Business
Drilling Commences On Radio Hill Property
Drilling Commences On Radio Hill Property
About this update from Clean Energy Transition Inc.
[{"type":"text","content":"Drilling Commences On Radio Hill Property\n\n\n\nDrilling Commences On Radio Hill Property\n\nVancouver, 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.\n\nAn 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. \n\nThe 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.\n\nOne 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.\n\nLangmuir Project\n\nThe 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.go...