Golden Chalice Resources Inc. (CDNX:GCR.V - News) (Other OTC:GCRIF.PK - News) is pleased to announce that 391 additional claim units covering 6,256 hectares (15,600 acres) have been staked adjoining the Company's Langmuir Property. The Company's land holdings now cover over 30 kilometres of favourable stratigraphy for hosting nickel, copper, platinum and palladium mineralization. The total land package for the Langmuir Property is now 851 claim units covering 13,616 hectares (34,000 acres).
The Langmuir Property covers a mafic to ultramafic suite of flows and sills with interflow sediments. An airborne VTEM survey has been flown over only 30% of the property. Of the 18 target areas identified by the survey, only 8 have been tested by drilling. As announced last week the 6th target drilled intersected 1.14% Nickel over 72.50 metres, including two separate heavily mineralized intervals of 2.23% Nickel (Ni), 0.22% Copper (Cu), 0.20 g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over 17.50 metres of drill core, and 1.74% Ni, 0.12% Cu, 0.20 g/t Pt, and 0.47 g/t Pd over 13.10 metres of drill core.
Down hole geophysics has commenced in the new nickel discovery hole in preparation of further drilling scheduled for the last week of May.
The Company is also pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the South Porcupine Property, located in Whitney Township, Ontario. Consideration for the property consists of $20,000 payable on signing and $175,000 payable in cash or shares payable over two years. The deemed price of any common shares to be issued shall be based on the average trading price over the previous ten business days from the date that payment is due. The number of common shares received multiplied by the deemed price shall be equal to or greater than the cash payment owing. There is a 2% net smelter return payable to the optionor which may be purchased for $500,000.
The South Porcupine Property is within the Timmins mining camp. Goldcorp's haulage road from the Pamour Open Pit gold mine to the Dome gold mine mill cross-cuts the property. This significant land package of 25 patents and 98 staked claim units cover an iron formation occurring within mafic to ultramafic flows and sills with interflow sediments. The patents were last worked in the 1950s. Historical gold and nickel showings occur on the property. Numerous untested airborne electromagnetic anomalies from a government survey occur in the area of a nickel occurrence. The Company plans to prospect the nickel and gold showings followed by ground geophysics, MMI soil sampling and testing by trenching or drilling on the South Porcupine Property.
Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified people for the purposes of National Instrument 43-101 for the Company's Langmuir Project. Project supervision is by Kevin Montgomery and the contents of the press release have been reviewed and approved by Peter Caldbick.
Source : www.goldenchaliceresources.com
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