Galena International Resources Ltd.

March 09, 2010 08:00 ET

Galena International Resources Ltd.: Jales/Gralheira Drill Results

Galena Drills 8.54 g/t gold and 68.5 g/t silver over 2.55 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - Galena International Resources Ltd. (the "Company") (TSX VENTURE:GTO) is pleased to provide the following update regarding the drilling program recently completed on the Jales/Gralheira Gold Property (the "Property") in Portugal.

Kernow Resources & Developments, (newly amalgamated and acquired by Galena) recently completed a four hole drilling program for 860 meters. The holes were completed in December 2009 and January 2010. Results of the sampling of each of the four holes have now been received. Completion of these holes now brings the total number of holes drilled on the Gralheira vein system to 131. The 42 holes drilled by Kernow are in addition to the 50 holes drilled by RTZ (Rio Tinto Zinc) 3 holes drilled by the Tellis/Kernow JV and the 36 holes drilled by COGEMA (Compagnie Générale des Matières Nucléaires of France). All of the recent holes were drilled at the Western end of the Central Zone.

Hole KMP-39. Dip -63º Azimuth: 189º, Depth: 192.5 metres.
Hole KMP-40. Dip -71º Azimuth: 187º, Depth: 225.0 metres.
Hole KMP-41. Dip -47º Azimuth: 195º, Depth: 171.15 metres.
Hole KMP-42. Dip -60º Azimuth: 183º, Depth: 244.35 metres.

All of the holes intersected several gold-bearing structures that are inline with other holes drilled in the Central area. The more significant results are shown in the table below and include results from Hole

KMP 42 where an intersection returned 8.54 g/t gold and 68.5 g/t silver over 2.55 metres. This included an assay of 27.44 g/t gold and 76.0 g/t silver across 0.60 metres. The true width of the 2.55 metres intercept is approximately 2.0 metres. This intersection noted in Hole KMP 42 is 90 meters vertically above an intersection in Hole GRA 26 that returned assays of 9.72 g/t gold over 7.4 metres (no silver assays are available from the GRA series of holes). The true width of the GRA 26 intersection is 3.92 metres.

KMP 41 intersected gold mineralisation in several zones through out the hole the strongest being 4.13 g/t gold across a core interval of 2.25 metres (a true width of approximately 1.8 metres). This section included a 0.40 m section that assayed 22.22 g/t gold and 102.1 g/t silver.

KMP 40 intersected gold mineralisation in 4 separate zones. The strongest zone being from 197.60 metres to 207.60, a core interval of 10.00 meters (A true width of approximately 5.5 metres). Assays from this section returned 1.54 g/t gold and 8.47 g/t silver. over the 10 metre interval. This section included two veins of 0.40 metres each separated by 4.65 metres of lightly mineralised rock that assayed 16.4 g/t gold and 40.10 g/t silver in the upper portion and 7.1 g/t gold and 62.4 g/t gold in the lower portion.

KMP 39 intersected gold mineralisation in 4 distinct zones corresponding to the vein designations previously applied as FA, F1, F2, and F3. Gold mineralisation was strongest in F3 recording 3.77 g/t gold and 81.1 g/t silver over 0.40 meters. Broader bands of mineralisation were recorded further down the hole as per the following table:

Hole From To Core Gold Silver
  (metres) (metres) Interval (grams per (grams per
      (metres) tonne) tonne)
KMP 42 207.05 209.60 2.55 8.54 g/t 68.50 g/t
Including 207.80 208.45 0.65 5.13 g/t 192.3 g/t
  209.00 209.60 0.60 27.44 g/t 76.0 g/t
KMP 41 139.90 150.65 10.75 0.58 g/t 2.67 g/t
  156.60 158.85 2.25 4.13 g/t 18.61 g/t
Including 156.60 157.00 0.40 22.22 g/t 102.10 g/t
KMP 40 123.65 124.05 0.40 5.48 12.00 g/t
  124.05 124.65 0.60 2.24 1.20 g/t
  124.65 125.25 0.60 1.23 32.60 g/t
  141.00 141.60 0.60 2.80 355.40 g/t
  141.60 142.35 0.75 0.003 0.50 g/t
  142.35 142.65 0.30 1.22 33.00 g/t
  151.50 152.15 0.65 7.11 25.40 g/t
Including 197.60 202.55 4.95 2.52 g/t 11.40 g/t
  202.15 202.55 0.40 16.40 g/t 40.10 g/t
  207.20 207.60 0.40 7.90 g/t 62.4 g/t
KMP 39 150.70 156.20 5.85 0.59 g/t 3.10 g/t
  165.30 168.35 3.05 0.59 g/t 2.20 g/t

