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Re: News Releases - Wednesday, October 07, 2009
Golden Chalice Resources: Drilling Discovers Southeast Extension
of Volcanic Stratigraphy Hosting Explor Resources' Gold Discovery
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.. TWO DRILL HOLES INTERSECTED GOLD MINERALIZATION IN VOLCANICS SIMILAR
TO EXPLOR RESOURCES DISCOVERY OF 142.26 G/T GOLD OVER 3 METERS,
APPROXIMATELY 3.5 KILOMETERS TO THE NORTHWEST
.. COMPANY PLANNING IP SURVEY AS A PRECURSOR TO A SECOND DRILL PROGRAM
Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased
to announce the completion of a
Diamond drilling program of 2,039
meters on its Abitibi East Property. Drilling intersected what the
Company believes to be the southeast extension of the volcanic
stratigraphy hosting Explor Resources' Eastford Lake Property gold
discovery of 142.26 g/t Au over 3.0 meters, announced by Explor
Resources, February 9, 2009.
"We are encouraged by the results of this initial shallow drilling
program. Two widely spaced holes, in an area that has never been
drilled, have successfully intersected what appears to be an extension
of the favourable volcanic horizon hosting Explor's high-grade gold
discovery. The presence of anomalous gold mineralization within the
altered volcanics supports the exploration potential for gold at depth
and along strike," comments Company President, John Keating. "Explor
Resources' gold discovery at 400 m vertically below surface and West
Timmins' recent discovery at 700 m below surface confirm the need to
test favourable geological environments at depth. Moving forward, the
Company will conduct ground surveys followed by drilling to test at
depth for high grade gold mineralization."
Two gold intercepts were returned from hole GCAE09-5 including 1.52 g/t
Au over 0.5m (23.4-23.9 m downhole) and 1.95 g/t Au over 0.7m
(91.9-92.6 m). Hole GCAE09-6 located 300 m southeast of GCAE09-05
intersected 1.85 g/t Au over 0.8 m (236.7-237.5 m). The gold
mineralization occurs within sulphidic quartz flooded zones in a belt
of carbonatized ultramafic and mafic volcanic rocks intruded by local
feldpar porphyries. The favourable belt of altered volcanics appears
to correlate with a magnetic geophysical signature that can be traced
across a 1.5 km long grid, and remains open along strike.
The Abitibi East property is located approximately 75 km northeast of
Timmins, Ontario.
Peter Caldbick, P.Geo. and Kevin Montgomery, PGeo., are the qualified
persons for the purposes of National Instrument 43-101 for the
Company's Abitibi East Project. The technical contents of the press
release have been reviewed and approved by Peter Caldbick.
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be
focused 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.
Along with the Langmuir Project, the Company has recently brought
forward a number of its gold projects, including the Timmins West and
Abitibi East properties.
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
Message sent on Wed Oct 7, 2009 at 7:05:10 AM Pacific Time
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