VANCOUVER, BC / ACCESSWIRE / March 30, 2022 / Galore Resources Inc. (TSXV:GRI)(OTCQB:GALOF) is pleased to provide an update to the current drill program at the Dos Santos Project, including the San Jose and Los Gemelos claims.
Drilling commenced on February 3rd at San Jose with three holes having been completed for a total of 664.2 meters. Lead Geologist Gustavo Narvaez is excited by the visible characteristics and alterations observed in the core for all three holes.
Completed Holes:
- The San José SJ-21 hole began the drilling program and was completed to a depth of 250.20 meters. This hole cut: 1) recrystallized limestone with phyllic alteration; 2) dikes and sills of intermediate composition with phyllic and argillic alteration; 3) an interval of approximately 60 meters with multiple bodies with mineralization (some of them up to 2.5 meters thick) composed of hydroxides, hematite, calcite, as well as locally sulfides and quartz; 4) hydrothermal breccias cemented by calcite and limonite series, and 5) isolated mineralized bodies composed of quartz, hydroxides, calcite and hematite. This hole demonstrated a lithological block with open geological-mining-economic potential at depth in the San Jose area.
- The San José SJ-22 hole followed and was completed to a depth of 200 meters. The hole cut a series of mineralized structures striking generally NE, as well as mineralized structures that are semi-parallel to the axis of this hole core. These bodies are composed of quartz, calcite, limonite series, hematite, and local sulfides.
- Hole SJ-20 was added by Galore's geological team to better understand what was being observed in holes SJ-21 and SJ22. The SJ-20 was completed at a depth of 214 meters. This hole showed: 1) the presence of dikes of intermediate composition with phyllic and argillic alteration, which intruded through a carbonated marine sedimentary sequence; 2) parallel mineralized bodies composed of quartz, limonite series, calcite and hematite; and 3) a halo of phyllic alteration and recrystallization in the carbonate marine sedimentary sequence.
This exploration has confirmed that the San José area presents a favorable geotectonic environment for the concentration of metallic mineralization, which is open at depth and on the sides of cut targets. The mineralization is repetitive that is concentrated as veins, veins and stratabound bodies, hosted between the carbonate marine sedimentary sequence and the cupula of an unexhumed pluton, comparable to the world class polymetallic ore deposits in the region. Hydrothermal alteration consists of halos of recrystallization and phyllic alteration, as well as argilization and weathering, suggesting magmatic-hydrothermal source.
The core from the three holes will provide us with very important data to define more clearly the structural setting of gold mineralization. Drilling at San Jose will restart upon receipt of the assays from ALS Global.
Los Gemelos
Subsequent to the March 14, 2022 news announcement regarding Galore regaining control of the Los Gemelos Mine and associated claims, Galore's geological team has been busy assessing the exposed areas from recent mining activity. On March 21st, the Company began its first diamond core drilling at Los Gemelos, to understand the tectonic and economic environment of the area. We expect to be able to provide more news about this program shortly.
We would like to thank our stockholders and those that have reached out to us recently in regards to our ongoing news.
Qualified Person
Dr. Julio Pinto Linares has a PhD in geological sciences with a specialty in economic geology and qualified professional No. 01365 by MMSA and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of the technical information contained in this news release presented by Galore Resources Inc.
On Behalf of the Board, I am respectfully yours,
Michael McMillan
President and Chief Executive Office
For Further Information about Galore Resources,
Please visit the Company's website at www.galoreresources.com or contact the Company's Chief Financial Officer and Vice-President of Corporate Communications, Drew McMillan, by telephone (210-325-7971) or e-mail ([email protected]).
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 deposit in Mexico. Our flagship project is located in the heart of the Concepcion del Oro Mining District, the Dos Santos Project, which covers two known historic gold zones, is on trend with Newmont's Penasquito Mine, and based on past drilling, trenching, and an airborne geophysical survey, has the potential to host several bulk tonnage gold deposits.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the Company's ability to conduct a drill program at its Mexican mineral properties and the timing thereof, the prospective deposits, targets and mineralization at the properties and the anticipated receipt and timing of necessary governmental or third-party approvals and permits.
Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Jose and El Alamo as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. For OTCQB quotes and filings, please visit www.otcmarkets.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Galore Resources, Inc.