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Golden Chalice Announces Drill Plans for Radio Hill Iron-Ore Project

Golden Chalice Resources Inc. (TSX VENTURE:GCR) has announces 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 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:

  • Confirm the depth potential of the iron ore mineralization below the 90 million tonne historic resource and,
  • Evaluate the high grade iron portion of the iron formation which forms the bulk of the formation.
  • Evaluate the mineralogy of the deposit.

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.

Source:

Golden Chalice Resources Inc.

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