Galore Resources Inc.
TSX VENTURE : GRI

Galore Resources Inc.

April 04, 2011 09:00 ET

Galore Reports Additional Results From La Palma Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) - Galore Resources Inc. (TSX VENTURE:GRI) received additional results from two of 12 holes drilled at its La Palma IP target, located at the southern end of the company's Dos Santos Project in northern Zacatecas State, Mexico. The La Palma target is a chargeability anomaly covering approximately 160 hectares, which has been tested recently with a widely spaced, 12 hole diamond-drilling program. The two drill holes, LP-03 and LP-06, reported in this news release provide additional confirmation of a large mineralized system, located within the La Palma anomaly. Results from the previous six holes were reported in a news release dated February 22, 2011. Logging of the remaining four drill holes has been completed and samples have been sent for analysis. 

La Palma Drilling Highlights

  • Widely spaced drilling to date has confirmed silver-lead-zinc mineralization within the La Palma target and associated with sills and dikes of intrusive breccia that are related to a large diatreme-related, intrusive and mineralization event.
  • Host rocks, regional geology, and mineralization, have features resembling the geological setting and diatreme-hosted, silver-gold-lead-zinc mineralization of Goldcorp's Peñasquito mine, which is located approximately 45 kilometers northwest of Galore's La Palma target.
  • Variations in the intensity of alteration among holes indicate that hole LP-06 is closer to a mineralization-related heat source than surrounding holes. 
  • Only 1,300 hectares of approximately 10,000 hectares of similar geology have been covered by ground geophysics and drilling has tested a much smaller area. 

"We are excited about the drill results obtained from the La Palma target. The silver-rich lead-zinc mineralization encountered in widely spaced holes and evidence of intrusion-related breccias encountered in all holes has shifted our exploration model to diatreme-associated mineralization, similar to Goldcorp's Peñasquito mine to the northwest of Dos Santos. A very large area of our property has the potential to host such a deposit. Our results to-date reflect the early stage results expected from exploring for this model," reports Michael Byrne, President of Galore Resources.

La Palma Drill results to date:

Table 1: La Palma Diamond Drill Hole Table
DDH Bearing (Az) Angle Length (m) This News Release
LP 01 070º -60º 514.20 NR Feb 22, 11
LP 02   Vertical 517.55 NR Feb 22, 11
LP 03   Vertical 539.50 YES
LP 04 070º -70º 536.15 Pending
LP 05   Vertical 462.42 NR Feb 22, 11
LP 06   Vertical 530.96 YES
LP 07A   Vertical 162.44 NR Feb 22, 11
LP 07   Vertical 300.70 NR Feb 22, 11
LP 08   Vertical 365.46 Pending
LP 09   Vertical 426.42 NR Feb 22, 11
LP 10   Vertical 332.54 Pending
LP 11   Vertical 295.35 Pending
    Total 4,983.69  

La Palma Target Geology

The La Palma area is underlain by calcareous and carbonaceous clastic sedimentary units, comprising argillite, argillite interbedded with siltstone and an impure limestone. Thin pyritic beds and very fine grained pyrite laminations occur in the argillite unit in all holes and increase in frequency with depth. These pyritic layers do not carry significant metal values. However, geochemically anomalous results have been returned from sample intervals within these host rocks. Pyrite in the clastic unit is interpreted as evidence of a long period of intermittent, hydrothermal discharge on the sea floor during sedimentation. Silver-lead-zinc mineralization encountered in the La Palma drill holes was formed much later is associated with intrusive breccias and was preceded by a pervasive host rock alteration event. 

Polymictic breccias (mixed rock types) were encountered in all drill holes. These breccias occur in thicknesses from centimetres to several metres and both parallel and cross cut the bedding. More importantly, breccias contain altered felsic intrusive fragments, which commonly contain disseminated pyrite. These clasts provide evidence of a high energy, igneous intrusion related event in the vicinity of the La Palma target. 

Diamond Drill Hole LP-03

Diamond Drill hole LP-03 is located 1,050 metres southwest of hole LP-07 and 1,400 metres southwest of hole LP-09. Both these holes encountered silver-lead-zinc mineralization in a brecciated limestone horizon. Hole LP-03 intersected 10.4 metres of intrusion-related breccia at the same stratigraphic level as mineralization in holes LP-07 and LP-09. The breccia interval in hole LP-03 contains a wide variety of breccia fragments, fragment textures and matrix types. Altered, pyritic-porphyry fragments within the breccia zone and very-fine-grained disseminated pyrite in a fine-grained breccia matrix are evidence of mineralization associated with an igneous intrusive event. 

