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Golden Chalice Signs Option Joint Venture Agreement for Exploration on Its Nevada Gold Properties
Golden Chalice Signs Option Joint Venture Agreement for Exploration on Its Nevada Gold Properties
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[{"type":"text","content":"Golden Chalice Signs Option Joint Venture Agreement for Exploration on Its Nevada Gold Properties\n\n\n\nGolden Chalice Signs Option Joint Venture Agreement for Exploration on Its Nevada Gold Properties\n\nVancouver, British Columbia CANADA, June 04, 2008 /FSC/ - Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), is pleased to announce that, further to its strategy to focus on its Ontario properties, it has optioned its UKE and Aphro gold properties, totaling 69 claims (559 hectares). As part of the agreement, two additional properties totaling 143 claims (1157 hectares) will be added to the land package. This is the first time since 1986 that the entire King Solomon Gold Mining District has been consolidated. This previous lack of consolidation disrupted district exploration for 20 years.\n\nUnder the terms of the option agreement, the Optionee has the right to earn a 50% interest in the UKE and Aphro properties by spending US$3,000,000 on any part of the property, provided that at least US$1,000,000 is spent on UKE and Aphro properties, and of that, at least US$500,000 is spent on the UKE property over a period of three years. Upon completion of the expenditures, Golden Chalice will have a 50% interest in the new properties being added to the land package. Upon the Optionee exercising its option, a 50/50 joint venture would proceed on the entire land package, with the Optionee having the right to earn an additional 15% interest by completing a feasibility study, a further 10% interest by arranging production financing and an additional 5% interest by bringing a mine into production, thereby leaving Golden Chalice with a 20% working interest.\n\nThe UKE-Aphro claims are located in the south-central part of the Monitor Range within northern Nye County, Nevada. The UKE portion of the property was originally staked in 1988 and leased by Newmont in 1989. Newmont drilled one small part of the property with seven fairly shallow holes to test Round Mountain style mineralization. Five of the seven holes encountered gold mineralization with greater than 0.01 opt Au values in Tertiary Volcanics; none of the holes reached the favourable Paleozoic units that could host Carlin or Northumberland-style gold mineralization. &...