Tickers: XTSX:GRI, PINX:GPKMF
Tags: #Mining
Vancouver, B.C. - TheNewswire - June 26, 2019 - Galore Resources Inc. (TSX-V: GRI) is pleased to report that its 2,500-meter diamond core drilling program (see News Releases of May 27 and June 4, 2019) at Galore's 100% owned El Alamo target and part of the larger Dos Santos project continues to progress well. Drill hole EA-001 was completed to a depth of 251m and EA-002 is underway. Senior geologists onsite are enthusiastic about what the drilling has encountered in the way of alteration and rock types. Logging of EA-001 has been completed and the core is currently being sawed and sampled for delivery to ALS Geochemistry laboratory in Zacatecas.
Highlights:
EA-001 was drilled to intersect gold mineralization known to be associated with jasperoid and karst breccias exposed along the El Alamo ridge that trends east west. Surface sampling from shallow trenches completed by Galore contained gold values from below detection
(<0.005 ppm) to a high of 20.4 ppm (Figures 1 and 2).
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Figure 1 Example of brecciated limestone with chert, jasperoid and extensive iron oxide alteration (sample containing 20.4 g/t Au) targeted as part of the 2019 core program.
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Figure 2 Jasperoid outcrop (sample containing 9 g/t Au) and to be targeted as part of the 2019 core program.
EA-001 has successfully intersected multiple zones of alteration and brecciation that remains open at depth and extends the known geological target to the north. The drill hole encountered silicified and brecciated limestone similar to those observed on the surface over a much wider zone than was anticipated. The drill hole also encountered several faults and multiple calcite veins with breccia fragments. Alteration of the rock observed in EA-001 includes silicification, extensive iron oxide mineralization, and what is believed to be significant potassic alteration (requires further study). These are visual observations by senior geologists onsite and are not confirmed by analysis; therefore, caution must taken to assume the core samples are mineralized or to what degree until assay results are received from ALS
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Figure 3 Core samples from EA-001, brecciated and silicified limestone with open spaced cavities lined with calcite and iron oxide. Yellow line indicates geologist mark for core cutter to follow, blue sample numbers are designated sample locations.
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Figure 4 Core samples from EA-001, brecciated and silicified limestone at 70.85 to 73.30m and potential potassic alteration.
Figures 5 and 6 are examples of the extent of the brecciation and iron oxidation at depth in EA-001. In figure 6 the iron oxide after pyrite occurs in clasts and dissemination along fractures within the brecciated limestone.
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Figure 5 Core samples from EA-001, brecciated and iron oxide at 204 to 209.0m.
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oxidized pyrite
Figure 6 Core samples from EA-001, strongly oxidized sulfide within fractures.
Cross sections are currently being constructed and will be included with future releases.
We thank our many stockholders for their continued support. Galore's future success is found in the knowledge of our project and raising adequate financing to complete the contracted 2500-meter drill program at El Alamo. Galore has further contracted to drill 1500-meters to test the Los Gemelos claim, where visible gold has been observed, but not assayed.
For information on Galore's Private Placement Offering announced June 24, 2019, please contact Mike McMillan, CEO @ (210) 860-9212 (USA) or email to: mike@galoreresources.com in order to receive subscription documentation and instructions. The Company expects to close the financing over the course of the next couple of weeks
Qualified Person
The technical and scientific information contained within this news release has been reviewed and approved by Bill Fleshman, Vice President of Exploration (Fellow of the AusIMM and a CP (chartered professional #107342) and Qualified Person as defined by National Instrument 43-101 Policy.
About Galore Resources
Galore Resources is a mineral exploration and development company whose focus is to make and develop significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
"Michael McMillan"
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA)
Please visit our website at www.galoreresources.com or contact us at mike@galoreresources.com.
Cautionary Statement: This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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