Chalice Diamond Corp.: Mapping and Sampling of Gold Zones Underway on Claims Optioned to Strike Minerals Inc.
July 16 2009 - 11:04AM
Marketwired
Chalice Diamond Corp. (TSX VENTURE: COD) and Abitibi Mining Corp.
(TSX VENTURE: ABB) (the "Companies") are pleased to announce that
Strike Minerals Inc. ("Strike") has launched a program of detailed
geological mapping and sampling over a group of claims optioned by
the Companies to Strike earlier this year. The optioned claims
cover gold-bearing zones that are believed to be on strike with the
main showing of Strike's Nicholson property northwest of
Missinabie, Ontario.
Strike recently reported encouraging results from a 30-hole
drilling program conducted at its Nicholson property, including
298.43 grams gold per tonne over 0.46 meters intersected at a
vertical depth of 40.5 meters on the main showing.
Strike recognized the potential for the gold zone to continue
onto claims held 75% by Chalice Diamond and 25% by Abitibi Mining
and has optioned these claims surrounding their Nicholson property.
Strike agreed to pay the Companies a total of $60,000 and 300,000
shares over a two-year period and also spend $300,000 to explore
the claims by March 2012. Once these commitments are completed,
Strike will have earned a 100% interest in the group of claims,
subject to a 3% NSR.
Strike has a team of four geologists and assistants on the
optioned claims. Work includes stripping, washing and channel
sampling, along with detailed geological mapping and sampling. The
program is designed to give Strike a better understanding of the
geological structure of the entire property to permit more
efficient exploration and development.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture
partners, is continuing the search for diamond, base and precious
metal deposits in the Wawa-Chapleau region of Ontario, where it has
staked or optioned approximately 100,000 hectares of highly
prospective ground.
Visit Chalice Diamond's web-site: www.chalicediamond.com for
current information and to see Smartstox interviews with company
Chairman Richard Hughes.
The statements made in this Press 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.
Contacts: Chalice Diamond Corp. Alan Campbell Investor Relations
(604) 685-2222 Chalice Diamond Corp. Kevin Hull Investor Relations
(604) 685-2222 (604) 685-3764 (FAX) info@chalicediamond.com
www.chalicediamond.com AGORACOM Investor Relations cod@agoracom.com
http://www.agoracom.com/ir/chalicediamond
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