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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
May 24, 2007
Golden Chalice Resources
Increases Land Position at New Nickel Discovery
Golden Chalice Resources Inc. is pleased
to announce that 391 additional claim units covering 6,256 hectares (15,600
acres) have been staked adjoining the Company’s Langmuir Property. The Company’s
land holdings now cover over 30 kilometres of favourable stratigraphy for
hosting nickel, copper, platinum and palladium mineralization. The total land
package for the Langmuir Property is now 851 claim units covering 13,616 hectares
(34,000 acres).
The Langmuir Property covers a mafic to ultramafic suite of
flows and sills with interflow sediments. An airborne VTEM survey has been
flown over only 30% of the property. Of the 18 target areas identified by the
survey, only 8 have been tested by drilling. As announced last week the 6th
target drilled intersected 1.14% Nickel over
72.50 metres, including two separate heavily mineralized intervals
of 2.23% Nickel (Ni), 0.22% Copper (Cu), 0.20
g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over 17.50 metres of
drill core, and 1.74 % Ni, 0.12% Cu, 0.20 g/t
Pt, and 0.47 g/t Pd over 13.10 metres of drill core.
Down hole geophysics has commenced in the new nickel
discovery hole in preparation of further drilling scheduled for the last week
of May.
The Company is also pleased to announce, subject
to regulatory approval, the acquisition of a 100% interest in the South
Porcupine Property, located in Whitney
Township, Ontario. Consideration for the property
consists of $20,000 payable on signing and $175,000 payable in cash or shares
payable over two years. The deemed price of any common shares to be
issued shall be based on the average trading price over the previous ten
business days from the date that payment is due. The number of common
shares received multiplied by the deemed price shall be equal to or greater
than the cash payment owing There is a 2% net smelter return payable to the
optionor which may be purchased for $500,000.
The South Porcupine Property is within the Timmins mining camp. Goldcorp’s
haulage road from the Pamour Open Pit gold mine to the Dome gold mine mill
cross-cuts the property. This significant land package of 25 patents and 98
staked claim units cover an iron formation occurring within mafic to ultramafic
flows and sills with interflow sediments. The patents were last worked in the
1950’s. Historical gold and nickel showings occur on the property.
Numerous untested airborne electromagnetic anomalies from a government survey
occur in the area of a nickel occurrence. The Company plans to prospect the
nickel and gold showings followed by ground geophysics, MMI soil sampling and
testing by trenching or drilling on the South Porcupine Property.
Peter
Caldbick, P.Geo., and Kevin
Montgomery, P.Geo. are the qualified people for the purposes of National
Instrument 43-101 for the Company's Langmuir Project. Project supervision is
by Kevin Montgomery and the contents
of the press release have been reviewed and approved by Peter
Caldbick.
About Golden
Chalice
Golden Chalice is well positioned to
discover and capitalize on world class gold, silver, copper, nickel, zinc,
platinum, palladium and diamond deposits. 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 in 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.
GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard W. Hughes, Chairman
For Further Information Contact: Richard Hughes
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.