| November 2, 2011 |
| Galahad: Red Ore Gold Announces Assays up to 4,350 g/t Silver, 0.9 g/t Gold, 0.54% Copper, 1.65% Lead and 0.83% Zinc in Grab Samples, Rye Patch Project in Nevada |
OTTAWA, ONTARIO--(Marketwire - Nov. 2, 2011) - Not for distribution to United States newswire services or for dissemination in the United States.
Galahad Metals Inc. (TSX VENTURE:GAX) Red Ore Gold Inc. ("RXX"), a subsidiary of GAX, is pleased to announce results from its due- diligence sampling and property visit to the Rye Patch Property, Nevada this September, 2011.
Robin Dow, CEO reports, "we are extremely encouraged by the bonanza silver grades taken from the historic mine dumps. We believe this indicates that the high-grade ore in the quartz vein structure will be important drill targets on the Rye Patch property as well as other unexplored structural intersections."
4 rock dumps were visited at the Rye Patch Group Mine and 4 rock grab samples were taken from those dumps. Assay results are presented in the table below.
SAMPLE Ag Au Cu Sb Zn Pb
g/t g/t % % % %
quartz stockwork in brecciated
57767 limestone 4,350 0.9 0.54 0.54 0.19 1.65
quartz stockwork in brecciated
57766 limestone 2,530 0.36 0.34 0.83 0.09
57765 brecciated limestone 2.9
57764 quartz in fault, rhyolite 131 0.21 1.06
The Ryepatch Property, including the historic Ryepatch Group Mine, is believed to host the potential to develop large gold-silver bulk mineable mineralization similar to the adjacent Florida Canyon and Standard open pit / heap leach mines hosted in carbonate rocks of the Triassic age Grass Valley, Natchez Pass and Prida Formations. From the Standard Mine to the north, to the Rye Patch Group Mine is 8.3 kilometers (5.2 miles), and from the Rye Patch Group Mine to the Coeur Rochester Mine to the south is 17.3 kilometers (10.8 miles).
Discovered about 1860, the Ryepatch Mine is reported by the Nevada Bureau of Mines and Geology to have produced more than 600,000 ounces of silver by 1870. In 1954 they reported that 80 tons of high grade tungsten ore was produced and also that minor high grade antimony was produced during the 1960's.
The Rye Patch property, comprised of 75 unpatented lode claims and one patented lode claim, covers approximately 1,500 acres and 2.5 miles of prospective strike length over the productive Humboldt Thrust Fault.
The mineralized gold-silver zone has been traced in outcrop for more than 2.5 miles and occupies a north-south trending structural corridor 400 to 1,000 feet in width along a major thrust fault. Mineralization on the south end of the corridor is silver dominated, progressively becoming enriched in gold from the south to the north where historic surface grab samples range from 1.25 to 3.44 grams per tonne (.04 to .11 ounces per ton) gold in the mineralized zone in the Prida and Rochester Rhyolite Formations. Antimony-rich veins are frequently associated with gold mineralization and historic surface grab samples from the central portion of the main corridor have yielded results to 1.25 grams per tonne (.041 ounces per ton) gold and 291 grams per tonne (9.3 ounces per ton) silver.
Extensive mine workings exist to only a depth of 61 meters (200 feet) near the southern portion of the property in the vicinity of the Rye Patch Group Mine. Additional small mine workings are present along the entire strike of the mineralized corridor. Most of the historic workings below surface are accessible but none have been mapped or sampled. The property has never been drilled.
The due diligence property visit has revealed that mineralization observed at the historic workings is both high-grade and extensive. In addition, no modern exploration has occurred on the property since the discovery of the Carlin-type deposits in the 1960s. Drilling beneath the shallow workings is highly warranted.
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. |
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