Galore Receives Permit for 3,000-Meter Drilling Program at El Alamo
Vancouver, November 1, 2018 - Galore Resources Inc. (TSX-V: GRI) (the "Company") is pleased to announce that Minerales Galore S.A, De CV., Galore Resources Inc.'s wholly owned subsidiary in Mexico, has been granted permits to begin a 3,000-meter diamond core drill program at Galore's 100% owned El Alamo claim. Galore's drill program will test gold targets defined from surface sampling, geological mapping, and shallow percussion drilling. The 3,000m diamond core program will consist of approximately 12 drill holes, both vertical and angled, to test anomalous gold zones discovered during sampling and mapping.
The El Alamo gold project is situated about 16 km south of Concepcion del Oro, Zacatecas, Mexico. The district also boasts Mexico's largest open pit gold mine, Penasquito, located 35km to the NW. El Alamo is part of Galore's larger Dos Santos property currently being actively explored. Geologically, El Alamo consists of Cretaceous sediments, mostly limestones with some siltstones and chert. Major NNE-SSW faults bound the El Alamo project. Stratigraphic units are strongly folded and in places overturned. Strong brecciation of the limestone unit occurs associated with folding, in part related to these structural zones. Brecciation also occurs as karst type solution brecciation. Alteration and mineralization are represented by varying amounts of silicification and iron-oxide bodies after sulfides. Some of the higher grade gold values are associated with extensively iron-oxide jasperoid breccias.
Galore's geological team systematically mapped and trenched the prospect in 2010 and followed up with a 35 shallow drill percussion hole program in 2012. This work defined a target with a minimum strike length of 500m and approximately 200 meters north-south in width and remains open along strike and possibly a parallel zone to the south as defined by surface samples. Gold values in the trenches from over 440 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. Several of these drill holes ended with anomalous gold values.
Qualified Person
Galore Resources Inc. is also pleased to have retained the services of Mr. Bill Fleshman as Vice President of Exploration and Qualified Person as defined by National Instrument 43-101. Bill 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 reviewed and approved by Bill Fleshman, Vice President of Exploration for the Company.
About Galore Resources
Galore Resources is a mineral exploration and development Company whose focus is to 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 mike@galoreresources.com.
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 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 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 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.
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