Golden Chalice Resources Announces Drill Plans for Iron Ore Project
October 05 2010 - 9:00AM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce drill plans for its wholly-owned Radio Hill
Iron-Ore project, the western extension of the Company's Timmins
West property.
The Radio Hill project hosts a number of historic, non-43-101
compliant resource estimates(i) ranging from 90 - 427 million
tonnes of approximately 27% iron. The significant range in tonnage
is a result of the different estimates measuring the amount of iron
to varying elevation levels, or possible open-pit depths. The
existing 90 million tonne historic resource estimate referred to in
the recent Radio-Hill 43-101 Property of Merit Report (Company news
release July 20, 2010) only took into consideration mineralization
for the first 150 meters below surface. Initial drilling is
intended to confirm mineralization continues beyond this to a depth
of at least 400 meters.
The Property of Merit report was completed by Micon
International Inc. ("Micon") and is available on www.sedar.ca. In
the report, Micon outlined an exploration program intended to
confirm reported mineralization at Radio Hill, test for extensions
below the existing zones, validate and expand upon previous
metallurgical testing and upgrade the resource estimate to 43-101
compliant standards. The proposed drilling program is the initial
step of this program. The potential tonnage and grade are
conceptual in nature and it is uncertain if further exploration
will delineate a mineral resource.
"Given the strength in iron-ore prices and the historic size
potential of the deposit we are expediting exploration at Radio
Hill", commented Company President, Steve de Jong. "Further to this
we are pleased to announce that through recent discussions with the
Mayor of Timmins, Ontario, we have learned the city has
commissioned a team to evaluate the possibility of local, recently
decommissioned facilities being used to process iron ore. Although
it is too early to speculate on the outcome of this team's report,
it is encouraging for the both the Company and the City of Timmins
that these steps, which have the potential to add significant value
to the Company and its Radio Hill project, are being taken."
The proposed drilling will be the first step of the program,
with the initial holes intended to:
1) Confirm the depth potential of the iron ore mineralization below the 90
million tonne historic resource and,
2) Evaluate the high grade iron portion of the iron formation which forms
the bulk of the formation.
3) Evaluate the mineralogy of the deposit.
To view a map of the Company's Radio Hill Iron-Ore project click
on the following link:
http://www.brmstatpack.com/lt/1001/1068/radio-hill-pdf
The magnetite rich iron formation forms a topographical high and
covers an area over 2 km long with a maximum width of approximately
500 meters. The Radio Hill project is accessible by paved highway
and gravel secondary road. The Kukatush railroad siding of the
Canadian National Railroad is 3 km along an existing road from the
Radio Hill Iron Ore occurrence. Hydroelectric power, water, and
natural gas are also available in the area. The property was last
worked and explored in the 1960s by Kukatush Mining Corporation.
Historic metallurgical tests indicate the potential to produce 63
to 65% iron concentrate.
(i) The historical estimates contained in this news release are
not in accordance with the mineral resources or mineral reserves
classifications contained in the CIM Definition Standards on
Mineral Resources and Mineral Reserves, as required by National
Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not
treating these historical estimates as current mineral resources or
mineral reserves as defined in NI 43-101 and such historical
estimates should not be relied upon. A qualified person has not
done sufficient work to date to classify the historical estimates
as current mineral resources or mineral reserves. The term "ore" in
this release is being used in a descriptive sense for historical
accuracy, and is not to be misconstrued as representing current
economic viability
Kevin Montgomery, P.Geo., is the qualified person for the
purposes of National Instrument 43-101 for the Company's Radio Hill
Project. The contents of the press release have been reviewed and
approved by Mr. Montgomery.
ABOUT GOLDEN CHALICE
Golden Chalice is an advanced stage exploration company, with
offices in Vancouver, British Columbia and Timmins, Ontario. In
addition to its Radio Hill iron-ore project it is currently
exploring the Langmuir nickel deposit in Ontario, Carlin type gold
occurrences in Nevada, volcanogenic massive sulphide deposits in
the Bathurst camp in New Brunswick and several gold targets in
northern and western Ontario.
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.
Contacts: Golden Chalice Resources Inc. Steve de Jong or Stephen
Pearce (604) 629-1808 (604) 685-7625 (FAX)
info@goldenchaliceresources.com www.goldenchaliceresources.com
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