Galore Announces Encouraging Assay Results from El Alamo Drill Program and Confirm the Continuity of a Normal Mineralized Fault Type Structure
19141 STONE OAK PKWY. #104 | SAN ANTONIO, TEXAS | 78258
Tel: (210) 860-921| Fax: (604) 648-8894 / www.galoreresources.com
FOR IMMEDIATE RELEASE March 3, 2021
GALORE ANNOUNCES ENCOURAGING ASSAY RESULTS FROM EL ALAMO DRILL PROGRAM
AND CONFIRM THE CONTINUITY OF A NORMAL MINERALIZED FAULT TYPE STRUCTURE
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) is pleased to announce that after an extraordinary year of
setbacks for all, we now have the pleasure to announce the return to fieldwork and the recent receipt of additional
assays from the five hole 1,667 meter drill program executed at El Alamo during 2019. Galore was unable to finish
the logging and lab work from this program due to funding.
The recent shareholder loan to the C ompany announced December 23, 2020, provided the necessary funds to send
the remaining core from t he 2019 El Alamo drill program to ALS labs . Mike McMillan, President and CEO,
personally provided the capital necessary to complete the logging and related expenditures. This includes the
completion of logging holes EA-003, EA-004 & EA-005 and a more in-depth geological mapping of the El Alamo,
Carbonerillas, and San Jose claims in preparation for continued drilling. In doing so, Galore engaged the services
of Mr. Gustavo Narvaez, a Mexico based Geologist that is close to the project and has a historica l relationship with
the Dos Santos area.
In September 2019, Galore reported assay results from holes EA-001 and EA-002. Both holes EA-001 and EA-002
intersected limestone breccia zones with gold mineralization. Please reference the news release dated September 4,
2019 that can be found on our website or SEDAR. Highlights from the previous drill holes and from the remaining
three holes EA-003, EA-004, and EA-005 include:
EA-001 and EA -002 drill holes intercepted 21.20 meters with 0.69 gr/t Au and 4.0 meters, with 0.54 gr/t Au,
respectively.
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Sb Tl
FROM TO mts ppm ppm ppm ppm ppm ppm ppm % ppm ppm
8.90 30.10 21.20 0.691 2.32 11.74 118.65 317.64 613.59 416.82 29.80 74.79 12.74
Including
EA-001 15.20 16.20 1.00 0.633 4.81 23.6 243 542 1205 160 25.9 216 22.3
EA-001 16.20 17.20 1.00 0.491 6.16 41.5 272 493 780 190 33 60.1 8.32
EA-001 17.20 17.75 0.55 1.28 6.9 9.4 285 329 1475 460 29 211 6.21
EA-001 25.70 26.90 1.20 8.89 6.08 18.8 405 1220 2020 4030 20.6 396 36.5
EA-001 26.90 28.80 1.90 0.475 1.79 5.8 191.5 547 681 770 32.4 51.3 51.7
EA-001 28.80 29.10 0.30 0.674 1.36 5.6 98.4 570 446 910 32.9 34.8 59.1
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Sb Tl
FROM TO mts ppm ppm ppm ppm ppm ppm ppm % ppm ppm
EA-002 2.00 8.00 6.00 0.378 5.89 16.17 265.27 468.00 1080.33 1445.00 30.88 124.47 22.27
including
EA-002 2.00 3.00 1.00 0.029 4.36 11.4 285 228 298 150 31.7 30.5 10.2
EA-002 3.00 4.00 1.00 0.09 6.74 25.4 702 329 732 130 30.1 81.3 9.33
EA-002 4.00 5.00 1.00 0.498 13.50 31.8 214 550 1365 280 30.7 114.5 10.15
EA-002 5.00 6.00 1.00 0.248 7.86 9.9 249 614 1255 270 25.2 81.3 7.91
EA-002 6.00 7.00 1.00 1.25 1.99 10.6 111 871 2520 7700.00 34.2 414 66.8
EA-002 7.00 8.00 1.00 0.153 0.89 7.9 30.6 216 312 140 33.4 25.2 29.2
P a g e | 2
EA-003 drill hole intercepted 10.20 meters , with 1.14 gr/t Au and 3.81 gr/t Ag , from 7.7 to 8.8 m eters logged as
fault-Bx.
