Tickers: XTSX:GRI, PINX:GPKMF
Tags: #Mining
June 4, 2019 / TheNewswire / Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) ("Galore" or the "Company") is pleased to announce that Minerales Galore S.A, De CV., Galore's wholly owned Mexican subsidiary, has commenced drilling as part of a 2,500-meter diamond core drilling program (see News Release May 27, 2019) at Galore's 100% owned El Alamo target and part of the larger Dos Santos project. This is the first drill program conducted at El Alamo.
El Alamo gold target is situated about 16 km south of Concepcion del Oro, Zacatecas, Mexico. Geologically, El Alamo consists of Cretaceous sediments, mostly limestones with some siltstones and chert. Locally, strong brecciation of the limestone occurs in association with folding in part related to these structural zones and also occurring with karst type brecciation. Alteration and mineralization are represented by varying amounts of silicification and iron-oxide bodies after sulfides. Some of the higher-grade gold values are associated with extensively iron-oxide jasperoid breccias.
In consideration for assisting in the arrangement of the contract for the drill program, the Company has agreed to pay a finder's fee to an arm's length third party in the amount of 250,000 common shares, subject to acceptance by the TSX Venture Exchange
Highlights:
Currently a track mounted core rig operated by COMEFIN S DE RL DE CV of Mexico is targeting gold mineralization discovered by Galore's previous exploration programs that included geological mapping, trenching and shallow air track drilling. The mineralization was found to be associated with jasperoid and karst breccias exposed along the east-west trending El Alamo ridge. The drilling is designed to intersect the known surface zone of mineralization (Figure 1).
The first hole, EA-001, is at 70m depth. The core has not been logged. However, the "quick logs" indicate that the hole has intersected silicified and limonitic limestone with zones of brecciation and faulting with areas of quartz and calcite stockwork. The 2019 drill program will consist of approximately twelve (12) HQ core holes, but could be expanded pending positive drill results. The program also intends to test a highly prospective parallel trending zone to the south. (Figure1).
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FIGURE1
Qualified Person
The technical and scientific information contained within this news release has been reviewed and approved Bill Fleshman, Vice President of Exploration (Fellow of the AusIMM and a CP (chartered professional #107342) and Qualified Person as defined by National Instrument 43-101 Policy.
About Galore Resources
Galore Resources is a mineral exploration and development company whose focus is to make and develop significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
"Michael McMillan"
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA)
Please visit our website at www.galoreresources.com or contact us at mike@galoreresources.com.
Cautionary Statement: This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
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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