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
June 7, 2007
Golden
Chalice Resources Langmuir Property Drilling
Golden
Chalice Resources Inc. is pleased to announce that the
second hole on the Langmuir Nickel Discovery has intersected sulphide
mineralization similar in style as the discovery hole. The core is being
logged, split and sent for analysis. The nickel grade is not known at
this time and results are expected late next week.
The sulphide
mineralization being intersected closer to surface in the second hole suggests
that the zone has a subvertical dip to the north and is interpreted to widen at
depth. The drilling is ongoing and is presently at 162 metres.
Given the recent market activity the Company considered it necessary to ensure
full disclosure and the proper dissemination of information about the status of
current drilling prior to having assay results.
The
discovery hole (GCL 07-06) announced on May 16 intersected a zone containing
variable concentrations from 1% to 35% sulphide mineralization. This
sulphide mineralization was from 99.5 to 172 metres with an average grade of
1.14% Nickel, 0.11 g/t Platinum and 0.26 g/t Palladium over 72.50 metres.
This second hole (GCL 07-10) was drilled up-dip of the discovery zone and
intersected significant sulphide mineralization from 81 to 96 metres.
Both holes
were drilled from the same set-up site and oriented to drill across an airborne
EM anomaly trend along the flight line azimuth of 325 degrees with dips of -55
degrees for GCL 07-06 and -45 degrees for GCL 07-10. Drilling on
strike and to depth will be used to interpret the true width and extent of the
mineralized zone.
The Company’s
land holdings 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 is underlain by a thick package of mafic to ultramafic flows and sills
with interflow sediments. An airborne VTEM survey has been flown over
less than 30% of the Property. Of the 18 target areas identified by the
survey, only 9 have been tested by drilling to date.
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.
