Galahad Metals Inc.

Galahad Metals Inc.

April 06, 2010 09:45 ET

Galahad Receives Regcourt 3-D Modeling Report

OTTAWA, ONTARIO--(Marketwire - April 6, 2010) - Galahad Metals Inc. (TSX VENTURE:GAX) (the "Company") is pleased to report it has received an independent report (the "Report") that recommends surface diamond drilling on its Regcourt Property (the "Property") located near Val-d'Or, Quebec, one on the most prolific gold mining areas in Canada. According to a 1983 Evaluation Report1, the Regcourt deposit, located in the centre of the Property, contains an historic resource, of 61,000 tonnes Au @ 5.49gpt (10,766 oz Au)*, calculated to a depth of 500 feet. The Report recommends a surface diamond-drilling program to test the deposit to depth. This proposed work comes on the heels of a recently completed diamond drill program carried out on the Company's Montrose Property located in the Kirkland Lake District, Ontario.

Mr. Robin Dow states "We are most fortunate at this time to have two drill-ready gold projects so well located in known gold camps. Both projects have historical drill results that warrant concerted drill testing. One has been completed and we expect to begin a second program this summer. We expect to have exciting news to report to our shareholders for most of the summer months."

A.S Horvath Engineering of Ottawa, Ontario completed the Report entitled "Geological Interpretation and 3-D Modeling Report", which draws on a compilation of all available historic information, validated and transposed into a Gemcom® database by MRB & Associates of Val-d'Or, Quebec.

The Regcourt Property, comprising 53 claims over 32 km², is 30 km east of Val-d'Or, in the eastern part of the Abitibi Greenstone Belt, which remains the prime hunting ground for gold deposits in Canada. The underlying host rocks comprise mainly mafic to intermediate volcanic rocks of the Malartic Group that are intruded by a small (400 m x 200 m) granodiorite stock. The style of deformation and mineralization at the historic Regcourt deposit is consistent with other gold deposits in the Val-d'Or gold mining camp. Gold is present in sulphide minerals (mainly pyrite) and as free gold, both of which are hosted by hydrothermal, quartz-tourmaline veins and stringers associated with fractures and shear-zones within and on the periphery of the granodiorite stock.

The Regcourt deposit was discovered in 1944 when an area of outcrop on the Property was stripped, exposing the principle vein, which yielded an average gold grade of 8.13 gpt* with an average width of 0.76 m over a strike length of 67 m. Underground development was carried out in 1946-47 and comprised a 544 foot shaft and 1,317 feet of cross-cuts and drifts. The deposit contains a historic mineral resource of the shaft, of 61,000 tonnes Au @ 5.49 gpt (10,766 oz Au)*, calculated to a depth of 500 feet.

The Report presents a proposed surface diamond-drilling program comprising nine (9) holes totaling 2,350 metres. The drilling campaign is designed to test the historic intersections as well as potential high-grade gold-mineralized zones along projected fault/vein intersections, delineated using the 3-D Gemcom® model.

A concurrent "IPower3D" array surface geophysical survey is also proposed, based on an examination of the historic geological model of the Regcourt deposit by Abitibi Geophysics (Val-d'Or, QC).

The Report concludes that:

  • The granodiorite stock at Regcourt hosts quartz-tourmaline-sulphide-gold vein mineralization in shear/tension fractures similar to the veins at the Sigma-Lamaque deposits

  • The Regcourt granodiorite has limited aerial extent ~200x400m at surface but may have a long dimension oriented near vertical or steeply plunging and may continue to considerable depth.

  • At least 6 gold bearing veins have been intersected in the historic mine workings and drill-holes, with, at minimum, four (4) differing orientations that can be associated with the principal shear- and tension-faults.

  • The individual gold-bearing veins are generally narrow, probably no greater than 1.0 m true width; however, locally the veins have high-grade mineralization (>10.0 gpt Au)*.

  • Wider zones of higher grade mineralization might be encountered at the intersection of the sub-vertical shear veins and sub-horizontal tension veins and fractures.

  • Additional veining may be present in other parts of the intrusion that have been affected by similar deformation, faulting and fracturing.

*These numbers are totally speculative and are not part of any recognized National Instrument (NI) 43-101 Mineral Resource or Reserve categories. There is no direct evidence that these numbers or any portion thereof will ever be achieved at any time with additional exploration work, and should not be relied upon. The intent here is only qualitative, to identify a potential for a significant mineralized system.

1. Routledge, R.E., 1983. Report on the Albanex Energy Corporation Limited Regcourt Property, Vauquelin Township, Quebec – Prepared for Lugano Resources Limited by the Consulting Firm of Derry, Michener, Booth & Wahl

The technical information contained in this news release was prepared and approved by John Langton, M.Sc., P. Geo., a Qualified Persons as defined by National Instrument 43-101.

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"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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