Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

January 18, 2011 09:25 ET

Galahad Metals Inc.: 79.37 g Gold/ton Over 3.6 m Intersection in DDH #RG10-02 at Regcourt

OTTAWA, ONTARIO--(Marketwire - Jan. 18, 2011) - Galahad Metals Inc. (or "Galahad")(TSX VENTURE:GAX) has received final assay results from its recent drilling campaign at Galahad's Regcourt gold Property, 30 km east of Val d'Or, QC. The drilling successfully intersected numerous sulphide-bearing, gold-mineralized quartz veins from 13 m to 325 m below surface, corroborating that the mineralized-vein system continues below the historic Regcourt Gold Mine workings.

Selected highlights of the analytical results are listed in Table 1, and include:

  • 79.37 g Au/t over 3.6 m (Hole RG10-02, from 142.0-145.6m)
  • 131.00 g Au/t over 0.9 m (Hole RG10-03, from 288.0-288.9 m);
  • 4.05 g Au/t over 4.0 m (Hole RG10-04, from 168.0-172.0 m); and
  • 16.71 g Au/t over 1.5 m (Hole RG10-08, from 106.8-108.3 m).

Robin Dow, CEO reports: "Spectacular! 79.37 g/t Gold over 3.6 m (2 ½ oz/t Gold over 12 feet) and 131 g/t Gold over almost a metre (approximately 4 oz/t Gold over 3 ft.) are outstanding intersections that demonstrate the potential of the ground underlying our Regcourt Property. 

These results are reminiscent of hugely profitable quartz-vein systems that were mined in the heydays of the Val d'Or and Timmins Camps, as opposed to the recently targeted, very low grade, open pit, Osisko-type deposits.

The 4.05 g/t Gold over 4 m in hole RG10-04 and 2.15 g/t Gold over 3.9 m in RG10-05, indicate that significant grades are present over minable widths at Regcourt, while the 326 m deep intersection of 10.75 g/t Gold over 0.3 m from hole RG 10-05 shows that the mineralization continues to the deepest extent drilled to date."

The 9 hole, Phase I drill programme produced notable gold bearing intersections in 6 of 9 holes. The diamond-drilling program was designed to target the projected downward extensions of veins and other planar mineralized structures, especially along their interpreted, linear intersection zones.

Galahad expects to receive an Abitibi Geophysic Ltd., down-hole IP survey report, on all 9 holes, before the end of January. 3-D Gemcom modeling work will be used to assist in the interpretation of current positive results and establish a geological model and outline all distinct structural features found at Regcourt. Future drilling work will focus in areas where 3D model indicates junction of structural features.

By integrating the results of the Abitibi report with known gold-bearing intersections, Galahad hoped to enhance its ability to pinpoint gold-bearing targets in advance of the next diamond drill programme. 

All new data from the project will be entered into the present 3-D Gemcom® model, which will then be utilized to focus future drilling. Galahad hopes to commence Phase II drilling before the end of Q1.

A total of 513 core samples were collected from the recently completed drilling campaign, which comprised nine (9) holes, between 200 m and 350 m long, for a total of 2,342 metres. ALS Chemex Laboratories in Val-d'Or, QC carried out the analytical procedures.

Table 1*: Selected highlights of the results from the December 2010 diamond-drilling progamme.
Hole From To Interval Au-11
(Au-gpt)
Au-22
(Au-gpt)
Au-MS
3(Au-gpt)
Au Final4
(Au-gpt)
  Intersection(Au-gpt/m)
RG10-02 142.0 143.0 1.0 5.17 5.33   5.25   79.37 / 3.6
143.0 143.5 0.5 52.30   456.00 456.00  
143.5 144.6 1.1 57.20   47.20 47.20  
144.6 145.6 1.0 0.50 0.62   0.56  
210.0 210.5 0.5 2.88 3.38   3.13   3.13 / 0.5
216.0 217.0 1.0 3.42 3.56   3.49   3.49 / 1.0
163.5 164.0 0.5 2.58 2.74   2.66   1.59 / 1.5
164.0 165.0 1.0 0.64 0.40   0.52  
RG10-03 225.0 226.0 1.0 9.21 0.19   4.70   4.31 / 2.2
226.0 227.2 1.2 0.22     0.22  
288.0 288.9 0.9 82.80   131.00 131.00   131.00 / 0.9
295.8 297.0 1.2 2.39 2.00   2.20   2.20 / 1.2
237.4 238.4 1.0 0.57 6.01   3.29   3.29 / 1.0
RG10-04 168.00 169.0 1.0 1.92 2.65   2.29   4.05 / 4.0
169.00 170.0 1.0 1.03 0.85   0.94  
170.00 171.0 1.0 11.70 12.30   12.00  
171.00 172.0 1.0 1.17 0.79   0.98  
RG10-05 13.6 14.2 0.6 1.51     1.51   2.15 / 3.9
14.2 14.9 0.7 0.15 0.16   0.16  
14.9 15.8 0.9 0.69 0.42   0.56  
15.8 16.3 0.5 0.08 0.09   0.09  
16.3 17.5 1.2 6.08     6.08  
326.5 326.8 0.3 10.75     10.75   10.75 / 0.3
RG10-06 285.9 286.2 0.3 17.75 8.33   13.04   13.04 / 0.3
288.8 289.5 0.7 14.45     14.45   6.28 / 1.7
289.5 290.5 1.0 0.56     0.56  
RG10-08 106.8 107.8 1.0 0.11     0.11   15.14 / 1.5
107.8 108.3 0.5 49.90   45.20 45.20  
181.3 182.2 0.9 1.38     1.38   1.38 / 0.9
196.0 197.0 1.0 4.16     4.16   4.16 / 1.0
*All holes are inclined, therefore "From" and "To" distances tabulated are metres down-hole, not vertical metres. Furthermore, calculated intersection "Intervals" are down-hole lengths and not true widths.
 All assays are reported uncut.
1 Initial fire assay; 2 Check fire assay; 3 Total metallic-sieve fire assay of coarse crush reject;
4 Average of fire assays or, if carried out, the metallic-sieve result.

The current exploration program is being supervised by John Langton M.Sc., P. Geo, of MRB & Associates, who is the Qualified Person as defined by National Instrument 43-101 for the Regcourt Project, and has approved the contents of this release.

QA/QC Procedures

Galahad has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core was logged and then split, with half the core sent for assay, and half retained for verification and reference purposes. Standards and blanks were inserted randomly into the sample stream. The samples were delivered, in security bags, directly to ALS-Chemex Laboratories Ltd. in Val-d'Or, Quebec for analysis. Samples were initially analyzed by conventional fire assaying. Pulps from samples that returned moderately anomalous values, or that were collected from intervals adjacent to anomalous zones, were re-assayed by conventional fire assaying. For the reported intersections, total metallic-sieve check assays were completed on the remaining coarse crush reject for all samples reporting greater than 10 g/t Gold from the initial fire assay. The final reported gold grade for a sample is the metallic-sieve result, when available; otherwise, it is the average of the two fire assays.

The accredited ALS-Chemex Laboratories Ltd. of Val-d'Or, Quebec is the only assay laboratory being used for lithogeochemical analyses. ALS Chemex has attained ISO 9001:2000 registration, which requires evidence of a quality management system covering all aspects of the assaying process. To ensure compliance with this system regular internal audits are undertaken by staff members specially trained in auditing techniques.

"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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