Business and Finance Business and Finance
Tue, June 29, 2010

Galore Acquires Property Adjacent to Goldcorp's Camino Rojo Gold Deposit


Published on 2010-06-29 06:11:40 - Market Wire
  Print publication without navigation


VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2010) - Galore Resources Inc. (TSX VENTURE:GRI) has entered into an option agreement to acquire 100% of the Sarai and Emanuel claims located adjacent to the northern border of Goldcorp's Camino Rojo gold deposit in Zacatecas State, Mexico.

The contiguous claims cover an area of 780 hectares of highly prospective geology located within 1.5 km of the south-western property boundary of Galore's 15,588 hectare Dos Santos project, 13 km northeast of Goldcorp's Camino Rojo Represa zone and 47 km southeast of Goldcorp's world-class Penasquito mine.

"The addition of the Sarai-Emanuel property provides the company with another significant exploration opportunity in an area with active mines, large gold deposits and a long history of mining. Galore's Dos Santos project and the Sarai and Emanuel claims are located in the heart of this area with excellent infrastructure, including paved highways, high voltage power lines, railway and a skilled and motivated workforce. We are looking forward to drilling the large IP anomaly on our Dos Santos property and advancing our other promising targets including the newly acquired Sarai-Emanuel property." says Michael Byrne, Galore's President.

Preliminary mapping by Galore's Mexico-based geologist on the Sarai and Emanuel claims confirmed the presence of alteration in the favourable Caracol Formation, which is the host rock for Goldcorp's Camino Rojo gold deposit.

Under the terms of the option agreement, Galore can earn a 100% interest in the Sarai and Emanuel claims by making a series of payments, including $20,000USD on signing and further option payments totaling 800,000 MXN Pesos and $880,000USD over 5 years.

A recently completed Induced Polarization (IP) and magnetometer survey on the Dos Santos property outlined a coincident chargeability and magnetic anomaly, covering 160 hectares. The chargeability anomaly is up to 1,400 metres wide and is delineated over a 1,200 metre strike length and appears open to the west. The interpreted depth and size of the anomaly is consistent with a Camino Rojo deposit model. The IP geophysical technique was effective at outlining mineralization at Camino Rojo. There are several other areas at Dos Santos that will now be prioritized for follow-up IP surveys.

The Dos Santos exploration program is managed by Ing. Octavio Gonzalez, Galore's Vice-President Exploration for Mexico. Uwe Schmidt, P.Geo., Vice-President Exploration and Galore's Qualified Person as defined by Canada's National Instrument 43-101, is responsible for supervising the Dos Santos program.

Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits with an emphasis on gold in Mexico and base metals in British Columbia.

"Michael W. Byrne", President

Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contributing Sources