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Re: News Releases - Thursday, May 08, 2008
NEW POTENTIAL AT DEPTH ON LANGMUIR NICKEL PROPERTY
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Golden Chalice Resources Inc. (TSX:V GCR) is pleased to announce recent
progress on its Langmuir Nickel Discovery exploration program.
Drilling continues to successfully define the shape and size of the
Nickel Zone discovered in 2007. This drilling is building towards a
43-101 compliant resource estimate for the nickel discovery. A second
drill has been testing airborne geophysical VTEM anomalies on strike
with the discovery zone. Assays from both drilling programmes are
pending and results will be announced when they are received and
compiled.
In addition to the drilling, and of significant importance, are the
results of recent new modeling done by GCR's geophysicist on the
airborne VTEM survey data. The initial assessment of the VTEM survey
data resulted in the drilling of the discovery hole in May 2007 that
intersected 1.14% nickel (Ni) over 72.4 metres of core length. The new
assessment of the VTEM data, using a proven computer modeling
technique, has accurately identified the size of the discovery zone and
the potential for similar mineralization at depths below any drilling
to date. This modeling software has been successfully employed in the
Australian Kambalda mining district for well over a decade by CSIRO and
Macquary University, and has been further supported by international
mining companies such as Western Mining, BHP and Anglo-American.
The new modeling has detected numerous large conductive bodies at depth
that have geophysical signatures similar to the discovery zone. The
conductive bodies occur at depths of over 300 meters beneath the
discovery zone. They can be traced for over 2 kilometres along strike.
They have never been tested and occur well beneath any drilling to
date. One of these deep conductive bodies is currently in the process
of being drilled and the stratigraphy intersected at depth to date
possesses strong similarities to the rocks hosting the Langmuir nickel
discovery. This is the first drill hole to be drilled on these deep
seated conductive bodies.
Management is extremely encouraged by the results to date and plan to
continue to test these deep conductive targets with two drills. A
block diagram of the large conductive bodies identified by the model
will be available on the Company website,
www.goldenchaliceresources.com, within the week.
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.
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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
Message sent on Thu May 8, 2008 at 7:13:16 AM Pacific Time
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