VANCOUVER, BC / ACCESSWIRE / September 6, 2022 / Galore Resources Inc. (TSX-V:GRI)(OTCQB:GALOF) is pleased to provide an update on the San Jose drill program at the Company's Dos Santos Project, Mexico.
Three diamond drill holes were completed in the San José area, which is located on the Northern portion of the Dos Santos Project. These three holes are SJ20, SJ21, and SJ22. Upon completion of hole SJ21, Galore's geological team decided to execute an additional hole, the SJ22 to be able to expand the explored area towards the SE, due to the enormous evidence of mineralization of the rock mapped on surface and found along the SJ21 hole. The hole SJ20 was projected to the SE cutting the area with the greatest evidence of alteration and mineralization along the main NE-SW and N-S structures present at the southern part of San José.
Fortunately, we have had great success with these three diamond holes, with intersections that confirm the prolongation of NS and NE-SW structures previously cut in the last drilling campaign of 2009.
Highlights of holes SJ 20, SJ 21, and SJ22
Hole | From (m) | To (m) | Length (m)* | Au (ppm) | Ag (ppm) | Ba (%) | Pb (%) |
SJ 20 | 39.00 | 40.20 | 1.20 | 2.26 | 1% | ||
119.7 | 120.55 | 0.85 | 2.06 | 0.90% | |||
SJ 21 | 25.20 | 27.00 | 1.80 | 3.69 | |||
27.00 | 27.70 | 0.70 | 0.793 | ||||
27.70 | 29.00 | 1.30 | 0.592 | ||||
SJ 22 | 52.00 | 53.00 | 1.00 | 0.202 | 45.10 | ||
55.00 | 56.00 | 1.00 | 0.408 | 66.60 | |||
56.00 | 57.00 | 1.00 | 0.072 | 47.00 | |||
58.00 | 59.00 | 1.00 | 0.048 | 86.00 | 1.20% | ||
59.00 | 60.00 | 1.00 | 0.033 | 24.9 | |||
65.00 | 66.00 | 1.00 | 1.385 | 10.05 |
These results are very encouraging, correlating with previous results, from surface geochemistry, and same as the geochemistry of the 2009 Reverse Circulation campaign. We have the scenario of thin structures having Gold that extends along 700 meters, intersected in the first 200 meters of depth at the holes 2S-06, 2S-07, 2S-08, 2S-10 and 2S-12 (Reverse Circulation Campaign, 2009). On the surface channel samples that have important gold values, (A sample of 208 ppm Au @ 0.50 meters in old works), all of the above, located within a strip of North South orientation. We have scheduled holes within the area that are planned to test the continuity and extension of this mineralized system and start with the calculation of resources in the San José area. In addition to the above and according to the epithermal models, we have a chance of finding at depth, better values of Gold and Silver, due to a better preparation of the host rock and the geochemical assembly obtained today, which shows an epithermal system of low to intermediate sulfidation.
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.
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Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding Oztoc's ability to finalization of the outstanding governmental permits, resume refining precious metals, install updated equipment and bring the Duranzillo mine back to full production, as well as 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.