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Fe Sb Tl
EA-03 FROM TO ppm ppm ppm ppm ppm ppm ppm % % ppm ppm
0 10.2 10.2 1.141 3.81 12.22 63.67 945.00 742.42 740.00 29.53 1.72 83.87 42.89
Including
EA-03 0.00 2.70 2.70 0.871 0.81 12.10 74.80 591.00 307.00 180.00 36.90 0.66 31.10 24.10
EA-03 6.60 7.70 1.10 0.712 6.17 7.70 33.10 745.00 447.00 180.00 28.30 0.79 60.70 16.70
EA-03 7.70 8.80 1.10 4.700 6.55 16.70 62.00 2680.00 2690.00 3590.00 14.55 7.13 216.00 114.50
EA-004 drill hole also cut such structure, demonstrating a gold anomaly, from 82.4 to 142.25 meters deep, that is,
59.85 meters @ 0.32 gr/t Au and @3.2 gr/t Ag . This section includes from 101.1 to 104.3, that is, 3.2 meters
@1.07 gr/t Au and @7.37 gr/t Ag.
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Sb Tl
FROM TO mts ppm ppm ppm ppm ppm ppm ppm % ppm ppm
82.40 142.25 59.85 0.327 3.20 17.23 323.31 124.12 234.13 386.92 30.17 76.21 5.45
Including
EA-004 99.15 100.30 1.15 0.499 7.82 48.40 518.00 121.00 526.00 90.00 6.67 61.50 3.21
EA-004 100.30 101.10 0.80 0.386 11.55 22.30 678.00 112.00 490.00 60.00 7.41 103.00 1.80
EA-004 101.10 102.10 1.00 1.435 6.38 30.90 387.00 189.00 392.00 100.00 16.15 48.60 4.05
EA-004 102.10 103.30 1.20 1.045 6.94 25.30 1305 223.00 357.00 170.00 29.30 99.40 2.41
EA-004 103.30 104.30 1.00 0.543 8.79 15.50 633.00 91.00 149.50 390.00 30.30 76.80 2.53
EA-004 110.25 111.60 1.35 0.08 3.64 32.00 1060 128.00 266.00 80.00 36.50 76.90 2.67
EA-004 119.20 120.45 1.25 0.244 6.43 17.60 1205 210.00 289.00 1650 34.90 32.70 1.96
EA-004 122.40 123.90 1.50 0.342 4.62 13.40 363.00 191.00 273.00 6610 29.40 48.90 3.20
EA-004 123.90 124.65 0.75 0.613 3.90 19.50 391.00 140.00 296.00 90.00 18.65 92.90 2.47
On surface, sampling executed in th e previously completed trenches demonstrated a strong gold anomaly,
exhibiting an arc-type spatial distribution. The partial result of geological mapping (detailed mapping of the area in
process) has demonstrated a set of post -mineral structures that inte rrupt and modify the major mineralized tabular
structure (normal fault), forming deformed and faulted blocks, but in an approximately regular shape.
Morphological and lithological evidences suggest a general block of approximately 400 meters in length, wi th an
irregular width (between 15 and 30 meters) and 100 meters in the vertical (depth confirmed by the drill hole EA -
004); however, this structure could continue in the depth. This data allows the calculation of the measured
resources, resulting more tha n 1.5 million tons with a preliminary average grade of 0.52 gr/t Au. This calculation
exercise includes the average of contiguous values greater than 100 ppb Au. Therefore, we recommend continuing
with an exploratory drilling program focused on the main target (major mineralized structures) in order to increase
more resources; in addition, this will allow us to categorize the measured mineral reserves at the El Alamo project.
