Golden Chalice commences drilling on Radio Hill property

Golden Chalice Resources Inc. announces 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.

t 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.