277.50  288.00   10.50  1.76  0.12   0.09    0.22
including   286.00  287.05    1.05  6.84  0.31   0.13    0.40
--------------------------------------------------------------

Two additional drill holes, GCL07-15 and GCL07-16, have been drilled on section above and below GCL07-14 intersecting sulphide mineralization. Assays are currently pending for these drill holes.

Assay results for completed drill holes GCL07-12 and GCL07-13 are also pending. Both holes were collared from the same setup 25 meters grid east of discovery hole GCL07-06. They intersected reduced sulphide mineralization and numerous dykes within ultramafic volcanics different from the host peridotites of the main mineralized zones. This change in volcanics may be the result of north-south faulting that could have offset the nickel zone. In the coming weeks, a second drill is expected to explore for the grid east extension of the mineralized horizon.

Drilling is currently testing the westerly strike extent of the mineralized zone encountered in GCL07-14 with drill hole GCL07-17 stepping out 50 meters grid west from GCL07-06. This drilling will be used to assess the orientation and true width of the mineralized zones.

Geotech's most advanced version of the B-Field VTEM airborne system has begun flying the entire Langmuir Property. Less than one-third of the Langmuir Property was flown in 2006 with an older version of the VTEM system which identified 18 clusters (groups) of electromagnetic (EM) anomalies. Drill testing of one EM anomaly in a VTEM cluster resulted in the Langmuir Nickel Discovery. The Company is optimistic that additional clusters of EM anomalies will be identified by the advanced VTEM system on the remainder of the Langmuir Property.

The Langmuir Property is located about 35 km south of Xstrata's Kidd Creek Metallurgical site 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 are the qualified people 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.

GOLDEN CHALICE RESOURCES INC.
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.

Contact Information

  • For Further Information Contact:
    The Hughes Exploration Group
    Phone: (604) 685-2222
    Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see
    Smartstox interviews with Company Chairman and President.