Galore Mobilizes Drill to DOS Santos Project
FOR IMMEDIATE RELEASE May 27, 2019
GALORE MOBILIZES DRILL TO DOS SANTOS PROJECT
Vancouver, BC: Galore Resources Inc. (TSX -V: GRI) (“Galore” or the “Company”) is
pleased to announce that Minerales Galore S.A, De CV. , Galore ’s wholly owned Mexican
subsidiary, signed an agreement with COMEFIN S DE RL DE CV of Mexico to immediately
mobilize a drill core rig to complete a 2, 500-meter diamond core drilling program at Galore’s
100% owned El Alamo project. The agreement also allows for an additional 1,500 meters of
drilling at Galore’s 100% owned Los Gemelos project, where previous work has exposed
narrow quartz and calcite veins containing visible gold . Drill permits from the governing
body, SEMARNAT, and local Ejido’s permissions have been approved for both , therefore
road preparations and drill pad site construction has begun at El Alamo . Both projects are
located in a highly prospective district that boasts the Penasquito Mine, Mexico’s largest open
pit gold mine located 35km to the northwest.
The El Alam o gold project is situated approximately 16 km south of Concepción del Oro,
Zacatecas, Mexico. Geologically, El Alamo consists of Cretaceous sediments, mostly
limestones with some siltstones and chert. Locally, strong brecciation of the limestone occurs
in association with folding in part related to these structural zones and also occurring with
karst type brecciation. Alteration and mineralization are represented by varying amounts of
silicification and iron -oxide bodies after sulfides. Some of the hig her-grade gold values are
associated with extensively iron-oxide jasperoid breccias.
Galore’s geological team systematically mapped and trenched the El Alamo prospect in 2010,
following this up in 2012 with a percussion drill program of 35 shallow holes. This work
defined a target with a minimum strike length of 500m and approximately 200 meters north-
south in width. It remains open along strike and possibly is in association with a parallel zone
to the south as defined by surface samples. Gold values from over 440 trench samples ranged
from below detection (<0.005 ppm) to a high of 20.4 ppm, with 64 samples exceeding 0.100
ppm and 22 surpassing 1.0 ppm. The shallow drilling in 2012 encountered widespread
anomalous gold values up to 17.15 ppm and several of these drill holes ended with anomalous
gold values.
The current drill program initially will target the El Alamo zone of alteration and it will
consist of both vertical and angled HQ core holes. A strict QAQC program will be
implemented at the pr oject with samples transported to the ALS laboratory in Zacatecas for
sample preparation , which then will be followed by analysis in the ALS Vancouver
laboratory.
[2]
19141 STONE OAK PKWY. #104 | SAN ANTONIO, TEXAS | 78258
Tel: (210) 860-921| Fax: (604) 648-8894 / www.galoreresources.com
In other news, the commencement of gold recovery and a small-scale mining operation at Los
Gemelos was previously announced last October and was subject to an agreement with
URBYASYA, a Mexican mining company. The attempt to recover coarse gold via a gravity
circuit did not provid e any viable financial income to Galore . Therefore Galore has formally
requested that URBYASA vacate the property and terminate the agreement . However, the
excavation and blasting activity associated with this operation has exposed altered calc -
silicate rocks with iron oxide and secondary copper mineralization along a fault contact with
altered intrusives. In addition, within the contact zone, narrow quartz and calcite veins were
exposed containing fine-grained visible gold.
Narrow gold bearing calcite veins at Los Gemelos were the focus of artisanal mining activity
that has been taking place since 1849, where coarse gold was recovered from veins hosted in
limestone and skarn spatially associated with a granodiorite intrusive . Since acquiring the
project in 2007, Galore has collected almost 400 rock chip samples from outcrops, numerous
artisanal pits, underground workings and shallow trenches. Gold values were recorded
ranging from below detection to a high of 34.3g/t Au.
Galore’s drill program planned for Los Gemelos will be the first core drill program to be
completed at the project. Initially five a ngle HQ core holes are planned to depths of
approximately 400 meters and these will be designed to cut the exposed v eins and contact
mineralization and other high priority targets. Mineralization targets are porphyr y intrusive
related gold-copper skarns.
On May 1, 2019, an officer of Galore loaned the Company $100,000.00 USD for the purposes
of paying certain operating expenses and begin the proposed drill programs at El Alamo and
Los Gemelos. This loan will bear interest at the rate of 10% per annum. Galore also made
arrangements to continue paying 8% interest per annum on an outstanding note of $150,000.00
USD loaned to the Company in January, 2017, by the same officer.
Qualified Person
Guadalupe Garcia, Proj ect Geologist, and Bill Fleshman, Vice President of Exploration , will
oversee the drill program. Mr. Fleshman is the Qualified Person and has 43 years’ experience
as a geologist, working in the USA, Norway, Sweden, Finland, Myanmar, Australia and the
last 10 years in Mexico. Bill is a Fellow of the AusIMM and a CP ( chartered professional
#107342). The technical or scientific information in this press release has been reviewe d and
approved by Bill Fleshman , P.Geo. and Vice President of Exploration for the Company. Mr.
Fleshman serves as a Qualified Person under the definition of National Instrument 43-101.
[3]
19141 STONE OAK PKWY. #104 | SAN ANTONIO, TEXAS | 78258
Tel: (210) 860-921| Fax: (604) 648-8894 / www.galoreresources.com
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
Cautionary Statemen t: 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 limitatio n, 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 ac tual results could differ 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 doc uments 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 an y obligation to update forward -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 Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.