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Re: News Release - Tuesday, November 10, 2009
Golden Chalice Resources Commences Gold Exploration on Timmins
West Property and Advances Radio Hill Iron-Ore Project
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- MULTIPLE TARGET PORPHYRIES TO BE EXPLORED FOR GOLD POTENTIAL ON
TIMMINS WEST PROJECT, EXPLORATION WORK TO COMMENCE IMMEDIATELY ON
CENTRAL PORPHYRY
- GEOLOGY HOSTING PORPHYRIES SIMILAR TO THAT OF THE TIMMINS GOLD CAMP AND
THE WEST TIMMINS MINING/LAKE SHORE GOLD DISCOVERY, 45 KM TO THE
NORTHEAST ALONG THE SAME FAULT ZONE
- DEVELOPMENT OPTIONS, INCLUDING PARTNERSHIPS, BEING ASSESSED FOR THE
RADIO HILL IRON ORE PROJECT
- EXISTING INFRASTRUCTURE IN PLACE INCLUDING A RAILROAD SIDING BUILT
IN THE 1960'S TO ACCESS IRON-ORE
Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased
to announce it has commenced exploration work on its Timmins West
project, focusing on a number of known porphyries on the property.
Initial exploration will focus on one of the central porphyries, where
historic testing shows it is geochemically similar to the Pearl Lake
Porphyry in Timmins. The Pearl Lake porphyry is associated with the
McIntyre and Hollinger gold mines in Timmins. The two mines jointly
produced more than 25 million ounces of gold.
"We staked the Timmins West Property because the geology is a mirror
image to that of the Timmins Mining Camp," comments Company President,
John Keating. "Fortunately for us, the Timmins West Property has
received very limited exploration in the past because the area is
almost entirely covered by a veneer of overburden that hides potential
gold deposits. Our large land package has the potential to host
multiple gold deposits similar to those in the Timmins and the
Lakeshore Gold-West Timmins areas. In addition to gold, we are also
assessing potential development opportunities, including possible
partners, for the Radio Hill Iron-Ore Deposit on the Timmins West
Property"
Making up the western extension of the Timmins West property, is the
Radio Hill Iron-Ore project. Non NI 43-101 resource compliant
estimates done in the 1960's estimated the potential for up to 420
million tons of 25.78% soluble iron to a depth of about 300 metres.
Historic metallurgical tests indicate the potential to produce 63 to
65% iron concentrate.
The magnetite rich iron formation forms a topographical high and is
reported to cover an area over 2 km long with a maximum width of
approximately 500 meters. Previous drilling has only tested the iron
formation to a vertical depth of 400 meters and historic reports
indicate the potential for the mineralization to continue at depth. In
addition to the Radio Hill occurrence, the Timmins West land package
also hosts over 40 km of the Nat River iron formation that can be
explored for iron-ore potential.
The Radio Hill Iron-Ore project is accessible by paved highway and
gravel secondary road. The Kukatush railroad siding of the Canadian
National Railroad is 3 km along an existing road from the Radio Hill
Iron Ore occurrence. Hydroelectric power, water, and natural gas are
also available in the area. The property was last worked and explored
in the 1960s by Kukatush Mining Corporation.
Peter Caldbick, P.Geo., is the qualified person for the purposes of
National Instrument 43-101 for the Company's Timmins West Project. The
contents of the press release have been reviewed and approved by Peter
Caldbick.
The historical estimates contained in this news release are not in
accordance with the mineral resources or mineral reserves
classifications contained in the CIM Definition Standards on Mineral
Resources and Mineral Reserves, as required by National Instrument
43-101 ("NI 43-101"). Accordingly, the Company is not treating these
historical estimates as current mineral resources or mineral reserves
as defined in NI 43-101 and such historical estimates should not be
relied upon. A qualified person has not done sufficient work to date to
classify the historical estimates as current mineral resources or
mineral reserves. The term "ore" in this release is being used in a
descriptive sense for historical accuracy, and is not to be
misconstrued as representing current economic viability
About Golden Chalice
Along with its Timmins West Property, the Company's continues to focus
on its flagship Langmuir Project where 2007 drilling intersected 72
meters of 1.14% nickel. 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. The Company
owns 100% of the property which covers more than 30 km of favorable
stratigraphy with potential for hosting Kambalda-style deposits.
Golden Chalice 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 gold project in Nevada.
CONTACT INFORMATION
Corporate Inquiries:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations:
Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
Visit Golden Chalice's web-site: 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.
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Copyright (c) 2009 GOLDEN CHALICE RESOURCES INC. (GCR) All rights
reserved. For more information visit our website at
http://www.goldenchaliceresources.com/ or send
mailto:info@goldenchaliceresources.com
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