OTTAWA, ONTARIO--(Marketwired - Apr 4, 2013) - (TSX VENTURE:GAX)
The Regcourt Property, comprising 53 claims over 32 km2, is 30 km east of Val-d'Or in the eastern part of the Abitibi Greenstone Belt, which remains a prime hunting ground for gold deposits in Canada.
Robin Dow, CEO of Galahad Metals, states: "As Galahad's exploration has advanced, similarities between the gold mineralization at Regcourt and that of the nearby Beaufort Mine, owned by Richmont Mines Inc., continue to be recognized. Significant mineralization occurs around the 100 m level of the old Regcourt Gold Mine, and Galahad's drilling has indicated that mineralization continues below the historical underground workings (165 m) and may continue to considerable depth. Galahad is in the process of finding a partner to further the exploration and to develop the full potential at Regcourt."
The Regcourt occurrence was discovered in 1944 when an area of outcrop on the property was stripped, exposing a wide quartz vein that yielded an average gold grade of 8.13 gpt (grams per tonne) across an average width of 0.76 m over a strike length of 67 m. Underground development was carried out in 1946-47 and comprised a 544 foot (165 m) shaft and 1317 feet (400 m) of cross-cuts and drifts. An historic mineral inventory in the vicinity of the underground workings was estimated at 61,000 tonnes Au @ 5.49gpt (10,766 oz Au)* (Routledge, 1983).
* This is an historical mineral inventory estimate, not a resource estimate, nor is it compliant with NI 43-101 Mineral Resources and Mineral Reserves standards, and it should not be relied upon as accurate. Furthermore, the quantity and grade of the estimated in situ inventory reported herein are uncertain, and there has been insufficient exploration to categorize them as an Inferred Resource. It is uncertain if further exploration will result in reclassification of the inventory to the Inferred Mineral Resource category.
The property is underlain by greenschist-grade, mainly mafic to intermediate, flows and pyroclastic deposits of the Malartic Group that are intruded by two granodiorite stocks: 1) the so- called Regcourt Stock, and; 2) the East-End Granodiorite (EEG). Gold is present in sulphide minerals (mainly pyrite) and as free gold, both of which are hosted by hydrothermal quartz- tourmaline veins and stringers associated with fractures and shear-zones within and on the periphery of the Regcourt Stock. As Galahad's exploration has advanced, similarities between the style of deformation and mineralization at the historic Regcourt Mine and that of the nearby Beaufort Mine (Richmont Mines Inc.) continue to be recognized.
Galahad has carried out a systematic diamond-drilling exploration program comprising 25 surface drill-holes, totalling 7068 metres in the vicinity of the historic underground workings. Data from Galahad's exploration along with all available historic data have been incorporated into a drill-hole database linked to a 3-D Gemcom ® model.
Two families of veins are evident at Regcourt: 1) shear-style fault-fill veins, and; 2) tension-style ("flat") extensional veins (Figure 1):
The shear-style veins comprise gold- and sulphide-bearing, quartz-tourmaline veins with associated chlorite and albite alteration, within an overall northwest-trending zone of high strain. The veins within this zone are oriented generally east-west and dip steeply to the south. Six principal shear-veins (#1 through #6) have been identified: four of these veins (#1 through #4) were originally intersected and sampled during underground work at the mine in the 1940's, whereas two (#5 and #6) are newly defined. Drilling by Galahad has delineated all of these veins beyond the old workings.
Tension-style ("flat") veins
The moderately dipping extensional veins are typically seen at gold deposits in the Val-d'Or Mining Camp. The may be abundant or infrequent, and commonly host very high gold- grades. The T2 flat vein at Regcourt hosts gold mineralized intervals of 39.5 gpt /1.20 m and 39.0 gpt /1.05 m.
Longitudinal Sections of the veins, and interactive 3-D figures are available on the Galahad web-site (http://galahadmetals.com/projects/1-regcourt/).
A summary of vein intersections* encountered by diamond-drilling are tabulated in Table 1.
*The described intersections refer to core-length intervals and do not represent true widths of the mineralized zones.
The exploration programmes carried out by Galahad have confirmed the potential for gold mineralization at depth on the Regcourt Project. Although not all of the veins have been tested, the results to date confirm the existence of gold mineralization at the projected down-dip extensions of several known zones below the historic underground infrastructure. Additional veining and mineralization may also be present in the untested parts of the Regcourt Stock that have been affected by similar deformation, faulting and fracturing.
The eastern part of the Property hosts a larger granodiorite intrusion, herein referred to as the East End Granodiorite (EEG), whose surface extent is significantly larger than the Regcourt Stock. Quartz-tourmaline-pyrite veins in the EEG have been encountered by historic surface trenching and diamond-drill holes. No significant gold concentrations have been noted; however, only a small suite of results are available. The under-explored EEG warrants further investigation to determine whether it has a similarly developed a vein system to the Regcourt Stock.
Figure 1: Drill-holes and projected surface traces of principal veins at the Regcourt Project is available at the following address: http://media3.marketwire.com/docs/gax_fig1_0404.pdf
The technical information in this news release was reviewed and approved by John Langton, P.Geo., a Qualified Person under NI 43-101 standards.
Routledge, R.E., 1983. Report on the Albanex Energy Corporation Limited Regcourt Property, Vauquelin Township, Quebec. Prepared for Lugano Resources Ltd. by Derry, Michener, Booth and Wahl Consultants Ltd.
Table 1: Selected "Best" Intervals from Veins at the Regcourt Project
|Hole||From (m)||To (m)||Au (gpt)||Interval (m)||Zone|
"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."
For further information, please go to www.galahadmetals.com