Golden Chalice Resources Inc fka GCR

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Golden Chalice Resources Langmuir Property Drilling
Friday June 15, 5:29 pm ET


VANCOUVER, BC--(MARKET WIRE)--Jun 15, 2007 -- Golden Chalice Resources Inc. (Other OTC:GCRIF.PK - News) (CDNX:GCR.V - News) is pleased to announce that the second hole (GCL 07-10) on the Langmuir Nickel Discovery intersected 2.36% 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 May 16.
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Included in this intersection are two separate mineralized intervals of 2.95% Nickel (Ni) and 0.26% Copper (Cu) over 3.70 metres (upper) and 3.52% Ni and 0.48% 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% Ni and 0.82% Cu over 2.30 metres including 17.90% Ni and 0.83% Cu over 0.40 metres.

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

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


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From To Core Length Ni Cu Co Pt Pd
(m) (m) (m) (%) (%) (%) (g/t) (g/t)
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GCL 07-10
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Zone 81.00 95.90 14.90 2.36 0.26 0.03 - -
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including 81.00 84.70 3.70 2.95 0.14 0.03 0.42 0.94
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and 90.00 95.90 5.90 3.52 0.48 0.05 - -
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GCL 07-06
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Zone 99.50 172.00 72.50 1.14 0.08 0.02 0.11 0.26
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including 116.90 130.00 13.10 1.74 0.12 0.02 0.20 0.47
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and 149.50 167.00 17.50 2.23 0.22 0.04 0.20 0.50
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Both holes were drilled from the same set-up site and oriented to drill across an airborne EM anomaly trend along the flight line azimuth of 325 degrees with dips of -55 degrees for GCL 07-06 and -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 ongoing.

In addition, Hole GCL 07-10 was extended to 413.0m, and intersected two other mineralized sections with finely disseminated sulphides (less than 3%). One zone from 250m to 260m (10 metre core length) and the other from 300m to 310m (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 land holdings 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% of the Property. Of the 18 target areas identified by the survey, only 9 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, 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 10,000 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 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, palladium and diamond 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 in 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

For Further Information Contact:
Richard Hughes
Phone: [phone] or visit Golden Chalice's website:
http://www.goldenchaliceresources.com to see Smartstox interviews with Company
Chairman and President.
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.

Distributed by Filing Services Canada and retransmitted by Marketwire



Contact:
For Further Information Contact:
Richard Hughes
Phone: [phone]
http://www.goldenchaliceresources.com



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Source: Golden Chalice Resources Inc.