OTTAWA, ONTARIO--(Marketwire - Oct. 5, 2011) - Galahad Metals Inc. (TSX VENTURE:GAX)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Red Ore Gold Inc. ("RXX"), a subsidiary of GAX, is pleased to announce results from its due- diligence sampling and property visit to the Pogonip Ridge Property, Nevada this September, 2011.
The results ranged from 9.9 to 258.0 g/t Ag, trace to 1.4 g/t Au, trace to 2.9% copper, trace to 18% lead and trace to 27.5% zinc. Results are tabulated below:
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SAMPLE Au Ag Cu Pb Zn
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g/t g/t % % %
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57769 Pit, South Boundary with
Roco-Homestake Mine 1.405 248.0 2.91 18.15 0.27
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57770 Dump, South Boundary with
Roco-Homestake Mine 0.017 64.3 0.65 2.42 20.6
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57771 Dump, Tonopah-Belmont
Mine 0.049 9.9 0.02 0.65 0.12
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57772 Dump, Mary-Ellen Mine 0.08 258.0 0.07 17.15 22.3
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57773 Dump, Mary-Ellen Mine 0.008 18.5 0.01 0.65 27.5
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57774 Dump, Mary-Ellen Mine 0.103 169.0 0.03 8.37 0.77
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Robin Dow, CEO reports, "we are encouraged by the results of this property visit to assess the extent of the mineralization within the area of historic mining on the property".
The Pogonip Ridge Property is located approximately 80 km (50 mi.) east of Eureka, in White Pine County, east-central Nevada, and lies along the western side of the White Pine Range. The White Pine area is reported to have produced 20 to 40 million ounces of silver from 1868 to 1880. The Pogonip Ridge property covers 4 km of prospective gold and silver strike potential including the past producing Belmont-Tonopah and Mary-Ellen mines.
The Pogonip Ridge group of mines, including the Mary Ellen, Tonopah-Belmont, Rocco- Homestake and other unnamed mines and prospects were located and briefly visited. No fewer than 8 portals and openings were observed along with extensive underground workings, dumps and numerous shallow pits and trenches. Remnants of ore processing mills, wooden ore storage bins, head frames, aerial ore tramways and concrete hoist foundations exist near the main historic workings.
The due diligence property visit has revealed that mineralization observed in the historic workings is both high-grade and extensive. Drilling beneath the shallow workings is highly warranted. In addition, no modern exploration has occurred on the property since the discovery of the Carlin-type deposits in the 1960s.
Garry K Smith, P. Geo., who is the Qualified Person as defined by National Instrument 43-101 for the Pogonip Ridge Project, and has approved the contents of this release. All samples reported were securely shipped to ALS Minerals Labs in Reno, Nevada for assay.
The offered securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold in the United States or to "U.S. persons", as such term is defined in Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction.
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 RXX's expectations and projections. 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 press release. |
