Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

February 14, 2011 09:25 ET

Galahad Metals Inc.: Down-Hole Geophysical Survey Enhances 3D Model & Provides Drill Targets at Regcourt Property

OTTAWA, ONTARIO--(Marketwire - Feb. 14, 2011) - Galahad Metals Inc. ("Galahad") (TSX VENTURE:GAX) is pleased to announce that Abitibi Geophysics Ltd. of Val-d'Or, Quebec has processed and interpreted data from the recently completed Hole-to-Hole 3D IP- survey (the "Survey") at Galahad's Regcourt Gold Project, situated 30 km east of Val-d'Or, Québec. The Survey was carried out from December 6-9 with the objective of identifying sulphide mineralization associated with quartz-tourmaline-gold veins around the formerly active Regcourt Gold Mine. The Hole- to-Hole 3D IP method also penetrates below the lower limit of the drill holes, and the data is processed to deliver an integrated 3D image of potential target anomalies.

Robin Dow, CEO, reports: "The down-hole IP has delivered several key surprises for us. It detected a significant anomaly below previous drilling and the mineshaft, as well as several interesting potential sulphide zones, between 30 and 250 metres deep, outside the area of the mineshaft."

A Logistics and Interpretation Report from Abitibi Geophysics details the interpretation of thirteen (13) IP anomalies (C-1 to C-13) from the 3D survey, which have been incorporated into the 3D Gemcom® model of the Property. Six (6) priority targets have been selected for Phase II drilling based on a geological interpretation of the updated 3D model by MRB & Associates of Val-d'Or, QC, who continue to evaluate the data for additional drill targets.

From an exploration standpoint, Anomaly C-4 (or "C-4") has generated the most interest due to its location, and its confirmed high-grade gold mineralization (Figure 1). C-4 represents a polarized source centred 120 metres directly below the Regcourt Mine workings that is in very close proximity to three (3) of the Phase I diamond drill holes, all of which returned significant gold concentrations from intervals within or adjacent to the anomaly (see Table 1). This strongly supports the possibility that the mineralized vein system at Regcourt continues below the historic Mine workings.

Table 1.* Mineralized intervals within and adjacent to the C-4 Anomaly from 2010 diamond-drilling

  Mineralized Interval          
   From  To  Length  Au-1
(1)
 Au-2
(2)
 Au-MS
(3)
 Au Final
(4)
 Inter-
section
Hole (m) (m) (m) (Au-gpt) (Au-gpt) (Au-gpt) (Au-gpt) (Au-gpt/m)
RG10-03 288.0 288.9 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
RG10-05 326.5 326.8 0.3 10.75     10.75 10.75 / 0.3
RG10-06 288.8 289.5 0.7 14.45     14.45 6.28 / 1.7
  289.5 290.5 1.0 0.56     0.56
 
*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.

Figure 1. Simplified 3D view showing the outline of the C-4 Anomaly (<10milli-volts/volt chargeability) and traces of diamond-drill holes RG10-03, -05 and -06. : http://media3.marketwire.com/docs/Galahad_fig_1.jpg

The Regcourt Property consists of 53 claims covering over 32 km2 in the eastern part of the Abitibi Greenstone Belt. The 2010-2011 exploration programme is designed to: 1) corroborate historic drill- and underground-intersections around the abandoned Regcourt Mine; 2) to validate the historic* resource of 61,000 tons of 6.49 gpt Au, and; 3) to expand the dimensions and volume of the resource .

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.

"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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