(TheNewswire)
Vancouver, BC / TheNewswire / August 17, 2017 - Galore Resources Inc. (GRI-TSX.V) ("Galore" or the "Company") is pleased to announce gold results from samples taken in July, 2017 by consulting geologist, Tony Adkins, P. Geo. Galore employed the services of Mr. Adkins to evaluate the El Alamo project and to determine if the property warranted further work. His review of the existing Galore data coupled with a field examination, showed that additional work, particularly a drill program of adequate size, is definitely merited. Mr. Adkins brings over thirty-five years of comprehensive exploration, project management and mine experience as a geologist and engineer. He has experience with the geological features present at El Alamo.
Mr. Adkins collected seven rock chip samples over the El Alamo project area in an attempt to independently verify the presence of anomalous gold values. Assay results ranged from 0.822 ppm to 18.6067 ppm and confirmed the widespread occurrence of anomalous gold values.
Assay results July 11 & 12, 2017 are as follows:
-------------------------------------------------------------------------------------------------------------------------------------------------------------- |Sample|Sample|Au |Notes | |ID |Type|(ppm) | | |||Value | | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8307|Rock Chip|4.14|Brecciated iron oxide zone in Kcc. Resample of 9230611 (0.155 ppm) | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8308|Rock Chip|11.968|Iron oxide breccia irregular on N-S fault cutting bedding, mod. SiO2, some calcite veinlets. Resample of 526382 (1.61 ppm) | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8309|Rock Chip|3.28|Irregular breccia pods w/ abundant calcite in matrix. Some hematite, trace limonite. Vuggy in places. Resample of 526104 (13.98 ppm)| |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8310|Rock Chip|0.822 |Jasperoid, iron oxides, brecciated | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8311|Rock Chip|0.964 |Jasperoid same approx. loc as 8310 | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8312|Rock Chip|2.83|Breccia with iron oxides in Ls. Moderate SiO2, abundant clasts of chert, | ||||some druzy qtz, vuggy as well. Prob location Goldcorp sample 500731 (22.1 | ||||ppm) | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |8314|Rock Chip|18.607|Irregular breccia with vuggy iron oxides in Ls. Resample of 526112 (20.4 ppm) | --------------------------------------------------------------------------------------------------------------------------------------------------------------Assays by American Assay Laboratories, Sparks, NV USA. Sample standard (0.229 +/- 0.03 ppm) submitted between samples 8312 and 8314, and which passed QA/QC with a value of 0.257 ppm
Mr. Adkins reports "The presence of a good host rock with good ground preparation, widespread anomalous gold values in both surface and shallow drilling, and the poorly constrained mineralization all combine to make this area a high quality target".
Drilling and exploration plans are being finalized and will be announced as soon as the contractor is secured. The plan is to drill ten 150 to 300 meter holes within the greater area of anomalous mineralization at El Alamo.
Octavio Gonzales, Galore's Exploration Manager for Mexico, currently manages the Dos Santos exploration project. Tony Adkins, consulting geologist and a Qualified Person as defined by NI 43-101 has reviewed and approved the content of this News Release.
The Company's Board of Directors has authorized management to proceed with a share for debt arrangement with a claim owner. The Company has incurred US $130,000 of option payment debt and has agreed to issue 2,600,000 common shares in full payment at a deemed price of CDN$0.075 per share. The shares will be subject to a 4-month hold period from the date of issuance and the arrangement shall be subject to regulatory approval.
Galore Resources is a British Columbia-based exploration Company that has assembled a leading group of industry professionals to acquire and explore for promising deposits with an emphasis on gold in Mexico.
Galore Resources Inc.
"Mike McMillan"
CEO and Director
To find out more about Galore Resources (TSX.V:GRI) please contact:
Drew McMillan, CFO & VP Corporate Communications at (210) 325-7971 (USA) / Toll Free: 1 (877) 647-2298
OR visit our website at www.galoreresources.com or contact us at info@galoreresources.com
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.
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