Galahad Metals Inc.

Galahad Metals Inc.

March 14, 2011 09:45 ET

Galahad Metals Inc.: 4,800 m Follow-Up Drill Program Recommended for Galahad Montrose Gold Project

OTTAWA, ONTARIO--(Marketwire - March 14, 2011) - Galahad Metals Inc (TSX VENTURE:GAX) is pleased to report receipt of a Technical Report on Galahad's Montrose Project. The Montrose Project consists of one wholly-owned mining lease containing nine claim units located in the northeast corner of Montrose Township, Ontario. The property is 70 km west-southwest of Kirkland Lake – one of Canada's most famous gold mining camps. The report is co-authored by Paul W. Pitman, Q.P., and, Dale R. Alexander, P. Geo. and is compliant with National Instrument 43-101 standards. 

Robin Dow, CEO reports: "This report confirms the confidence that Galahad has placed in the potential held by the green carbonate mineralization at Montrose, which is proving to be a significant gold source throughout Montrose Twp. and extending to a number of very successful green carbonate exploration projects in the Shining Tree area, two townships south of Montrose."

Further drilling was precluded in 2010 by winter break-up conditions. Several geophysical targets remain untested. Recommendations include testing of the on-strike extension and depth potential of the Main Zone. To date, the Main Zone has been explored only to shallow depths of up to 50 meters. A staged program of 31 drill holes has been recommended (4875 m) to test continuing exploration priorities and further explore the Main Zone carbonate package.

The Technical Report details all known historical data, and Galahad's Metals Inc. exploration efforts since 2008. This work culminated in a seven-hole, diamond drilling program carried out during the winter/spring months of 2010. Drilling tested a series of geophysical induced polarization targets including one on the gold mineralized Main Zone, a package of carbonate rocks in the order of 100 m thick. The Main Zone sits north of a splay fault off the regionally important Cadillac-Larder Lake Break.

The best results of the 2010 program were obtained from the Main Zone in drill hole M-010-07. Rock assays returned 1.87 g/t gold over 7.8 m true thickness ("tt") from 21.0-32.0 m, including 3.61 g/t gold over 2.8 m tt from 21.0-25.0 m in an upper mineralized unit, and 0.60 g/t gold over 6.2 m tt from 65.0-73.8 m, in a lower zone.

The geological setting of rocks outcropping on the mining lease consists of carbonate-altered ultramafic rocks of the Lower Tisdale assemblage. These units lie along the Galer Lake fault, a splay fault zone off the Cadillac-Larder Lake Break. The altered rocks intersected to date are analogous to the host rocks of some of the historic gold ores occurring in the Kirkland Lake District. Past trenching in the mid-1940s and mid-1970s on the fault has demonstrated that this structure is strongly deformed and characterized by green carbonate with anomalous assay values from chip samples of up to 3.8g/t Au over 13.6 meters and 6.2 g/t over 6 meters. The above highlights indicate that further drilling by Galahad is highly warranted, particularly in light of the recent interpretation of data made by the Company and described in the Technical Report.

Paul Pitman, P.Geo, is the Qualified Person as defined by National Instrument 43-101 for the Montrose Project. The full Montrose report has been posted on the web site. 

"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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