Business & Finance
Business and Finance
Business and Finance
Fri, August 14, 2009
Thu, August 13, 2009 Golden Chalice Resources: Golden Chalice Resources Moves Forward With Abitibi East Gold Exploration
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2009) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("GCR") is pleased to announce that it has signed drill contract and is moving forward with a highly prospective area for potential gold mineralization at its wholly owned Abitibi East Property located approximately 75 km northeast of Timmins, Ontario.
The Company recently completed a map of the Abitibi East target area that is now available on its website:
[ http://www.goldenchaliceresources.com/i/pdf/Abitibi-East-map-v9.pdf ]
The target area shown on the map is currently being assessed by ground geophysical (magnetometer and VLF) surveys. The magnetometer survey will be used to help identify the favorable volcanics and porphyry rocks. The VLF survey will assist in identifying structures. The prime target areas to be tested by drilling will be where these structures intersect the favorable rock units. Drilling is set to begin in the next two weeks.
The Abitibi East Property surrounds three sides of the Eastford Lake Property where Explor Resources Inc. intersected 12.7 grams gold per tonne (g/t) over 7.5 meters in June, 2008. Subsequent drilling by Explor has continued to intersect high-grade gold, notably 142 g/t gold over 3.0 meters and 45.45 g/t gold over 3.3 meters, reported on February 9, 2009.
The gold mineralization discovered by Explor Resources occurs within a belt of carbonatized ultramafic and mafic volcanic rocks intruded by a number of porphyries as well as a strong structural trend in the area. This favorable geology strikes to the southeast toward Golden Chalice's Abitibi East Property. In addition, Explor Resources has discovered an east-west-trending altered porphyry that also strikes toward the Abitibi East Property. The interpreted extensions of these two trends would intersect on Golden Chalice's property, thus generating a highly favorable geological environment for potential gold mineralization.
The Company believes that south-east-trending structural zone, in combination with the altered porphyries, are crucial in the precipitation of hydrothermal gold-bearing fluids that occur within the ultramafic intrusive and volcanic rocks.
The Abitibi East Property is situated near established mining infrastructure in the Timmins camp, known for its world-class gold and base metal mines and deposits. Approximately 68 million ounces of gold plus significant amounts of silver, zinc and copper have been produced from this prolific mining district since mining began in the early 1900s.
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.
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.
