Chalice Diamond Corp. 2010 Exploration Plans: Follow-up on 8.4 kg Grab Sample Yielding 35 Diamonds Including 5 Macrodiamonds
• DRILL PROGRAM PLANNED FOR REID VEIN ON OLD CABIN PROPERTY WHERE GRAB SAMPLES HAVE RETURNED GOLD AS HIGH AS 211.82 G/T
• POTENTIAL JOINT VENTURE PARTNERS CURRENTLY REVIEWING DATA ON THE BIRD PROPERTY, PLANNING FOR SECOND PHASE OF EXPLORATION UNDERWAY
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") is pleased to announce 2010 Exploration Plans for its Wawa-Chapleau properties. To view a map and summary of the Company's Chapleau-Wawa properties please click on follow-link:
http://www.brmstatpack.com/lt/1001/1022/chapleau-wawa
The Company will continue with its present assessment of the Chapleau-Wawa land package as a whole, on the basis of defining attractive diamond targets. The past three years have seen an extensive amount of exploration work and accumulation of data from till sampling, geophysical ground surveys, regional airborne VTEM surveys and prospecting. This has enabled the Company to compile regional trends and identify attractive kimberlite pipe targets. Targets are in the process of being compiled and defined based on attractive down ice kimberlite indicator mineral trains coupled with significant VTEM conductors and attractive ground magnetic signatures. The Company is also exploring the possibility of using soil gas hydrocarbon soil (SGH) analyses to further augment the targeting process.
Initial 2010 diamond exploration will focus on the Corbiere Township claims where an 8.4 kilogram grab sample yielded 35 microdiamonds including 5 macros (see news release April 18, 2007) within diamond bearing conglomerates similar to the rocks discovered on Dianor Resources Inc.'s Leadbetter property to the southwest. Drill testing of this favourable belt of conglomerates is being considered.
A number of diamond-bearing kimberlite dykes, such as the GCR and Fletch Dykes, have already been discovered and grab samples from them have produced microdiamonds. The Company plans to drill test these dykes later in the year.
On the Old Cabin gold project, the Company drill plans are currently being developed for the Reid vein where a grab sample yielded 211 g/t Au. Current plans are to start with a short hole underneath the Reid Vein to test the possibility of a vein system dipping and plunging to depth.
Data compiled from the most recent drill program on the Bird project, which contains an extensive 6 km by 1.5 km reverse magnetic anomaly, is currently being evaluated. The Company is encouraged by the results thus far which have provided a better understanding of the geology of the reverse polarity anomaly, allowing for the expansion of the direction of geological targeting to include hydrothermal iron-oxide copper-gold ( IOCG) as well as deep seated magmatic nickel copper deposits.
The Company will continue to explore its significant land package utilizing a broad exploration strategy that will encompass diamond, gold, and base metal targets.
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Wawa project.
The Company would also like to announce two directors have been added to the Board. John de Jong has been appointed a director of Chalice Diamond Corp. effective December 29, 2009. Mr. de Jong has an extensive background in management, organizational protocols and project development which will serve the company well. He is the general manager of operations for Klondike Silver Corp in British Columbia and Yukon including Klondike Silver Corp's mining and milling operation at Sandon, BC. He is also a director of Abitibi Mining Corp., Amador Gold Corp., Golden Chalice Resources Inc., Klondike Gold Corp., Klondike Silver Corp., Sedex Mining Corp. and Zinccorp Resources Inc.
Darcy Hughes has also been appointed a director of Chalice Diamond Corp. effective December 29, 2009. Mr. Hughes has been involved with mineral exploration since 1983 and has served on the boards of various publicly traded companies in the mining and petroleum exploration fields, as well as private mining and manufacturing companies. He is the VP Corporate Admin and owner of Pro CNC, a manufacturing business in Bellingham, Washington, and is a director of the following Hughes Exploration Group publicly traded mining companies; Abitibi Mining Corp., Amador Gold Corp., Chalice Diamond Corp., Golden Chalice Resources Inc., Klondike Gold Corp., Klondike Silver Corp. and Sedex Minerals Corp.
The Company also announces the resignation of John Keating as President, CEO and director effective January 22, 2010. The Board of Directors expresses their thanks and appreciation to Mr. Keating for his invaluable contribution and service to the Company during his time as President. Richard Hughes has been appointed President and Chief Executive Officer of the Company.
The Company also announces it has granted 795,000 stock options to directors and officers of the Company and 690,000 stock options to employees and consultants at a price of $0.10 per share for a period of seven years.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press 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.
Private Placement
Proceeds from the private placement will be used for exploration expenditures on the Company's Ontario properties as well as for general working capital.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press 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.
Chalice Diamond Corp. Samples 48.5 g/t Gold on Reid Vein at Old Cabin Project
• PROPERTY CONTAINS 13 INDEPENDENT VEIN SYSTEMS
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") is pleased to announce further sampling of the Reid Vein on the Old Cabin project has produced a sample of 48.5 g/t gold. The sample was taken approximately 1.5 meters away from previous sampling which returned assays up to 211 g/t gold.
