Business & Finance
Business and Finance
Business and Finance
Tue, January 13, 2009 Galahad Metals Inc.: Galahad Minerals Inc.: 11.9% Zinc at Steel River
OTTAWA, ONTARIO--(Marketwire - Jan. 13, 2009) - Galahad Minerals Inc. (TSX VENTURE:GAX) ("Galahad") is pleased to announce the results of its most recent drill program at its extensive Steel River property 8 km north of the north shore of Lake Superior in the Terrace Bay area of Northwestern Ontario. This program is a follow-up to the previously reported series of short holes designed to test a series of anomalies along the northern flank of an antiformal volcanic succession. This series of holes tested an anomalous area immediately west of Bozena Lake with the best intersection of 11 metres averaging 4.9% Zn (including 3.75 metres averaging 11.09% Zn.) in hole BZW0905.
Management Observations
- The results from the two holes at Bozena indicate the presence of a distinctive zinc body to the west of Bozena Lake. Once the summer's geological data are all compiled, we expect to develop a more precise structural understanding of the area.
- Significant potential exists along strike from the current discovery, and has not been tested. Specifically, historic drilling (1983) indicated similar intersections under Bozena Lake. No drilling has been undertaken along strike in either direction.
- Phoenix expects to be drilling at Steel River next spring, and has sufficient funds to do so. The Prospect Lake anomaly, 3.2 km to the west, has coincident soil geochemical and geophysical anomalies that have not been drilled. Over 40 soil samples contain in excess of 250 ppm Zn, with 16 out of 774 samples containing greater than 450 ppm Zn.
- Galahad is only at the early drilling stage in a multi-year exploration which the Company believes it has now focused on the best mineralized areas.
This area had been previously tested in 2005, but as a result of the new airborne geophysical (VTEM) data collected during 2007, and re-surveying of the location of the historic (1983) drill holes, new targets were defined. The location of the holes is in Table 1, and the results are summarized in Tables 2 and 3. The re-surveying of the historic holes resulted in identifying a prospective zone to the south of the previous drilling.
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Hole East (UTM North (UTM Elevation Collar
NAD 83 Z16) NAD 83 Z16) (m) Azimuth Dip Length
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BZW0805 515021 5410889 318 180 -45 107
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BZW0806 514993 5410935 316 180 -45 168
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Table 1: Location of the two zinc-bearing drill holes in the Bozena
Lake area
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BZW0805 Weighted BZW0805 Weighted
Average Average
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From To Inter- Zn Met- Zn From To Inter- Zn Met- Zn
met- met- val wt ers wt met- met- val wt ers wt
ers ers % % ers ers % %
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18.4 19.45 1.05 0.33 33.2 34.2 1 0.46
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19.45 20.25 0.8 19.10 34.2 35.5 1.3 1.14
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20.25 21.15 0.9 23.30 37.35 38.35 1 0.51
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21.15 22.15 1 5.00 38.35 39 0.65 0.62
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22.15 23.15 1 0.35 39 40 1 0.81
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23.15 24.15 1 0.71 Avg. 6.8 0.54
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24.15 25.15 1 1.14 BZW0805
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25.15 26.15 1 0.70 51 51.5 0.5 1.55
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26.15 27.15 1 1.22 Avg. 0.5 1.55
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27.15 28.15 1 0.07
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28.15 29.5 1.35 2.58
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Avg. 11.1 4.91
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Incl. 3.75 11.09
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Table 2: Summary results from DDH BZW08-05
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Hole BZW0806 was drilled about 65m north of hole BZW0805; earlier (2005 and historic) holes in this area were drilled near BZW0805, but to the north. We determined, based on geophysical data plus re-locating of the historic collars, that the area to the south was more prospective. We designed these two holes to intersect possible sulfide zones in that area. Note that all results are reported as distance down the hole. The attitude of the mineralization, and thus true thicknesses, remain unknown at this time.
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BZW0806 Weighted BZW0806 Weighted
Average Average
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From To Inter- Zn Met- Zn From To Inter- Zn Met- Zn
met- met- val wt ers wt met- met- val wt ers wt
ers ers % % ers ers % %
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13.2 14.2 1 1.45 24.2 25.2 1 0.29
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14.2 15.2 1 2.11 25.2 26.2 1 0.31
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15.2 15.8 0.6 4.17 26.2 27.2 1 0.27
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15.8 16.8 1 0.86 27.2 28.2 1 2.13
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16.8 17.8 1 0.19 28.2 29.2 1 2.12
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17.8 18.2 0.4 2.78 29.2 30.2 1 0.41
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18.2 19.2 1 0.16 34.3 35.7 1.4 0.47
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Avg. 5.0 1.64 Avg. 7.4 0.83
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Incl. 2.0 2.13
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Table 3: Summary results from DDH BZW08-06
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The sulfide minerals in all intersections consist of sphalerite, with very little pyrite or other sulfide minerals, occupying fractures in altered mudstone. The intersection with the highest zinc content (19.45 to 21.15 in hole BZW08-05) occurs in recrystallized chert. The zone is interpreted on the basis of mapping in 2008 by Blackburn Geological Services to be a very tightly folded sequence of predominantly metasedimentary strata that seem to have formed on the flank of a volcanic edifice. To the east, these strata occur as a felsic dome, overlain by sedimentary strata, and intercalated with mafic and ultramafic flows. Sphalerite appears to have been remobilized.
For this reason, the Steel River Project has been reduced from a land package in excess of 12,536 ha. to a core area of 3,616 ha, referred to as the Bozena and Prairie West properties. These land holdings are held under option from area prospectors and contain the best exploration potential of the Steel River Project.
In addition to the Steel River Project Galahad has two active gold projects; the Montrose gold property near Matachewan, Ontario, where the Company is currently conducting an IP survey, and the very prospective Bottle Creek gold-silver project in Nevada. The Company also has the Barville base and precious metal project 65 km north of Val d'Or, QC.
Dr. J. M. Franklin, P. Geo, FRSC, is a Qualified Person as defined by National Instrument 43-101. For further information, please go to [ www.galahadmetals.com ]
"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."
