Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

April 20, 2011 09:25 ET

Galahad Metals Inc.: Phase II Drilling at Regcourt Commences; Second Granodiorite Intrusion to Be Investigated

OTTAWA, ONTARIO--(Marketwire - April 20, 2011) - Galahad Metals Inc ("Galahad")(TSX VENTURE:GAX) is pleased to announce that all permits have been secured, and the 13 hole, 3,130 metre Phase II diamond-drilling programme at the Regcourt Property is underway. The holes are designed to: 1) test geophysical anomalies outlined by a recently completed down-hole IP survey; 2) target untested parts of mineralized shear zones, and; 3) test the down-dip extensions of gold-bearing structures intersected by 2010 drilling. (for details see press release #11-10 of 2011 03 23). www.galahadmetals.ca

In addition, Galahad is preparing to explore a second granodiorite intrusion underlying the eastern part of the Regcourt Property, approximately 6 km east of the historic Regcourt Gold Mine, which is the focus of the current exploration programme.

Mr. Robin Dow, President and CEO of Galahad Metals, stated: "This next round of drilling is very important to confirm prior high grade results continue outside of the envelope of mineralization around he shaft and to depth, and to establish what we are seeing in the down-hole IP results. We are also excited about the report from MRB, which suggests that there is another and an order of magnitude larger granodiorite target on the property."

The so-called East End Granodiorite (EEG) intrudes the eastern part of the Property, near Lac Guéguen, and is at least ten times larger on surface than the Regcourt Mine granodiorite. A comprehensive review of historic documents related to the EEG was recently completed by MRB & Associates of Val-d'Or, QC. The findings detail the occurrence of tourmaline-bearing, sulpdide-mineralized quartz veins, associated with shear zones, in the area of the EEG. Native gold and pyrite in quartz stringers are also noted from this same area.

Galahad feels that this area has potential to host additional gold mineralization and in Q2 intends to establish a cut-grid over the area and proceed with a comprehensive exploration programme comprising prospecting, geological mapping, restoring legacy trenches, channel sampling, geochemical sampling, lineament studies and ground geophysical surveys.

The Regcourt Property, comprising 53 claims over 32 km2, is 30 km east of Val-d'Or, in the eastern part of the Abitibi Greenstone Belt, which remains the prime hunting ground for gold deposits. in Canada. At the Regcourt Property, known gold mineralization is present in sulphide minerals (mainly pyrite) and as free gold, both of which are hosted by hydrothermal quartz-tourmaline veins and stringers associated with fractures and shear-zones within, and on the periphery, of a granodiorite stock.

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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