Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) (“Galore” or the “Company”) is pleased to announce that Minerales Galore S.A, De CV., Galore’s wholly owned Mexican subsidiary, signed an agreement with COMEFIN S DE RL DE CV of Mexico to immediately mobilize a drill core rig to complete a 2,500-meter diamond core drilling program at Galore’s 100% owned El Alamo project. The agreement also allows for an additional 1,500 meters of drilling at Galore’s 100% owned Los Gemelos project, where previous work has exposed narrow quartz and calcite veins containing visible gold. Drill permits from the governing body, SEMARNAT, and local Ejido’s permissions have been approved for both, therefore road preparations and drill pad site construction has begun at El Alamo. Both projects are located in a highly prospective district that boasts the Penasquito Mine, Mexico’s largest open pit gold mine located 35km to the northwest.
The El Alamo gold project is situated approximately 16 km south of Concepción del Oro, Zacatecas, Mexico. Geologically, El Alamo consists of Cretaceous sediments, mostly limestones with some siltstones and chert. Locally, strong brecciation of the limestone occurs in association with folding in part related to these structural zones and also occurring with karst type brecciation. Alteration and mineralization are represented by varying amounts of silicification and iron-oxide bodies after sulfides. Some of the higher-grade gold values are associated with extensively iron-oxide jasperoid breccias.
Galore’s geological team systematically mapped and trenched the El Alamo prospect in 2010, following this up in 2012 with a percussion drill program of 35 shallow holes. This work defined a target with a minimum strike length of 500m and approximately 200 meters northsouth in width. It remains open along strike and possibly is in association with a parallel zone to the south as defined by surface samples. Gold values from over 440 trench samples ranged from below detection (??<0.005 ppm) to a high of 20.4 ppm, with 64 samples exceeding 0.100 ppm and 22 surpassing 1.0 ppm. The shallow drilling in 2012 encountered widespread anomalous gold values up to 17.15 ppm and several of these drill holes ended with anomalous gold values.
The current drill program initially will target the El Alamo zone of alteration and it will consist of both vertical and angled HQ core holes. A strict QAQC program will be implemented at the project with samples transported to the ALS laboratory in Zacatecas for sample preparation, which then will be followed by analysis in the ALS Vancouver laboratory.
In other news, the commencement of gold recovery and a small-scale mining operation at Los Gemelos was previously announced last October and was subject to an agreement with URBYASYA, a Mexican mining company. The attempt to recover coarse gold via a gravity circuit did not provide any viable financial income to Galore. Therefore Galore has formally requested that URBYASA vacate the property and terminate the agreement. However, the excavation and blasting activity associated with this operation has exposed altered calcsilicate rocks with iron oxide and secondary copper mineralization along a fault contact with altered intrusives. In addition, within the contact zone, narrow quartz and calcite veins were exposed containing fine-grained visible gold.
Narrow gold bearing calcite veins at Los Gemelos were the focus of artisanal mining activity that has been taking place since 1849, where coarse gold was recovered from veins hosted in limestone and skarn spatially associated with a granodiorite intrusive. Since acquiring the project in 2007, Galore has collected almost 400 rock chip samples from outcrops, numerous artisanal pits, underground workings and shallow trenches. Gold values were recorded ranging from below detection to a high of 34.3g/t Au.
Galore’s drill program planned for Los Gemelos will be the first core drill program to be completed at the project. Initially five angle HQ core holes are planned to depths of approximately 400 meters and these will be designed to cut the exposed veins and contact mineralization and other high priority targets. Mineralization targets are porphyry intrusive related gold-copper skarns.
On May 1, 2019, an officer of Galore loaned the Company $100,000.00 USD for the purposes of paying certain operating expenses and begin the proposed drill programs at El Alamo and Los Gemelos. This loan will bear interest at the rate of 10% per annum. Galore also made arrangements to continue paying 8% interest per annum on an outstanding note of $150,000.00 USD loaned to the Company in January, 2017, by the same officer.
Qualified Person
Guadalupe Garcia, Project Geologist, and Bill Fleshman, Vice President of Exploration, will oversee the drill program. Mr. Fleshman is the Qualified Person and has 43 years’ experience as a geologist, working in the USA, Norway, Sweden, Finland, Myanmar, Australia and the last 10 years in Mexico. Bill is a Fellow of the AusIMM and a CP (chartered professional #107342). The technical or scientific information in this press release has been reviewed and approved by Bill Fleshman, P.Geo. and Vice President of Exploration for the Company. Mr. Fleshman serves as a Qualified Person under the definition of National Instrument 43-101.
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 goldsilver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
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 [email protected].
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.
Original Article: https://img1.wsimg.com/blobby/go/106ede1e-74fb-433d-9d8c-39c5594e5e86/downloads/NR-May%2027-2019(FINAL).pdf?ver=1558967349858
