Golden Chalice Resources Sets New Agenda and Provides Update Following Timmins' Meetings
25 August 2010 - 11:00PM
Marketwired
Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is
pleased to announce the outcome of its three day meeting held at
the Company's offices in Timmins, Ontario, earlier this month. The
new management team and Board of Directors established a focused
mandate to move forward creating the best possible environment to
advance senior projects and explore properties of highest potential
while at the same time dropping properties of lesser merit.
The Company's ongoing objective is to evaluate properties in a
timely and efficient manner, advance those of merit, and terminate
those with lower potential which may draw resources away from other
projects. The Company recognizes the importance of both
"grass-roots" and advanced exploration projects and will continue
to ensure it is adequately diversified without overextending its
resources. Furthermore, the Company will actively seek JV partners
to help advance and potentially develop existing, advanced-stage
properties, as well as early-stage properties which do not fit in
with near term exploration plans. New management is committed to
fiscally responsible business practices and acting in the best
interest of its shareholders.
Recent Company Highlights:
A new management team, as well as new Directors, were put in
place on June 28, 2010. This team includes Steve de Jong, Director,
President, Stephen Pearce, Director, CFO and Frank Durant,
Director. On July 9, 2010, Trygve Hoy, PhD, PEng, also joined the
Board of Directors. On August 18, 2010, Dr. Hoy was named Company
VP of Exploration.
The Board of Directors intends to invite an iron ore expert to
participate on the Board to help advance the Radio Hill and Nat
River projects.
The head office in Vancouver has been moved, and is now
temporarily located at 1290-625 Howe Street.
A thorough review of the Company's entire land holdings led by
Dr. Hoy, PEng with input from Peter Caldbick, PGeo, Kevin
Montgomery, PGeo, Terry Mersereau, PGeo and Andrew Tims, PGeo, as
well as a number of Company consultants, has been completed with
priority given to maintaining and advancing only those properties
with the highest mineral potential.
The geological review and property evaluation determined the
following:
-- Langmuir Nickel Deposit: The recently completed NI43-101 indicates open
pit potential as well as several still untested areas below the existing
deposit and elsewhere on the property. A number of proposals for
environmental baseline studies from environmental consulting firms are
under review. The Company hopes to commence preliminary work on its
baseline study in the immediate future. A number of options, including
joint venture possibilities, are being evaluated as the Company
continues to advance the W4 deposit towards production.
-- Radio Hill Deposit: The Company is pleased and encouraged by the
recently completed NI 43-101 'Property of Merit' report on the iron ore
project and will be actively seeking a joint venture partner. Further
drilling may be required to upgrade the existing historical resource to
today's NI 43-101 standards. The Company is looking to appoint an iron
deposit expert to the Board of Directors to assist with this project.
-- Nat River Project: This iron-ore anomaly is located adjacent to the
Radio Hill project and requires further drill testing as well as
petrological examination. The proximity and untested nature of the Nat
River iron formation add greatly to the overall potential of Radio Hill.
-- Abitibi East - East Extension: The central part of the block has
considerable volcanogenic massive sulphide (VMS) potential, and will be
retained; adjacent claims will be dropped.
-- Abitibi East - Warden: This property has been returned to its vendor.
-- Abitibi East - Shallow River: The Company will pursue a JV partner for
further exploration on the Shallow River VMS target.
-- Brinklow: This property, located near Thunder Bay, Ontario, (near
Premier Gold's property with reported 1.3 million ounces of gold) has
had considerable early-stage exploration by the Company which has
defined several gold targets. Trenching of some of these targets,
including coincidental IP/geochemistry targets, is scheduled to begin
immediately.
-- Ellen Creek: A "grassroots" exploration property, in good standing, with
several prospective gold targets that the Company will explore in the
future.
-- Kenogaming: This property has been terminated.
-- Kenogaming South: This property has been terminated.
-- Kimberlite Portfolio: Enough assessment work has been done to keep these
properties in good standing. Their potential will be reviewed again in
the future.
-- Monpre: This property, which does not require further property payments
and is in good standing, will be kept until a more detailed evaluation
of its gold potential has been made.
-- Northland: This property, located in the Kirkland Lake gold camp, is
considered to have significant gold exploration potential. Early-stage
exploration indicates a drill program is warranted. The property is in
good standing and will he held until a JV partner is located or until
the Company is in a position to drill.
-- Porphyry: This property has been terminated.
-- Row Lake: Enough assessment work has been done on this property to keep
it in good standing for at least three years. It has diamond, nickel and
copper potential and will remain in the Company's portfolio as a "grass-
roots" project.
-- Shillington: A copper-gold property that the Company will continue to
explore as a possible iron oxide copper gold (IOCG) or porphyry system;
property size will be reduced considerably to minimize exploration
funding requirements.
-- Shillington West: This property has a large VTEM anomaly in a mag low
area with considerable potential. Geological mapping and prospecting are
required to further evaluate it.
-- South Porcupine: This property has both gold and zinc targets and is
currently in good standing. Recent drilling intersected anomalous
amounts of gold and results indicate further drilling is warranted. A JV
partner may be brought in to advance this project.
-- Taylor Group Claims: Located in the Bathurst district in New Brunswick,
these claims have excellent VMS potential. The property size is
currently being reduced and plans for further exploration, focusing on
core areas, are being prepared.
The Company will continue to update investors as it develops
exploration plans for those properties it has decided to move
forward with as well as provide regular updates on its advanced
Langmuir and Radio Hill projects.
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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