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Galore Resources Core Program Intersects New Zone Defined by Broad Low Grade Silver Mineralization

04.09.2019  |  The Newswire

Vancouver, BC - TheNewswire - September 4, 2019 - Galore Resources Inc. (TSXV:GRI) ("Galore" or the "Company") has received assay results for the first two core holes at El Alamo as part of a 2,500-meter diamond core drilling program at the Dos Santos Project, Concepcion del Oro, Zacatecas. Holes EA-001 and EA-002 returned low grade silver values, possibly indicative of an upper level epithermal system.

Highlights:

  • - New 100-170m thick zone of mineralization believed to be a low lying structure discovered in the first two core holes assayed.

    - Low levels of silver mineralization, trace elements, and alteration are indications of an upper level epithermal system.

    - 1,667.2m of core completed to date.

    - Detailed mapping and sampling planned for possible new extension of the discovered mineralization.

Core holes EA-001 and EA-002 targeted surface oxide limestone/jasperoids breccia containing anomalous gold values believed to be associated with karst solution brecciation. An upper mineralized zone is defined by low grade silver mineralization intersected in the core holes and strongly anomalous gold values from the previous rock chip sampling (Figure 1). This upper mineralization encountered in both holes possibly is a supergene cap that forms a shallow dipping zone up to approximately 30m in apparent thickness.

Based on drill results to date a lower and much larger zone of mineralization was intersected and shown on Figure 1. The lower zone of mineralization is associated with brecciated limestone that is interpreted to represent a large structure dipping to the south.

Both holes EA-001 and EA-002 intersected limestone breccia zones with gold mineralization. EA-001 intersected 3.55m averaging 0.68 g/t Au between 14.2m to 17.75m (Table 1 and Figure 1). EA-001 also intersected 1.2m with a grade of 8.8 g/t Au within a larger 3.4m gold interval between 25.7m to 29.1m averaging 3.46g/t Au. Both of the gold intervals are within a larger silver zone from 0 to 29.1m averaging 2.18 g/t Ag.

HOLE NO.

FROM

TO

LENGTH (M)*

Ag g/t

Au g/t

EA-001

0.00

29.10

29.1

2.18

including

14.20

17.75

3.55

6.10

0.68

including

25.70

29.10

3.40

3.27

3.46

and

25.70

26.90

1.20

6.08

8.89

69.15

72.80

3.65

1.95

130.00

136.75

6.75

4.21

152.75

159.20

6.45

1.37

194.10

205.00

10.90

13.90

including

199.20

200.20

1.00

88.30

EA-002

0.00

24.05

23.55

3.54

142.00

151.90

9.90

2.84

164.00

210.00

46.00

6.62

238.00

247.50

9.50

4.51

257.30

277.75

20.45

4.24

292.00

318.40

26.40

4.49

including

309.25

318.40

9.15

4.73

2.02

Table 1 Significant Assay Results EA-001 and EA-002

* Drilled length, true thickness of intervals is not known.

Also, EA-002 significantly intersected anomalous gold mineralization at the base of the lower zone over an interval of 9m averaging 2.02 g/t Au (Table 1). This zone is hosted in a strongly oxidized leached breccia including argillic alteration and vuggy silica (Figure 6, Press Release August 12). These are all positive indicators of the upper levels of an epithermal system.

This new lower zone defined by low grade silver mineralization is approximately 120m to 170m of apparent thickness. Figure 1 is a vertical section oriented NW with the view to the SW (Figure 2). The suggested dip of this new low grade silver zone is for visual purposes only as only two of the five core holes have been submitted to ALS for analysis.

Gold and silver values from EA-001 and EA-002 also contain trace elements that are associated with a typical epithermal system. These include positive correlation with arsenic (As), barium (Ba), cadmium (Cd), copper (Cu), molybdenum (Mo), lead (Pb), antimony (Sb), thallium (Tl), tungsten (W), and zinc (Zn).


Click Image To View Full Size

Figure 1. El Alamo Target Location.

Drill holes EA-003, EA-004, and EA-005 also were completed at El Alamo (Table 2, Figure 2) and a total of 1,662.7m of core drilling have been completed to date. Select samples from EA-003 have been sent to ALS for analysis and results are pending. Oxidized limestone breccias intersected in holes EA-003, EA-004, and EA-005 currently are being added to the geologic model and pending assay results could further support the area as proximal to an epithermal system. Additional drill holes are in the planning stage.

Table 2. Summary of El Alamo Drilling To Date.

HOLE NO

EAST

NORTH

AZIMUTH

DIP

TOTAL LENGTH

EA-001

255811

2707929

3250

-500

252

EA-002

255811

2707929

3600

-900

358.7

EA-003

255974

2707893

3250

-600

263*

EA-004

255911

2707929

250

-250

450

EA-005

255911

2707929

3600

-900

340*

* HOLE NOT COMPLETED

Figure 2. El Alamo drill locations.


Click Image To View Full Size

Quality Control

Drill core is logged and sampled by a senior geologist at a secure core shed located in Concepcion del Oro. Core samples are cut in half, using a diamond cutting saw, half of the core is retained in the core box for reference material and/or future testing. Sample intervals are approximately one meter in length with the final determination based on the geological logging. A strict QA/QC program is in place; which included insertion of mineralized standards at a rate of one in 20 samples and blank samples at a rate of one in 40. The commercial standards and blanks were purchased from Rock Laboratory. To maintain proper chain of custody, samples are picked up at the core shed by ALS personnel from Zacatecas and the analysis completed by ALS, Vancouver.

Qualified Person

The technical and scientific information contained within this news release has been reviewed and approved by 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.

Copyright (c) 2019 TheNewswire - All rights reserved.


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