"We are encouraged by the consistency of high-grade gold along the Reid Vein. Our proposed 2010 program will attempt to identify the potential correlation between the numerous gold systems. This will be followed with diamond drilling to test the downdip extent of gold mineralization on the Reid vein as well as additional veins if warranted," comments Company Chairman, Richard Hughes.
A sampling and stripping program on the property exposed additional quartz vein systems with extensive carbonate and sericitic alteration with disseminated pyrite and anomalous gold values throughout.
To date, thirteen independent vein systems have been recognized including an extensively trenched 550 foot long zone on the No 10 zone which has a historic channel sample assay of 1.18 oz/t gold across a width of 5.5 feet. It would appear that little mapping or interpretation has been carried out on this property in order to correlate these vein systems.
Because of the similarities in lithological and structural settings as well as styles of mineralization, it is believed that these independent occurrences may actually be part of a larger deeper seated vein system.
A recent "in house" ground magnetometer survey revealed a curvilinear arccuate northeast to southwest trending series of magnetic highs interpreted as gabbroic and possibly peridotitic ridges occurring along the spine of the Goudreau Anticline. The fold axes in large scale dilatent fold structures such as the Goudreau Anticline may be preferential sites for the development of major shear structures and ideal sites for the emplacement of gold bearing fluids
2010 exploration on the Old Cabin project will consist of a compilation of the additional vein systems sampled on the property in an attempt to correlate these gold systems.
Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101 for the Company's Wawa project.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press 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.
Chalice Diamond Corp. Enters West Timmins District with Acquisition of Gold Project along Destor Porcupine Fault Zone
• LAPP LAKE IS CHALICE DIAMOND'S FIRST PROJECT LOCATED IN WEST TIMMINS GOLD DISTRICT
VANCOUVER, BC -- Chalice Diamond Corp. (TSX-V:COD) (the "Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Lapp Lake property, located in the West Timmins district. The Lapp Lake property consists of six claims (78 units) in Sewell Township, is accessible by road and is approximately 45 km southwest of Timmins.
Click on the following link to view a map of the Lapp Lake property:
http://media3.marketwire.com/docs/tw_map_1215.pdf
"We are excited at the prospect of expanding our current area of exploration to the West Timmins camp and look forward to moving ahead with the Lapp Lake property. Previous work completed on the property along with recent successes had by other companies along the Destor Porcupine Fault Zone will help guide initial exploration," comments Company Chairman, Richard Hughes. "Chalice Diamond recently shifted its focus to include precious metal projects following the discovery of high-grade gold on its Old Cabin project and will continue to modify its exploration model as many of its current properties are highly prospective for a wide range of both metals and diamonds."
Quartz veins containing sulphides revealed by previous vendors of the property will be the focus of initial exploration as there are no known records of previous sampling being completed. Significant alteration is visible throughout the property as a result of its proximity to the Destor Porcupine Fault Zone.
Consideration for the property consists of $70,000 and 350,000 shares, payable over three years. There is a 3% net smelter return payable, two-thirds (2%) of which may be purchased for $1,500,000.
About Chalice Diamond
Chalice Diamond Corp. is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@chalicediamond.com
AGORACOM Investor Relations: Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press 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.
Chalice Diamond Corp: Mapping and Sampling of Gold Zones Underway on Claims Optioned to Strike Minerals Inc.
- RECENT STRIKE DRILLING INTERSECTS 298.43 G/T AU OVER 0.49 METERS
- MAPPING TO TEST POTENTIAL OF GOLD ZONE EXTENDING ONTO OPTIONED CLAIMS
Strike recently reported encouraging results from a 30-hole drilling program conducted at its Nicholson property, including 298.43 grams gold per tonne over 0.46 meters intersected at a vertical depth of 40.5 meters on the main showing.
Strike recognized the potential for the gold zone to continue onto claims held 75% by Chalice Diamond and 25% by Abitibi Mining and has optioned these claims surrounding their Nicholson property. Strike agreed to pay the Companies a total of $60,000 and 300,000 shares over a two-year period and also spend $300,000 to explore the claims by March 2012. Once these commitments are completed, Strike will have earned a 100% interest in the group of claims, subject to a 3% NSR.
Strike has a team of four geologists and assistants on the optioned claims. Work includes stripping, washing and channel sampling, along with detailed geological mapping and sampling. The program is designed to give Strike a better understanding of the geological structure of the entire property to permit more efficient exploration and development.
About Chalice Diamond
Chalice Diamond Corp., in conjunction with joint venture partners, is continuing the search for diamond, base and precious metal deposits in the Wawa-Chapleau region of Ontario, where it has staked or optioned approximately 100,000 hectares of highly prospective ground.
For further information contact:
Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@chalicediamond.com
AGORACOM Investor Relations:
Email: cod@agoracom.com
Website: http://www.agoracom.com/ir/chalicediamond
Or visit Chalice Diamond's web-site: www.chalicediamond.com for current information and to see Smartstox interviews with company Chairman Richard Hughes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press 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.