Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

October 25, 2010 13:30 ET

Galahad Clears Permitting and Mobilizes Drill to Regcourt Property

OTTAWA, ONTARIO--(Marketwire - Oct. 25, 2010) - Galahad (TSX VENTURE:GAX) is pleased to announce that discussions with the Provincial Government and local First Nation representatives have concluded, and that all permits for drilling at the Regcourt Property have been secured. The access road to the drill-area is being groomed and the drill-rig from Forage Val-d'Or is being prepared to be mobilized to the site, whereupon drilling will commence immediately.

The planned exploration campaign, which is designed to explore and validate historic drill- and underground-intersections around the abandoned Regcourt Mine, will comprise 9 holes and total 2,350 metres. Like many of the gold mines in the Val d'Or Gold Camp, the gold mineralization at the Regcourt Mine is hosted in quartz veins associated with a shear-zone, which in this case transects a granodiorite intrusion. A preliminary review of the historic data, projected in a 3-D model, indicates that the mineralized vein system continues below the historic workings, which only reached 165 metres.

Drill-holes RG10-1, -2, -3, and -4 will target intersections along Vein 6, a relatively flat, high-grade vein, dipping -30º northeast. Hole RG10-1 will target the up-dip part of the vein, where it approaches a triple junction intersection with two major structures, and which may exhibit increased brecciation and stockwork mineralization. Holes RG10-2, -3 and -4 will target the down-dip parts of Vein 6. Holes RG10-1 through -4 holes will be oriented to obtain near-true-thickness intersections with Vein 6.

Holes RG10-5 through RG10-9 are targeted to intersect a series of east-striking shear-veins, defined by the historic underground workings and surface diamond-drill holes, at their projected intersection with an interpreted northeast-trending, steeply-dipping structure. The intersection zones may manifest as linear shutes where increased brecciation and stockwork mineralization may occur. These 5 holes are oriented to intersect the 4 principal vein directions identified to date.

The Regcourt deposit was discovered on surface in 1944 with the principle vein yielding an average gold grade of 8.13 g/t over an average width of 0.76 m along a strike length of 67 m. Underground development from 1944-46 comprised excavating a 544 foot shaft and 1,317 feet of cross-cuts and drifts that allowed underground exploration of the deposit. An historic mineral inventory of 61,000 tonnes gold @ 5.49 g/t (10,766 ounces Au) was estimated by a Toronto-based consulting firm in 1983. As this is an historical estimate and was not prepared in compliance with the NI 43-101 requirements, it cannot be relied on.

John Langton M.Sc., P. Geo, of MRB & Associates, Val d'Or, QC, is the Qualified Person as defined by National Instrument 43-101 for the Regcourt Project and has approved the contents of this release. 

"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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