Jales/Gralheira Gold Property, Portugal, Resources

The Company's January 2008 resource report entitled "A Report on the Mineral Assets of the Gralheira Gold-Silver property, Portugal" prepared by Wardell Armstrong International Ltd. (WAI) of Cornwall, U.K. (available on SEDAR), estimated the following gold and silver resources at the Property:

    Gold  3.0 grams/t cut off Silver   
Classification Tonnes g/t Ounces Tonnes g/t Ounces
Measured 30,000 5.92 5,768 30,000 29.8 29,067
Indicated 569,000 5.24 95,825 569,000 22.8 417,500
Measured & Indicated 599,000 5.27 101,593 599,000 23.18 446,567
Inferred 975,000 4.72 142,972 975,000 15.0 483,621

A Brief history of the Jales Complex.

Jales/Gralheira Gold Property covers approximately 5.1 km² located in northern Portugal. The Property includes the former producing Jales Mine that produced about 830,000 ounces of gold in ore grading up to 12.9 g/t gold between 1933 and 1992. It also covers the Gralheira Gold and Silver deposit, which has been explored by drilling, 131 drill holes (completed to a maximum depth of 511 m (metres) below surface, over a strike length of 2,700 m, underground sampling from a 350 m long adit and 200 m of crosscuts, and a TITAN24 IP/Resistivity geophysical survey.

Quality Assurance & Quality Control

The Company has an established quality assurance programme and undertakes quality control measures for its exploration results as described as follows: Samples for gold were assayed by assay method Au3 or Au4 or by screen metallics (Au9). Sample preparation and analytical work is undertaken at OMAC Labs. Ltd. in County Galway, Ireland using standard industry practices and conventional atomic absorption and fire assay methods for gold (Au 3 is a Geochem Gold Fire Assay using Lead Collection and AA finish and Au4 has a gravity finish. Base metal and silver analysis is carried out using Aqua Regia Digestion and Flame AA finish.

For quality control purposes, analytical standards with known metal values are included with Kernow's drill core samples and show acceptable reproducibility. Zero value blanks were also inserted into the sample stream. In addition, duplicate analyses on selected drill samples will also be carried out by a second independent assay laboratory.

All assays were conducted on sawn HQ-sized half core sections. Gold standards were prepared by CDN Resource Laboratories Ltd. of Delta, B.C. Canada. Work programmes are supervised by Alan F. Matthews, a director of the Company.

About Galena

Galena, through completing its qualifying transaction, acquired an amalgamated company comprised of Green Bull Energy Inc. and Kernow Resources & Developments Ltd. Kernow was a gold explorer based in Porto, Portugal, with a portfolio of prospective gold and antimony/gold projects including the Jales/Gralheira project and the Alto Sobrido project.

Galena's current focus will be on its Portuguese properties. Portugal is a European Union country with stable politics, a skilled labor force and excellent infrastructure. This infrastructure includes some of Europe's newest highways, abundant power and existing rail and port facilities. All of Galena's properties are close to roads, power and water supplies.

Importantly Galena now holds a 200 km² Exploration contract with the Portuguese Government to explore for Geothermal Resources in the Chaves Hot Springs area of Northern Portugal. Currently the Company is conducting field work and collating the large amount of data available to formulate plans for Geophysical survey in the spring of 2010.

Qualified Person

The data contained in this News Release has been reviewed and verified by a director of the Company, Alan F. Matthews, C.Eng., a "qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators.

This news release may contain forward looking statements regarding the ongoing and upcoming exploration work and expected geometry of geological formations and structures. Actual results may differ materially from those currently anticipated in such statements.

"Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Galena International Resources Ltd.
    Randy Turner
    604.687.1448 (FAX)