Additionally, vertical drill holes EA-002 and EA-005 demonstrate spectacular chemical zoning. From 140 and 160
meters respectively, a change in the chemistry starts, which is evidenced in 95% of the elements analyzed (Au
ICP21, ME MS61, ALS Chemex), showing positive and negative anomalies. For example, Sn, Sr, Ta and Te
present negative anomalies that are inverse to the rest of the elements. Calcium presents a marked depletion (up to
9.0 %) suggesting silicification in the lithology and confirmed by logging. The EA -005 drill hole confirmed a
hydrothermal footprint, w hich includes sericite, silica, calcite and disseminated pyrite degraded to limonite
minerals, as well as elongated relics of calcium feldspar and local garnet (results of petrography carried out by him
at UASLP Engineering School). The aforementioned results indicate that the lithological environment was altered
by hydrothermal magmatic fluids, which formed at depth a metasomatic halo, followed by a phyllic alteration halo
and both overprinted by carbonation. At one time, some secondary minerals had been affected by meteorization
process, forming limonite minerals on the surface or shallow levels, suggesting that the mineralization found at El
P a g e | 3
Alamo is low -sulfidation epithermal type, confirmed by enrichment of gold, barium, antimony arsenic, thallium ,
and local silver, as well as depletion of base metals at these levels.
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Sb Tl
FROM TO mts ppm ppm ppm ppm ppm ppm ppm % ppm ppm
302.00 325.00 23.00 0.987 2.85 33.22 47.30 183.70 352.72 2095.00 26.70 490.04 2.47
Including
EA-002 307.50 309.25 1.75 0.527 1.71 7.3 16.4 106 223 5770 22.6 148.5 1.29
EA-002 309.25 310.28 1.03 4.75 10.65 22.7 49.4 303 560 4650 17.05 472 3.3
EA-002 311.25 312.30 1.05 2.25 5.08 13.4 26.9 218 513 6250 26.1 5650 13.45
EA-002 312.30 313.25 0.95 5.65 7.56 16.1 46 119 251 760 13.15 286 5.33
EA-002 314.35 315.35 1.00 0.238 1.63 16.9 28.1 572 740 7060 22.5 333 1.82
EA-002 315.90 316.95 1.05 1.035 4.42 20.3 17.7 287 439 940 13.25 241 1.21
EA-002 316.95 318.40 1.45 2.46 7.47 15.9 19.5 177 291 6610 20.7 856 3.14
EA-002 324.00 325.00 1.00 1.27 5.73 45.1 110 62 134.5 >10000 26.1 45.5 0.53
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Cd Sb Tl
FROM TO ppm ppm ppm ppm ppm ppm ppm % ppm ppm ppm
EA-005 105.50 120.50 15.00 0.577 0.63 9.66 50.11 172.50 219.57 1224.00 35.12 0.76 43.54 11.24
Including:
EA-005 109.00 110.40 1.40 1.950 1.20 12.20 9.90 291.00 265.00 4180.00 32.40 0.31 49.60 16.85
EA-005 110.40 111.30 0.90 1.080 0.72 7.20 8.50 342.00 230.00 200.00 32.00 0.20 37.80 34.60
EA-005 111.30 112.80 1.50 0.597 0.54 6.50 6.10 145.00 159.00 100.00 35.30 0.17 16.00 15.70
EA-005 112.80 115.10 2.30 1.175 0.70 8.30 2.80 134.00 145.50 100.00 31.70 0.19 18.40 13.95
The zone of alteration and mineralization seems to have a tendency to become more intense and extensive in the
east-southeast direction. This hydrothermal guide allows us to pro gram the next stage of exploratory drilling,
which should be at depths of 300 to 600 meters, in order to intercept the root of the mineralization system. It is
worth mentioning, that the EA 05 drill hole intercepted high-grade gold and silver sections (i. e. from 199.45 to
201.15, 1.70 mts @ 1. 35 gr/t, 565 gr/t) with enrichment of arsenic (1440 gr/t) , antimony (339 gr/t), low anomalies
of copper, lead and zinc (in the order of 0 to 1000 gr/t).
