HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Golden Chalice release
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| 10/18/2007 | 
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Vancouver, BC October 18, 2007 FSC / Press Release Drilling Confirms the Large Size Potential of the Langmuir Nickel Discovery Vancouver, British Columbia CANADA, October 18, 2007 /FSC/ - Golden Chalice Resources Inc. (TSX - VX: GCR, OTCBB_Pink_Sheets: GCRIF), is pleased to announce that drilling on the Langmuir nickel discovery has defined a large mineralized system. The mineralization has been traced for at least 150 metres in length along strike and down to a vertical depth of 250 metres. Modeling and interpretation of drill results to date indicate the nickel zones strike roughly east-west with subvertical dips that are slightly to the north. The main A zone has an irregular shape that widens as it goes deeper before splitting into the A & B zones. Nearer to surface the estimated true width varies from 4 to 7 m and expands up to 20m at 100 metres vertically below surface. At 250 metres depth the main zone splits into two zones ranging from 3 to 14m in estimated true width. There is also a third zone (C) that is emerging at depth with estimated true widths of 4 to 7m. The zones are open along their strike length both east and west and open to depth below the 250m limit of drilling to date. Assay results have been received for 9 of the 22 holes drilled on strike and to depth on the nickel discovery. Mineralization consistently occurs as disseminated, fracture infilled, blebby and net textured pentlandite-pyrrhotite with localized massive sulphide sections in peridotitic flows. Grades generally average greater than 1% nickel with elevated platinum and palladium. Massive sulphide sections grade up to 17% nickel. Two drills will continue to test the nickel mineralized zones on 25 metre sections to the east and west. The drills will then focus on drilling at depth below the 250 metre level, followed by infill drilling to start building an ore resource. The Langmuir property is well located being close to infrastructure in the established mining camp of Timmins, Ontario. The property is accessible by road and is only 35 km south east of Timmins where Xstrata's Kidd Creek Metallurgical Facility currently processes nickel ore from the Montcalm deposit 100 km west of Timmins. The Langmuir Property is also adjacent to Liberty Mineral's Redstone Mine where a new nickel processing mill was recently commissioned. Highlights of the recent drilling include drill hole GCL07-16 collared approximately 25 meters west of the discovery hole reported in a May 16th press release and drilled up-dip of drill hole GCL07-14. This hole returned an intercept of 0.93% Ni over a drilled width of 10.70 meters from 38.8 to 49.50 meters including 1.2% Ni over 5.30 meters from 38.80 to 44.10 meters. Drillhole GCL07-17 collared 50 meters west of the discovery drill hole returned an intercept of 1.33% Ni over 19.20 meters drilled width from 167.50 to 186.70 meters and 0.88% Ni over 12.60 meters from 284.90 to 297.50 meters. Drill hole GCL07-18, collared approximately 40 meters down dip of GCL07-17 returned an intercept of 1.58% Ni over 5.70 meters from 325.60 to 331.30 meters drilled width. Drill hole GCL07-19, collared approximately 30 meters up dip of GCL07-17 returned an intercept of 1.27% Ni over 4.70 meters from 74.0 to 78.70 meters drilled width. Details of the above intercepts as well as estimated true widths for these new and previous drill hole intercepts, are detailed in the accompanying table. -***- -****- |
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