News-High Grade GoldGlobeinvestorGOLD.com Company News Alert for Galahad Metals
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Galahad to Follow Up High-Grade Gold Intercepts at Regcourt
OTTAWA, ONTARIO--(Marketwire - March 23, 2011) -
Galahad Metals Inc. (TSX VENTURE:GAX) is pleased toannounce Board-approval of a proposed Phase II diamond-drillingprogramme at its wholly-owned Regcourt Gold Project (the "Property"), 30km east of Val-d'Or, Quebec. The Property comprises 53 claims coveringover 32 km2 in the eastern part of the Abitibi Greenstone Belt, one ofthe most prolific gold mining areas in Canada.
The planned exploration campaign, follows up on the remarkable results from the Phase I programme, which included:
79.37 g Au/t over 3.6 m (Hole RG10-02, from 142.0-145.6m)
131.00 g Au/t over 0.9 m (Hole RG10-03, from 288.0-288.9 m);
4.05 g Au/t over 4.0 m (Hole RG10-04, from 168.0-172.0 m);
10.75 g Au/t over 0.3 m (Hole RG10-05, from 326.5-326.8 m);
6.28 g Au/t over 1.7 m (Hole RG10-06, from 288.8-290.5 m), and;
16.71 g Au/t over 1.5 m (Hole RG10-08, from 106.8-108.3 m).
PhaseII drilling (summarized in Table 1), will comprise 13 holes and total3,130 metres and will be followed by an "IPower3D" array down-holegeophysical survey, which will be amalgamated with results from theprevious down-hole IP survey (see Feb 14, 2011 Press Release).
Five(5) holes, RG11-A through RG11-E, will test geophysical anomaliesoutlined by the recently completed down-hole IP survey. Three (3) holes,RG11-F through RG11-H, are proposed to target untested parts ofinterpreted shear zones. Two (2) holes, RG10-02 and RG10-07 will bedeepened to test the down-dip extensions of gold-bearing structuresintersected by 2010 drilling.
A provisional2,000 additional metres is planned (holes RG11-I, -J and -K) if theassay results from the preliminary holes of the Phase II programme areencouraging.
As previously reported byGalahad, the gold mineralization at the historic Regcourt Mine is hostedin shear-zone-associated quartz veins in close proximity to agranodiorite intrusion, typical of many of the gold mines in the Vald'Or Gold Camp. Results from the exploration programmes to date indicatethat the mineralized vein system continues below the historic workings,which only reached 165 metres.
Table 1. Proposed Winter 2011 Diamond Drilling Program (3,130 metres)
Hole ID
Azimuth
Dip
Target
Length
(degrees)
(degrees)
depth (m)
(m)
Geophysical (IP) anomalies
RG11-A
20
-60
C-9 (140
)
280
RG11-B
20
-60
C-11 (140
)
270
RG11-C
20
-45
C-1, 2 (10-100
)
175
RG11-D
200
-80
C-12 (50-130
)
280
RG11-E
200
-52
C-4 (200
)
300
Untested structural features (shear zones)
RG11-F
200
-50
Untested part of shear zone
200
RG11-G
120
-50
Untested part of shear zone
125
RG11-H
200
-50
Untested part of shear zone
125
Deepening of existing holes
RG10-07b
20
-55
200
RG10-02b
200
-60
175
Follow-up drilling
RG11-I
200
-60
extension of mineralization
300
RG11-J
200
-60
extension of mineralization
300
RG11-K
200
-60
extension of mineralization
400
Corelogging will be completed at the facilities of MRB & Associates ofVal-d'Or. The drilling program will being supervised by John LangtonM.Sc., P. Geo, of MRB & Associates, who is the Qualified Person asdefined by National Instrument 43-101 for the Regcourt Project, and hasapproved the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT: 1-888-834-7708
Robin Dow, Chairman & C.E.O
robin@dowgroup.ca
www.galahadmetals.com
ORWayne Meredith
In Vancouver:
1-604-569-2509
wayne@dowgroup.ca