Galahad Metals Inc.

Galahad Metals Inc.

July 16, 2012 11:02 ET

Galahad Metals Inc./REGCOURT: Final Assay Results from 2012 Drilling Campaign

OTTAWA, ONTARIO--(Marketwire - July 16, 2012) - Galahad Metals Inc. (or "Galahad")(TSX VENTURE:GAX) has received complete assay results from the 2012 diamond-drilling programme at its Regcourt gold Property, 30 km east of Val d'Or, QC. This latest campaign comprised 5 drill-holes, totalling 1572 metres (m) that targeted near- surface flat veins, as well as projected down-dip extensions of veins intersected by previous drilling.

Robin Dow, CEO, reports: "The results of Galahad's exploration programmes to date support the interpretation of a Sigma-type, hydrothermal, shear-zone associated, gold-bearing quartz- tourmaline vein and stringer system. With its 84 surface holes, 35 underground holes, and historic underground workings, including a shaft to 165m and 4 adits, Galahad's management view is that it is time to seek a partner with mining experience to further enhance the project."

Galahad is pleased to report that all five (5) drill holes of the 2012 operations encountered numerous, narrow quartz-tourmaline veins (1-4 cm) and veinlets (<1 cm), with local disseminated sulphide mineralization. Both flat and steep quartz-vein orientations were intersected, and mineralized zones were observed discontinuously from 30 metres to 300 metres down-hole. Hole RG-12-04 was abandoned after it penetrated a cavity, assumed to part of the historic Regcourt Gold Mine workings, at 168 metres down-hole. All the drilling successfully intersected the targeted sulphide-bearing, gold-mineralized quartz veins in close proximity to the historic Regcourt Gold Mine workings.

A total of 849 core samples were collected from recovered core and sent to ALS Chemex Laboratories in Val-d'Or, QC, for multi-element analysis. Gold content was determined using standard Fire-Assay methods. Selected highlights of the analytical results are listed in Table 1.

To date, Galahad has completed 25 surface drill-holes, totalling 7068 metres, on the Property, which hosts the historic Regcourt Gold Mine deposit. The gold deposit is hosted by a granodiorite stock that intrudes mafic and intermediate volcanic rocks of the Malarctic Group. The mineralization consists of fracture-fill quartz veins and veinlets containing fine-grained pyrite and free gold, similar to other nearby gold deposits in the surrounding Val-d'Or gold mining camp.

Characteristics of the Regcourt Deposit include:

  • narrow, high-grade dilatant lenses;
  • within a high-strain zone that is associated with a major, regional dislocation (i.e., the Larder Lake-Cadillac Break);
  • sub-vertical and "flat" quartz and carbonate vein system; and
  • free gold and attendant gold-bearing, pyrite-tourmaline alteration zone.
Table 1: Selected Best Results from the 2012 Diamond-Drilling Programme
Hole Hole Orientation (True) Length of From To Intersection
Azimuth Dip hole (m) (m) (m) (Au-gpt over interval)
RG12-01 045º -60º 351 42.50 44.00 27.71 over 1.50 m
including 42.50 43.55 39.00 over 1.05 m
RG12-02 045º -60º 351 66.00 69.00 5.28 0ver 3.00 m
including 67.50 69.00 9.48 over 1.50 m
338.50 339.00 6.62 over 0.50 m
RG12-03 045º -60º 351 348.90 349.40 5.70 over 0.50 m
RG12-04 045º -57º 168 164.00 166.00 11.08 over 2.00 m
including 164.00 164.55 36.6 over 0.55 m
and 165.50 166.00 4.17 over 0.50 m
RG12-04B 045º -56º 351 123.50 124.00 4.01 over 0.50 m
213.00 213.60 5.28 over 0.60 m
301.50 303.85 1.43 over 2.35 m
315.00 315.80 6.09 over 0.80 m
*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.

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 anomalous values, or that were collected from intervals adjacent to anomalous zones, were re-assayed by conventional fire assaying. For the reported intersections, gravimetric or total metallic-sieve check assays were completed on the remaining coarse crush reject for all samples reporting greater than 5.0 g/t Au from the initial fire assay. The final reported gold grade for a sample is the metallic-sieve result; if unavailable, the gravimetric result is used; followed by the average of multiple or single 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 TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release.

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