Table 2: Selected Analytical Results DDH LP-03
Sample From(m) To(m) Interval(m) Pb ppm Zn ppm Ag gm/T
146290 510.20 511.45 1.25 160 1,824 2.2
             
146294 521.21 524.26 3.05 557 5,022 3.8
146295 524.26 527.30 3.04 455 2,984 2.9
146296 527.30 530.35 3.05 1,066 4,405 5.2
146297 530.35 533.40 3.05 358 2,035 2.6
146298 533.40 536.45 3.05 286 1,370 2.3
146299 536.45 539.50 3.05 80 1,110 0.7

Mineralization in holes LP-07 and LP-09 (News Release Feb. 22, 2011) occurs at the same stratigraphic level below the argillite-limestone contact but at different elevations, due to a gentle dip in the stratigraphy. 

Diamond Drill Hole LP-09
Sample From
(m)
To (m) Interval (m) Cu ppm Pb % Zn % Ag gm/T Au ppb
145743 310.00 311.00 1.00 1,962 1.89 4.54 186 163.7

Mineralization consists of 30 cm of massive coarse-grained pyrite, sphalerite and galena and localized disseminated pyrite, sphalerite and galena over the remaining interval. 

Diamond Drill Hole LP-07
Sample From
(m)
To (m) Interval (m) Cu ppm Pb % Zn % Ag gm/T Au ppb
145933 180.55 182.42 1.87 236 0.71 0.63 30 27
  Including              
145934 180.55 180.75 0.20 312 0.49 2.67 19 34
145935 182.10 182.42 0.32 1,878 5.83 3.76 233 60

Mineralization consists of two intercepts of massive coarse-grained pyrite, sphalerite and galena and localized disseminated pyrite, sphalerite and galena over the remaining interval. 

Diamond Drill Hole LP-06

Diamond Drill Hole LP-06 is located approximately half way between holes LP-07, LP-09 and LP-03. This hole has intersected the highest density of diatreme-related, intrusive breccia dikes and sills to date. At least two phases of intrusive breccias are associated with a felsic, pyritic, intrusive phase and a pale green, feldspar porphyry phase. This hole also cuts feldspar porphyry dikes and shows increasing alteration with depth. The lower carbonate unit shows extensive zones of solution cavities and zones of silicification, which increase in intensity with depth. Silicification occurs in bedding-parallel and cross-cutting zones over centimetre to metre scale. In the lower sections of the hole, a later alteration event produced fine-grained selvages of disseminated pyrite and sphalerite, adjacent to silica alteration bands and localized alteration-related breccias. Higher concentrations of zinc, lead and silver are associated with these two-phase alteration intervals. Much of the remaining core samples are geochemically anomalous in zinc with localized anomalous concentrations of arsenic and antimony. 

Table 3: Selected Analytical Results DDH LP-06
Sample From(m) To(m) Interval(m) Pb ppm Zn ppm Ag gm/T
707130 306.00 308.00 2.00 94 687 0.5
             
707136 318.00 320.00 2.00 112 1,940 1.9
             
707139 321.60 323.20 1.60 988 565 3.8
707140 323.20 325.83 2.63 153 2,710 0.8
             
707143 330.00 332.00 2.00 67 652 1.5
             
707150 342.00 344.00 2.00 17 748 0.4
             
707207 442.00 444.00 2.00 10 502 0.4
707208 444.00 446.00 2.00 18 1,580 1.2
             
707242 502.00 504.00 2.00 904 2,670 6.9
707243 504.00 506.00 2.00 52 683 0.7

To view the Dos Santos Project map, please visit the following link:

http://media3.marketwire.com/docs/687008.jpg

Samples from hole LP-03 were analyzed at Acme Analytical Laboratories Ltd. in Vancouver by aqua-regia digestion and ICP-MS (1DX30) on a 30-gram sample. Over- limit analyses in lead, zinc and silver were assayed by four-acid digestion, ICP-ES (7TD) analysis. Samples from hole LP-03 were analyzed at ALS Chemex in North Vancouver by aqua-regia digestion, 51-element ICP-MS analysis and 25-gram ICP-MS gold analysis. 

The Company has a program of inserting certified standards, blanks and field duplicates into the sample stream to provide industry standard QA/QC data. 

The Dos Santos exploration program is managed by Ing. Octavio González, Galore's Vice-President Exploration for Mexico. Uwe Schmidt, P.Geo., Vice-President Exploration and Galore's Qualified Person as defined by Canada's National Instrument 43-101, is responsible for supervising the Dos Santos program.

Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits in Mexico and British Columbia. 

Michael Byrne, President

Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For progress updates and queries on Galore Resources Inc.
    (TSX.V -GRI) please contact:
    Erica C Bearss, MBA, Vice President Corporate Communications
    604-374-1107 or Toll Free: 1-877-647-2298
    604-647-0086 (FAX)
    ebearss@galoreresources.com