GOLDEN CHALICE RESOURCES INC.
711 – 675 West Hastings Street, Vancouver, B.C. V6B 1N2 (604) 685-2222 *Fax: (604) 685-3764
www.goldenchaliceresources.com
TSXV: GCR
FOR IMMEDIATE RELEASE
January 16, 2008
Drilling
Continues to Expand Langmuir Nickel
Mineralization
to the East and at Depth
Golden
Chalice Resources Inc. (TSX-V: GCR) is pleased to
announce results from its Langmuir Nickel Project located approximately 35 kilometers
southeast of Timmins and 30
kilometers south of the Xstrata Metallurgical complex in
Ontario. Two drills have been exploring the easterly and westerly strike
extensions of nickel mineralization discovered in early May of
2007. A third drill has just been added to commence testing over 20
newly identified B-field airborne VTEM targets on the Langmuir property.
The Company geophysicist has noted that numerous targets share similar
characteristics to the initial nickel discovery with respect to size and depth.
The GCR
nickel discovery in the southeast portion of Langmuir
Township is the first nickel discovery
in over 30 years within an area geologists believe has similar potential to the
Kambalda nickel camp in Western Australia. The Kambalda
camp is approximately 10 km long by 4 km wide and hosts at least 25 nickel sulphide deposits. These deposits rim a geological
feature called the Kambalda Dome.
In
comparison, GCR’s land position is over 25
kilometers long and up-to 6 km wide. The property encompasses a
substantial part of an arcuate belt of highly
prospective peridotitic komatiites
that rim a geological dome called the Shaw Dome. Similar peridotitic komatiites within the
arcuate belt and adjacent to GCR’s
Langmuir property currently host nickel deposits such as the Redstone and the
Langmuir nickel mines.
The Shaw
Dome shares similar characteristics to the Kambalda
Dome. The presence of several nickel deposits rimming the Shaw Dome
confirms the potential for the discovery of additional nickel deposits around
this Dome.
Drilling to
date on GCR’s Langmuir nickel discovery has
established 3 parallel nickel bearing zones (A,B,C). The A and B zones
appear to merge and separate from one another. They range in true width
from 3 to over 20 metres and have been followed along
strike for 200 metres and to a vertical depth of 250 metres. The C zone is 3 to 10 metres
in true width and is only intersected at depth. Thus far the deepest
intersection is at about 375 metres below
surface. All 3 zones are open at depth. The zones dip subvertically to the north and may roll and dip toward the
south according to geophysics.
Deeper
drilling is underway to test the depth and down plunge extension of the nickel
zones. In addition, shallow drilling is planned to determine the near
surface expression of the nickel mineralization to better define the zones for
resource estimation. The drill results will be used to calculate a
resource estimate as a first step toward determining the economic viability of
the recently discovered Langmuir nickel zones.
Recent
results from drilling include hole GCL07-27, collared 25 meters east of the
discovery drill hole, which intersected 1.62% Ni over 4.90 meters from 203.10
to 208.0 meters drilled width including 2.65% Ni over 2.35 meters from 203.10
to 205.45 meters. This zone is tentatively correlated with the A zone. The B
zone further downhole intersected 1.02% Ni over 5.60
meters from 263.40 to 269.0 meters drilled width. This includes an intersection
of 1.36% Ni over 3.10 meters from 263.40 to 266.50 meters. The C zone
intersected 1.19% Ni over 10.25 meters from 326.75 to 337.0 meters drilled
width.
Drill hole GCL07-29,
collared 50 meters east of the discovery drill hole intersected 2.0% Ni over
5.20 meters from 217.80 to 223.0 meters. This includes a higher grade interval
of 6.73% Ni over 0.85 meters.
Estimated
true widths are given in the table below:
DDH
|
From
|
To
|
Drilled
|
Est. True
|
Au
|
Pt
|
Pd
|
Cu
|
Ni
|
|
(m)
|
(m)
|
Width (m)
|
Width (m)
|
g/t
|
g/t
|
g/t
|
%
|
%
|
GCL07-26
|
|
no significant
values
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GCL07-27 ZoneA
|
203.10
|
208.00
|
4.90
|
4.00
|
0.01
|
0.13
|
0.30
|
0.14
|
1.62
|
incl.
|
203.10
|
205.45
|
2.35
|
1.90
|
Nil
|
0.21
|
0.47
|
0.21
|
2.65
|
|
|
|
|
|
|
|
|
|
|
Zone B
|
263.40
|
269.00
|
5.60
|
3.50
|
Nil
|
0.14
|
0.29
|
0.07
|
1.02
|
incl.
|
263.40
|
266.50
|
3.10
|
1.70
|
0.01
|
0.24
|
0.48
|
0.07
|
1.36
|
|
|
|
|
|
|
|
|
|
|
Zone C
|
326.75
|
337.00
|
10.25
|
5.00
|
0.04
|
0.11
|
0.25
|
0.11
|
1.19
|
|
|
|
|
|
|
|
|
|
|
GCL07-28
|
|
no significant
values
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GCL07-29 Zone A
|
217.80
|
223.00
|
5.20
|
3.00
|
0.02
|
0.11
|
0.23
|
0.16
|
2.00
|
incl.
|
221.5
|
222.35
|
0.85
|
0.50
|
0.03
|
0.26
|
0.53
|
0.67
|
6.73
|
|
|
|
|
|
|
|
|
|
|
GCL07-30
|
|
no significant
values
|
|
|
|
|
|
|
|
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.
Peter Caldbick,
P.Geo., and Kevin
Montgomery, P.Geo. are the
qualified persons for the purposes of National Instrument 43-101 for the
Company's Langmuir Project.
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.