FSC / Press Release
Drilling Commences On Radio Hill Property
Vancouver, British Columbia CANADA, May 16, 2008 /FSC/ - Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), is pleased to announce that drilling has commenced on the Company's Radio Hill Property, which is located approximately 76 kilometres southwest of Timmins, Ontario. The Radio Hill Property has potential to host gold, nickel, copper, zinc or iron ore deposits.
An historical non-compliant 43-101 resource was calculated for the iron mineralization on the Property in the early 1960s. At that time it was estimated by drilling and bulk sampling that the property has over 326 million tons, grading 25.58% soluble iron. The magnetite rich iron formation forms a topographical high and is reported to cover an area over two kilometres long, with a maximum width of about 500 metres. Historical drilling tested the iron to a vertical depth of only 400 metres. Mineralization is expected to continue to depth. Additional untested iron mineralization occurs on Golden Chalice's adjacent Timmins West Property.
The drilling is targeted on the iron ore formation to assist in evaluating historical data relating to the iron occurrence, and to move forward with additional information for seeking possible partners to develop the resource.
One main advantage the Property has over other undeveloped iron-ore type occurrences in the world is the excellent infrastructure in the area. The Property is accessible by highway and secondary roads from Timmins and Sudbury, Ontario. The CN Railroad has a railroad siding only three km by road from the iron occurrence. Natural gas and hydro are also readily available.
The Langmuir Property, which hosts our Nickel Discovery, is over 35 km long and up to 4 km wide, with more than 20 separate clusters of airborne EM anomalies having been identified. Below the Discovery Zone, computer modeling has detected numerous large conductive bodies at depth that have similar geophysical signatures. See our May 14th news release for further details. To view a cross section of the Langmuir discovery, please click on the link provided: http://www.goldenchaliceresources.com/i/misc/CDI_Chart.pdf.
About Golden Chalice
Golden Chalice is well positioned to discover and capitalize on world class gold, silver, copper, nickel, zinc, platinum and palladium deposits. During the last few years the Company has strategically accumulated large land packages in existing mining or mineral districts such as the Abitibi in Ontario and the Bathurst Camp in New Brunswick. These properties have existing infrastructure and are often within road access to metallurgical facilities to process mined ores. Details relating to exploration activities on specific properties will be announced during the coming months as the work program is implemented.
The statements made in this news 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.
Alan Campbell or Kevin Hull
AGORACOM Investor Relations: Email: GCR@agoracom.com
Golden Chalice Resources Inc.
#711-675 West Hastings Street
Canada V6B 1N2
Telephone: (604) 685-2222
Fax: (604) 685-3764
Source: Golden Chalice Resources Inc. (TSX-V: GCR http://www.goldenchaliceresources.com/
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