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Cd Sb Tl
FROM TO ppm ppm ppm ppm ppm ppm ppm % ppm ppm ppm
EA-005 181.00 202.65 21.65 0.699 34.59 101.98 149.60 372.47 760.05 865.56 22.16 2.95 180.86 38.27
Including:
EA-005 183.95 185.05 1.10 0.973 14.45 96.10 792.00 694.00 892.00 220.00 13.40 5.48 364.00 61.10
EA-005 193.85 195.15 1.30 2.480 7.95 167.00 29.40 717.00 1530.00 4530.00 13.90 1.03 501.00 69.60
EA-005 195.15 196.65 1.50 1.995 5.40 87.10 11.20 318.00 689.00 2160.00 15.55 0.79 219.00 65.80
EA-005 196.65 198.15 1.50 0.781 2.51 32.70 21.10 263.00 537.00 360.00 15.70 1.12 128.00 81.70
EA-005 198.15 199.45 1.30 0.695 2.15 23.60 5.20 225.00 1100.00 240.00 14.70 2.40 150.50 35.10
EA-005 199.45 201.15 1.70 1.355 565.00 815.00 90.90 614.00 1440.00 4210.00 2.19 0.65 339.00 15.80
EA-005 201.15 201.75 0.60 1.150 10.90 94.20 119.50 598.00 1940.00 >10000 7.88 1.37 295.00 24.40
HOLE ID FROM TO LENGTH Au Ag Cu Pb Zn As Ba Ca Cd Sb Tl
FROM TO ppm ppm ppm ppm ppm ppm ppm % ppm ppm ppm
EA-005 287.80 305.60 17.80 0.035 15.27 41.07 298.15 224.08 275.58 114.62 22.13 2.87 50.23 1.10
Including:
EA-005 287.80 289.10 1.30 0.004 33.80 85.30 792.00 268.00 662.00 270.00 18.85 3.93 155.50 2.84
EA-005 291.60 293.00 1.40 0.001 11.55 76.30 1210.00 275.00 361.00 80.00 19.70 3.57 40.80 1.44
EA-005 293.00 294.50 1.50 0.002 120.00 170.00 683.00 500.00 630.00 100.00 27.80 4.53 134.50 0.58
EA-005 303.35 304.40 1.05 0.142 5.71 13.20 90.80 102.00 168.50 50.00 25.40 2.01 111.00 0.41
This can be interpreted as the beginning of precious metals enrichment in the hydrothermal system that is related to
the structural control, since irregular values are present, including 21.65 meters with 0.69 gr/t Au and, 19.95 meters
from 1.0 to 12.0 gr/t Ag.
Currently Galore Resources is preparing for the n ext phase of drilling at El Alamo, which will test the easterly
extension of the mineralized feature identified so far, and the Company continues to be in negotiation to drill some
of its other prospects at Dos Santos.
P a g e | 4
Quality Control
Drill core is logg ed and sampled by a senior geologist at a secure core shed located in Concepcion del Oro. Core
samples are cut in half, using a diamond cutting saw, half of the core is retained in the core box for reference
material and/or future testing. Sample intervals are approximately one meter in length with the final determination
based on the geological logging. A strict QA/QC program is in place; which included insertion of mineralized
standards at a rate of one in 20 samples and blank samples at a rate of one in 40. The commercial standards and
blanks were purchased from Rock Laboratory. To maintain proper chain of custody, samples are picked up at the
core shed by ALS personnel from Zacatecas and the analysis completed by ALS Canada Ltd.
Qualified Person
Dr. Julio Pinto Linares is a doctor in geological sciences with a speciality in economic geology and qualified
professional No. 01365 by MMSA . Dr. Linares 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.
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 and silver deposit
in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project
covers two historic gold zones and has the potential to host bulk tonnage gold -silver deposits based on past drilling, trenching
and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
“Michael McMillan”
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA)
Please visit our website at www.galoreresources.com or contact us at [email protected].
Cautionary Statement: This document contains “forward -looking statements” within the meaning of applicable
Canadian securities regulations. All statements other than statements of historical fact herein, including, without
limitation, statements regarding exploration plans and other future plans and objectives, are forward -looking
statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to
be accurate and future events and actual results could diffe r materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from our expectations as well as a
comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR
with the Canadian regulatory agencies to whose policies we are bound. Forward -looking statements are based on
the estimates and opinions of management on the date the statements are made, and we do not undertake any
obligation to update for ward-looking statements should conditions or our estimates change, other than as required
by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provid er (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.