Chalice Diamond Corp. Samples 48.5 g/t Gold on Reid Vein at Old Cabin Project
December 21 2009 - 9:00AM
Marketwired
Chalice Diamond Corp. (TSX VENTURE: COD) (the "Company") is pleased
to announce further sampling of the Reid Vein on the Old Cabin
project has produced a sample of 48.5 g/t gold. The sample was
taken approximately 1.5 meters away from previous sampling which
returned assays up to 211 g/t gold.
"We are encouraged by the consistency of high-grade gold along
the Reid Vein. Our proposed 2010 program will attempt to identify
the potential correlation between the numerous gold systems. This
will be followed with diamond drilling to test the downdip extent
of gold mineralization on the Reid vein as well as additional veins
if warranted," comments Company Chairman, Richard Hughes.
A sampling and stripping program on the property exposed
additional quartz vein systems with extensive carbonate and
sericitic alteration with disseminated pyrite and anomalous gold
values throughout.
To date, thirteen independent vein systems have been recognized
including an extensively trenched 550 foot long zone on the No 10
zone which has a historic channel sample assay of 1.18 oz/t gold
across a width of 5.5 feet. It would appear that little mapping or
interpretation has been carried out on this property in order to
correlate these vein systems.
Because of the similarities in lithological and structural
settings as well as styles of mineralization, it is believed that
these independent occurrences may actually be part of a larger
deeper seated vein system.
A recent "in house" ground magnetometer survey revealed a
curvilinear arccuate northeast to southwest trending series of
magnetic highs interpreted as gabbroic and possibly peridotitic
ridges occurring along the spine of the Goudreau Anticline. The
fold axes in large scale dilatent fold structures such as the
Goudreau Anticline may be preferential sites for the development of
major shear structures and ideal sites for the emplacement of gold
bearing fluids
2010 exploration on the Old Cabin project will consist of a
compilation of the additional vein systems sampled on the property
in an attempt to correlate these gold systems.
Peter Caldbick, P.Geo. has reviewed and approved the press
release. Mr. Caldbick is the qualified person for the purposes of
National Instrument 43-101 for the Company's Wawa project.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration
Group of Companies and is led by a team with a stellar track record
of discovery and development in Canada.
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 or Kevin Hull
Investor Relations (604) 685-2222 info@chalicediamond.com
www.chalicediamond.com AGORACOM Investor Relations:
cod@agoracom.com www.agoracom.com/ir/chalicediamond
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