=======================================================================
Re: News Releases - Tuesday, July 15, 2008
High Grade Nickel Mineralization intersected at Langmuir Nickel
Discovery and Deep Drilling Confirms the Potential for Additional
Nickel Discoveries at Depth
=======================================================================
Golden Chalice Resources Inc. (TSX:V GCR) is pleased to announce that
drilling on the Langmuir Nickel discovery continues to intersect high
grade nickel mineralization. Also of great importance is that assay
results from deep drilling confirm the presence of the same rocks and
style of nickel mineralization as the Langmuir discovery. These
results suggest the potential for one or multiple nickel mineralized
zones in addition to the discovery. This is the first time drilling
has confirmed the potential for additional mineralized zones since the
discovery was made in May 2007.
Recent shallow infill drilling on the Discovery Zone has better defined
the continuity and grade of mineralization. Drill hole GCL08-51
intersected 3.13% Ni over a drilled width of 10.60 meters from 130.40
to 141.0 meters including 3.54% Ni over 8.40 meters from 130.40 to
138.80 meters (see table below). Drill hole GCL08-48 intersected
1.74% Ni over a drilled width of 14.0 meters from 126.0 to 140.0 meters
including 2.28% Ni over 9.0 meters from 126.0 to 135.0 meters. This
drilling on the Discovery Zone indicates that nickel mineralization
extends to surface with strong continuity and good grade between
previously drilled sections. Current drilling on the Langmuir Discovery
Zone is being conducted on north-south azimuths perpendicular to an
established east-west strike trend for the deposit rather than the
previous VTEM flight trend azimuths of 325 degrees and therefore, drill
hole intercepts are perceived to be closer to true widths.
Deep drilling is also testing newly modeled deep conductivity targets
(see press release of May 13, 2008). Assays from the first hole
drilled on the "Deep Conductivity VTEM Model" confirm that the hole has
penetrated the same rock type that hosts the Langmuir Nickel Discovery.
These adcumulate peridotitic komatiitic rocks with spinifex textures
have approximately 2 to 3% interstitial disseminated sulphides.
Anomalous nickel, copper, cobalt and PGM's were found within this
komatiitic flow horizon which has previously been intersected only
within or near the Nickel Discovery Zone drilling. This flow horizon
occurs approximately 700 meters east of the initial Discovery Zone and
was intersected approximately 500 meters vertically below surface.
This suggests that one or more additional nickel zones may exist within
the multiple large deep VTEM targets that are each over one kilometer
in length.
Within the Kambalda region of western Australia multiple nickel
deposits occur within internal channel pathways in compound ultramafic
sheet flows. Many of these deposits occur at deeper levels and pool or
puddle within depressions. The mineralized flow horizon encountered in
the first hole drilled on the deep conductivity model may be the same
channel pathway encountered in the Langmuir Discovery Zone, and could
therefore host additional nickel zones.
Management is encouraged by the results from this phase of drilling as
it demonstrates that the nickel discovery has more high-grade nickel
mineralization. Equally important is the discovery at depth of the
same rock unit as in the Langmuir zone which now expands the potential
for additional discoveries on the property.
The Langmuir Nickel Discovery is located in the southeast portion of
Langmuir Township approximately 35 kilometers southeast of Timmins
Ontario. It is accessible by road and is proximal to infrastructure.
The company owns the mineral rights to more than 40 kilometres of
stratigraphy favourable for hosting additional nickel discoveries.
Est.
DDH Zone From To Len Ni Cu Pt Pd True
(m) (m) (m) (%) (%) (g/t) (g/t) Width
----------------------------------------------------------------------
GCL08-42 NSV.
to 44
----------------------------------------------------------------------
GCL08-45 Other 367.8 372.10 4.3 0.32 0.03 0.07 0.34 N/A
371.8 372.10 0.3 1.13 0.10 0.07 0.97 N/A
----------------------------------------------------------------------
GCL08-46 NSV.
to 47
----------------------------------------------------------------------
GCL08-48 A 126.0 140.00 14.0 1.70 0.11 0.12 0.29 8.0
Incl. 126.0 135.90 9.9 2.12 0.14 0.15 0.38 5.7
----------------------------------------------------------------------
GCL08-49 pending
----------------------------------------------------------------------
GCL08-50 A 123.1 134.00 10.9 1.13 0.04 0.05 0.13 9.5
----------------------------------------------------------------------
GCL08-50 Incl. 123.1 124.10 1.0 9.28 0.27 0.35 1.00
----------------------------------------------------------------------
GCL08-51 A 130.4 141.00 10.6 3.14 0.28 0.34 0.68 8.0
----------------------------------------------------------------------
GCL08-52 pending
----------------------------------------------------------------------
GCL08-53 pending
----------------------------------------------------------------------
GCL08-54 pending
----------------------------------------------------------------------
GCL08-55 A 53.0 59.20 6.2 1.14 0.09 0.07 0.17 5.0
----------------------------------------------------------------------
GCL08-55 Other 85.0 87.00 2.0 0.88 0.02 0.07 0.10 N/A
----------------------------------------------------------------------
GCL08-56 A 91.0 98.20 7.2 1.53 0.09 0.15 0.43 4.0
----------------------------------------------------------------------
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 is well positioned to discover and capitalize on world
class gold, silver, copper, nickel, zinc, platinum and palladium
deposits. During the last few 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. Details
relating to exploration activities on specific properties will be
announced during the coming months as the work program is implemented.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell, Investor Relations
(604) 685-2222
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice
The statements made in this news release may contain forward-looking
statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the Company's
expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
=======================================================================
Copyright (c) 2008 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
=======================================================================
.