The chalice is a potent item of great hidden power for one who knows how to utilise it.
Source: Warhammer Fantasy: 7th Edition
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Arcane Item
At any point during each Bretonnian Magic phase, the Fay Enchantress may peer into the Chalice and stir up magical power to use against her foes. Roll aD6 each time the Chalice is used. The number refers to which spell is automatically cast from the Lore of Heavens as a Bound Spell (at the Power Level equal to the minimum casting level for the spell). However, if a 6 is rolled and the Comet of Casandora is cast (even if it is dispelled), the Chalice temporarily runs out of power, and cannot be used for the remainder of the battle.