Golden Chalice Resources Inc fka GCR

[Tackler]

Golden Chalice drills 5.90 m of 3.52% Ni at Langmuir

2007-06-15 15:16 MT - News Release

Mr. Richard Hughes reports

GOLDEN CHALICE RESOURCES LANGMUIR PROPERTY DRILLING

Golden Chalice Resources Inc.'s second hole (GCL 07-10) on the Langmuir nickel discovery intersected 2.36 per cent nickel over 14.90 metres of drill core. Drill hole GCL 07-10 intersected the same strongly mineralized nickel, copper and platinum group metal (PGM) zone occurring within an altered peridotitic komatiitic flow as in the discovery hole GCL 07-06 that was announced in Stockwatch on May 16.

Included in this intersection are two separate mineralized intervals of 2.95 per cent nickel (Ni) and 0.26 per cent copper (Cu) over 3.70 metres (upper), and 3.52 per cent Ni and 0.48 per cent Cu over 5.90 metres (lower). The lower interval contains a high-grade section of net textured to massive pentlandite-pyrrhotite mineralization that returned 7.03 per cent Ni and 0.82 per cent Cu over 2.30 metres, including 17.90 per cent Ni and 0.83 per cent Cu over 0.40 metre.

Platinum and palladium assays for GCL 07-10 are incomplete at this time (see table).

The discovery hole (GCL 07-06) intersected a zone containing variable concentrations from 1 per cent to 35 per cent sulphide mineralization. This sulphide mineralization was from 99.50 to 172.00 metres core length with an average grade of 1.14 per cent Ni, 0.11 gram per tonne Pt and 0.26 g/t Pd over 72.50 metres. This included two separate heavily mineralized intervals of 2.23 per cent Ni, 0.22 per cent Cu, 0.20 g/t Pt and 0.50 g/t Pd over 17.50 metres of drill core, and 1.74 per cent Ni, 0.12 per cent Cu, 0.20 g/t Pt and 0.47 g/t Pd over 13.10 metres of drill core.

 
  
  TABLE OF PRELIMINARY RESULTS FOR DRILL HOLE GCL-07-10 AND GCL-07-06 
  
                 From     To   Core length   Ni    Cu    Co    Pt    Pd 
                 (m)      (m)     (m)       (%)    (%)  (%)  (g/t)  (g/t) 
  
 GCL 07-10      81.00   95.90    14.90      2.36  0.26  0.03     -     - 
 including      81.00   84.70     3.70      2.95  0.14  0.03  0.42  0.94 
 and            90.00   95.90     5.90      3.52  0.48  0.05     -     - 
 GCL 07-06      99.50  172.00    72.50      1.14  0.08  0.02  0.11  0.26 
 including     116.90  130.00    13.10      1.74  0.12  0.02  0.20  0.47 
 and           149.50  167.00    17.50      2.23  0.22  0.04  0.20  0.50 
 

Both holes were drilled from the same set-up site and oriented to drill across an airborne electromagnetic anomaly trend along the flight line azimuth of 325 degrees with dips of minus 55 degrees for GCL 07-06 and minus 45 degrees for GCL 07-10. The sulphide mineralization being intersected closer to surface in the second hole suggests that the zone has a subvertical dip to the north and is interpreted to widen at depth. The discovery will be tested to depth and on strike in order to interpret the true width and extent of the mineralized zone. Drilling is continuing.

In addition, hole GCL 07-10 was extended to 413.0 metres and intersected two other mineralized sections with finely disseminated sulphides (less than 3 per cent) -- one zone from 250 metres to 260 metres (10-metre core length) and the other from 300 metres to 310 metres (10-metre core length) down the hole. The sulphide intersections may or may not contain nickel as the assays are pending. However, what these intersections do indicate is that the thick sequence of interbedded mafic to ultramafic flows, sills and interflow sediments on the Langmuir property have the potential to host additional mineralized zones at depth and along strike.

The company's landholdings cover over 30 kilometres of favourable stratigraphy for hosting nickel, copper, platinum and palladium mineralization. The total land package for the Langmuir property is now 851 claim units covering 13,616 hectares (34,000 acres).

An airborne VTEM survey has been flown over less than 30 per cent of the property. Of the 18 target areas identified by the survey, only nine have been tested by drilling to date.

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, Que., 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 10,000 parts per million are reanalyzed using total acid digestion and atomic absorption techniques. Check analyses using another assay laboratory are also being done.

Peter Caldbick, PGeo, and Kevin Montgomery, PGeo, are the qualified persons for the purposes of National Instrument 43-101 for the company's Langmuir project.