Feb. 04 - GYR.ASE - GALLERY RESOURCES UPDATES OKAK BAY RESULTS
GALLERY RESOURCES LIMITED
Suite 707-626 West Pender Street
Vancouver, B.C. V6B 1V9
Telephone: (604) 662-8119 Facsimile: (604) 662-8616
Canada and U.S.A. Toll Free 1-800-565-7350
E-MAIL ADDRESS; info@gallery-gold.com
WEBSITE ADDRESS; gallery-gold.com
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Trading Symbol "GYR" - ASE
For Immediate Release:
Feb. 4, 1998
GALLERY RESOURCES UPDATES OKAK BAY RESULTS
Gallery Resources of Vancouver, B.C. announces that Laboratory analysis of core samples taken from Hole OK-M1 drilled on the Okak Bay property last fall has provided positive information. A microscope study of thin and polished sections confirms the presence of pentlandite and chalcopyrite which are the important nickel and copper sulphide minerals present in Inco's Voisey's Bay nickel-copper-cobalt deposit.
The research work being carried out on the core by an independent mining industry consultant also shows that the minerals are magmatic in origin and are contained in mafic rocks (pyroxene bearing gabbros) belonging to the Nain Plutonic Suite which hosts the world class Voisey's Bay deposits.
Project geologist, Vic French advises that both he and the consultant agree that the widespread distribution of nickel rich pentalandite and copper rich chalcopyrite minerals throughout the 205 foot mineralized intersection in OK-M1 strongly points to the presence of a more enriched source in the immediate area. He states that this may have significant implications particularly in view of the results of the down hole probe survey which was completed prior to Christmas. The interpretation of the probe results recently released to Gallery has identified an off-hole, good quality conductor below the mineralized zone at a depth of 1800 feet and at a distance up to 650 feet away from the hole.
The mineralization intersected in OK-M1 is not hosted in troctolitic rocks, unlike Voisey's Bay, however Mr. French feels confident about the potential for new discoveries within the target zone outlined by earlier geological surveys. He states that the presence of the nickel-copper-gold-silver-cobalt mineralization over such a wide intersection may represent a major mineralizing event distinct from that encountered at Voisey's Bay.
The President of Gallery Resources, Mr. Bruce Costerd, advises that he is pleased with these latest positive results. The Company is further evaluating the results of the 1997 exploration program to fully assess the mineralizing potential at Okak Bay. The completed analysis is expected in early March at which time the Company will implement the next phase of its exploration activity. The drill equipment and camp facilities are presently on site and Gallery anticipates an early spring start up of the Okak Bay project.
Bruce Costerd
President & C.E.O.
FOR MORE DETAILED INFORMATION ABOUT THE COMPANY,
PLEASE SEE OUR WEBSITE: gallery-gold.com
OR CONTACT INVESTOR RELATIONS; TOLL FREE CANADA & U.S.A. 1800-565-7350
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