Galore Resources Inc.
TSX VENTURE : GRI

Galore Resources Inc.

February 22, 2011 08:30 ET

Galore Reports Significant Silver, Lead and Zinc Results From La Palma Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Galore Resources Inc. (TSX VENTURE:GRI) announces assay results from six 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 160-hectare chargeability anomaly. The total program consisted of 12 drill holes, which are spaced from 280 to 860 metres apart and were designed to test locations within and outside the anomaly, outlined on La Palma in July 2010. The six drill holes reported in this news release are representative of the variations in stratigraphy encountered in all holes. They are holes: LP-01, LP-02, LP-05, LP-7A, LP-07 and LP-09. The remaining six drill holes are currently being logged, cut and sent for analysis.

"We are very encouraged that two of the initial six holes showed significant mineralization at our La Palma target. Observations from the drilling to-date favour a Peñasquito mineralization model and have confirmed that La Palma is the primary target on our Dos Santos Property. The Peñasquito mine, operated by Goldcorp, with proven and probable reserves of 17.8 million ounces of gold, 1,070 million ounces of silver, 7,200 million pounds of lead and 15,930 million pounds of zinc, is located approximately 45 kilometers northwest of Galore's La Palma target.

We look forward to receiving the analysis from the remaining six holes at La Palma. We also look forward to receiving analysis from additional systematic trenching at our El Alamo gold target which has previously returned encouraging gold results from surface trenching. The next phase of exploration on Galore's La Palma and El Alamo targets will be determined and announced after the completion of the compilation and analysis of all drill results," reports Galore's President Michael Byrne.

La Palma Drilling Highlights

Drilling has intersected a variety of breccias, including breccias containing igneous rock fragments, which indicate a high energy, igneous intrusive event. High concentrations of silver, associated with lead-zinc mineralization, were also intersected in two holes, within or near brecciated limestone. These features may be associated with diatreme intrusions similar to the geology found at Goldcorp's Peñasquito mine.

Diamond Drill Hole LP-09
From(m) To(m) Interval(m) Sample Cu ppm Pb % Zn % Ag gm/T Au ppb As ppm
310.00 311.00 1.00 145743 1,962 1.89 4.54 186 163.7 9,813

Mineralization consists of 30 cm of massive, coarse grained pyrite-sphalerite-galena and localized disseminated pyrite, sphalerite and galena in the remaining 70 centimetres.

Diamond Drill Hole LP-07
From(m) To(m) Interval(m) Number Cu ppm Pb % Zn % Ag gm/T Au ppb As ppm
180.55 182.42 1.87 145933 236 0.71 0.63 30 27 2,437
Including                  
180.55 180.75 0.20 145934 312 0.49 2.67 19 34 5,820
182.10 182.42 0.32 145935 1,878 5.83 3.76 233 60 3,237

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

These holes are located within the northern limit of the IP survey and are 565 metres apart. Mineralization occurs at the same stratigraphic level and lies within or near brecciated limestone.

Table 1: Geochemically Anomalous Samples:
Hole From To Interval Number Cu ppm Pb ppm Zn ppm Ag gm/T As ppm Au ppb
LP-01 91.15 92.10 0.95 144086 33 122.6 211 0.7 563.6 36.4
LP-01 92.10 94.10 2.00 144087 27.8 49.6 205 0.8 977.4 1.4
LP-01 94.10 96.10 2.00 144088 23.2 41 154 0.8 728.7 1.1
LP-02 484.00 486.00 2.00 144539 10.1 48 804 0.4 69.1 <0.5
LP-02 486.00 488.00 2.00 144540 11.4 53.8 1198 0.3 147.1 <0.5
LP-05 372.25 373.55 1.30 146173 22.1 311.8 270 17.2 400.1 1.5
LP-07A 157.50 160.00 2.50 145571 63.1 4.1 60 16.6 10.9 <0.5
LP-09 309.00 310.00 1.00 145740 24.2 307.1 538 1.9 182.2 0.9
LP-09 310.00 311.00 1.00 145743 1961.5 >10000.0 >10000 >100.0 9812.8 163.7
LP-09 363.00 364.00 1.00 145786 33.3 5.6 1142 0.3 15.2 0.7
LP-07 153.07 155.14 2.07 145920 238.2 9.7 36 3.6 108.8 <0.5
LP-07 155.14 158.19 3.05 145921 351.8 28.7 49 8.3 217.1 <0.5
LP-07 180.55 182.42 1.87 145933 235.6 7070.3 6340 30.1 2437.4 27
LP-07 180.55 180.75 0.20 145934 311.9 4656.2 >10000 18.4 5819.9 34.4
LP-07 182.10 182.42 0.32 145935 1878 >10000.0 >10000 >100.0 3237.3 59.7
LP-07 185.62 188.67 3.05 145937 53.1 385.2 268 2.3 88.2 <0.5
 
Table 2: La Palma Diamond Drill Hole Table:
DDH Bearing (Az) Angle Length(m) This News Release
LP 01 070° -60° 514.20 Yes
LP 02   Vertical 517.55 Yes
LP 03   Vertical 539.50 Logged
LP 04 070° -70° 536.15 Logged
LP 05   Vertical 462.42 Yes
LP 06   Vertical 530.96 Pending
LP 07A   Vertical 162.44 Yes
LP 07   Vertical 300.70 Yes
LP 08   Vertical 365.46 Pending
LP 09   Vertical 426.42 Yes
LP 10   Vertical 332.54 Pending
LP 11   Vertical 295.35 Logged
    Total 4,983.69  

La Palma Target Geology

The La Palma area is underlain by a calcareous and carbonaceous clastic sedimentary unit, which grades into an impure limestone at depth. The clastic unit is an argillite having interbeds of siltstone-sized fragments at higher levels. Centimetre-scale pyritic beds to millimeter-scale very fine grained pyrite laminations occur in this unit in all holes and increase in frequency with depth. These pyritic layers do not carry significant metal values but geochemically anomalous results have been returned from sample intervals within the host rocks (Table 1). Pyrite in the clastic unit is interpreted as evidence of a long period of intermittent, hydrothermal discharge on the sea floor during sedimentation.

Polymictic breccias (mixed rock types) were also encountered in all drill holes. These breccias occur in thicknesses from centimetres to several metres in size, parallel to and cross-cutting bedding. More importantly, breccias contain altered felsic intrusive fragments, which commonly contain disseminated pyrite. These clasts are evidence of a high energy, igneous intrusion related event. Samples of breccias and other rock types have been collected for petrographic descriptions. These will help in the interpretation of the geology of the La Palma anomaly. Company geologists continue to use Peñasquito and Camino Rojo mineralization styles as exploration models for the La Palma area.

To view accompanying map, click on the following link: http://media3.marketwire.com/docs/GRIDrillHoleMap.jpg

Samples 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 4 acid digestion, ICP-ES (7TD) 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 Gonzalez, 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.

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