NEWS out !!!GlobeinvestorGOLD.com Company News Alert for Galahad Metals
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Red Ore Gold Reports Discovery of High Grade Gold and Silver Bearing Veins at Water Canyon, Bottle Creek Project, Nevada
OTTAWA,ONTARIO--(Marketwire - May 2, 2011) - Red Ore Gold Inc. ("RXX"), awholly owned subsidiary of Galahad Metals Inc. (TSX VENTURE:GAX) ispleased to announce significant sampling results from Its Water CanyonRidge target area in the Bottle Creek project, Nevada.
Oneof the prime target areas not yet fully developed within the BottleCreek property is the Water Canyon Ridge target. This mineralized ridgewas identified and sampled by RXX's partner, Golden Gryphon, during the2008 and 2009 field programs, and lies west of the center of the BottleCreek district. A portion of this target area was tested by soil gridsand a significant silver anomaly was outlined with anomalous gold. Thesilver anomaly is open in at least two directions with gold having aless continuous dispersion pattern. The Water Canyon Ridge zone containsan epithermal vein swarm. The width of the vein swarm ranges from 100to 400 meters and has a potential 4-km east-west strike length from westof Buff Peak pass to the east end of the Water Canyon vein swarm. Partof this strike length is covered by post mineral volcanics.
Aninitial grab sample from an old prospect dump on the vein swarmreturned a value of 2.6 g/t gold. Further grab samples from the dumpassayed from 0.2 g/t gold to 40 g/t gold and up to 171 g/t silver. Theprospect dump is located at the southern edge of the vein swarm and atan apparent structural level 160 metres beneath the veins on the crestof the ridge. The precious metal bearing veins in the Water Canyon Ridgezone consist of multiple generations of banded chalcedonic quartzveins, quartz - carbonate +/- adularia +/- fluorite, and quartz+/-adularia +/- sulfide veins. Some of these veins show replacementtextures of quartz after carbonate. The textures of the veins,mineralogy, and trace metal content all indicate an epithermal preciousmetal hydrothermal system. Additional examples of the banded, oxidized,sulphidic quartz veins from a higher elevation and 0.9 kilometersfarther west contain highly anomalous silver (to 171 g/t) and anomalousgold (to 0.6 g/t) with anomalous As, Hg, Mo, Pb, Sb, Se and Te.Collectively these data indicate that the surface mineralization occursat the higher levels of a typical epithermal vein system.
Furthersurface surveys, geophysics and permitting will be carried out thissummer in order to select the best drill targets for a fall, 1,600metre, drill programme on the Water Canyon Ridge vein swarm.
Phaseone of the drill program will begin in June, with a 6 hole, 3,000metre+ programme on already permitted key targets in the main zone inthe center of the historic Bottle Creek mercury district. One of thesetargets is the projected intersection of the Water Canyon vein trend anda key mineralized range front fault target on the west side of thecenter of the Bottle Creek district.
TheBottle Creek project is a joint venture between RXX (60%) and GoldenGryphon Explorations Inc. (40%), a private British Columbia corporation.Golden Gryphon is the project manager for this phase of work.
TheBottle Creek project area lies roughly 14 miles to the west acrossDesert Valley from the former high-grade Sleeper gold mine currentlybeing re-evaluated by Paramount Gold & Silver Corp. Previousproduction by AMAX Gold amounted to 1.6 m ounces of gold and 2.3 millionounces of silver.
Paul Pitman, P.Geo, isthe Qualified Person as defined by National Instrument 43-101 for theinformation presented in this press release for Galahad Metals -Red OreGold, and Dr. William Bagby, R.G. is the Qualified Person thatsupervised the work on the Bottle Creek project for the project managerGolden Gryphon Explorations Inc.
For further information, please go to
www.redoregold.com or
www.galahadmetals.com;
"The statements in this Press Release may containforward looking statements that involve a number of risks anduncertainties. Actual events or results could differ materially from theCompany's expectations and projections.
FOR FURTHER INFORMATION PLEASE CONTACT: 1-888-834-7708
Robin Dow, C.E.O.
robin@dowgroup.ca
ORWayne Meredith
In Vancouver:
1-604-569-2509
wayne@dowgroup.ca
Neitherthe TSX Venture Exchange, nor its Regulation Service Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this news release