GOLDEN CHALICE RESOURCES INC.
#711 – 675 West Hastings Street,
Vancouver,
B.C. V6B 1N2 Telephone: 604-685-2222 Fax: 604-685-3764
www.goldenchaliceresources.com
TSXV: GCR
FOR
IMMEDIATE RELEASE
December 4, 2007
Deep Drilling Commences on Abitibi East Property
Golden
Chalice Resources Inc. (TSX-V: GCR) is pleased to
announce the commencement of deep drilling on the Abitibi East Property located
approximately 65 km
east of Xstrata’s zinc processing metallurgical facility in Timmins,
Ontario.
The
Company’s July 17, 2007 news release describes in detail the large zinc
zone intersected in previous drilling, the need to drill below the zinc
discovery at deeper levels and the similar geological environment to the large
Kidd Creek Mine 75 km. to the west. Kidd Creek Mine has produced over
117,547,000 tonnes of ore averaging 2.2% copper (Cu),
7.25% zinc (Zn), 0.28% lead (Pb) and 147.43 g/t
silver (Ag)).
Dr. George Hudak, an Associate Professor at the University of
Wisconsin-Oshkosh and researcher on the relationships between volcanology, hydrothermal alteration and VMS deposits, has
assisted Company geologists in the recognition of lithologies
and alteration at the Abitibi East Property. Dr. Hudak
is currently utilizing lithogeochemistry (rock
chemistry) and petrographic studies (microscope
analysis of rock) to help vector (target) in on felsic
domes and potential synvolcanic fault zones which are
often associated with VMS deposits.
The increase in size and strength of the zinc mineralized zone at depth
combined with the recognition of debris flows with felsic
lava fragments and sulphidic clasts,
graphitic and cherty exhalites, moderate to strong silicification and sericitization,
stringer Zn, Cu and Pb mineralization, and
replacement style mineralization in the drilling to date, support the potential
for a volcanogenic massive sulphide deposit on the
Abitibi East Property.
A Summary of Volcanogenic Massive Sulphide Deposit
Environments and how they relate to the Abitibi East exploration is available
on Golden Chalice Resources’ web site www.goldenchaliceresources.com.
Further drilling is planned to target the downdip and
strike extent of this newly discovered mineralization. Peter Caldbick, P.Geo., is the
qualified person for the purposes of National Instrument 43-101 and has read
and approved this news release.
Private
Placement Closes
The Company
is pleased to announce that, it has completed a private placement of
1,731,680 units at a price of $1.70 per unit for gross proceeds of $2,943,856.
Each common share purchase warrant will entitle the holder to purchase one
common share at the price of $1.70 per Share at any time up to 4:30 p.m.
Vancouver time on November 19, 2008 and at the price of $2.00 per Share at any
time up to 4:30 p.m. Vancouver time on November 19, 2009 Any shares issued will
be subject to a hold period expiring on March 20, 2008.
Included in
the private placement was the sale of 200,000 flow-through units to MineralFields Group.
In
connection with the transaction, the agents, Limited Market Dealer Inc.,
Standard Securities, Research Capital Corp. and Integral Wealth Securities
Ltd., were paid total cash commissions of $165,808. Proceeds of the
private placement will be used to expand the drilling programs on the
Company’s Abitibi East, Bathurst Carboniferous and Langmuir Properties.
About MineralFields
MineralFields
Group (a division of Pathway Asset Management) is a Toronto-based mining fund
with significant assets under administration that offers its tax-advantaged
super flow-through limited partnerships to investors throughout Canada
during most of the calendar year, as well as hard-dollar resource limited
partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.
About Golden Chalice
Golden
Chalice Resources Inc. is a Canadian mining exploration company that seeks to
find mineable mineralization in Ontario, New Brunswick, Quebec, British Columbia and Nevada. Creative geological
interpretations along with the latest in geophysical and geochemical surveys
give this aggressive company a full range of prospects that may host gold,
silver, platinum group metals, nickel, copper and diamonds. 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.
GOLDEN
CHALICE RESOURCES INC.
On behalf of
the Board of Directors
Richard W.
Hughes, Chairman
For Further
Information Contact: The Hughes Exploration Group
Phone: (604)
685-2222 or 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.
