The Best Kept Secret in Labrador is about to Explode!
Gallery Resources has been diligently following the program it outlined many months ago. Today, a news release highlights the fruit of it's labour. Very seldom was Gallery mentioned on this thread if at all as there has been no hype associated with their activity.
The Labrador play has seen many companies rise these past few weeks on news from Harp Lake. Gallery was the first to report a significant new find on their Harp Lake property. Again, they released news today that should make the market stand on ear and pay attention. Most of the other companies in play around Harp Lake are in Joint Ventures. Both the OKAK BAY and HARP LAKE properties are owned 100% by Gallery.
Following is the October 16, 1997 News Release. Enjoy!
RJM.
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For Immediate Release: Oct. 16, 1997
GALLERY INTERSECTS SULPHIDES AT OKAK BAY
Gallery Resources Ltd., of Vancouver, B.C. announces that the first hole being drilled to test a coincident electrical and magnetic geophysics anomaly on its Okak Bay property in northern Labrador has intersected significant sulphide mineralization. Hole OK-M1 the first of two vertical holes planned for this fall's drilling program, has intersected 160 feet of heavily disseminated sulphide mineralization at a depth of 1605 feet. The interval which extends from 1605 to 1765 feet is strongly mineralized throughout with sulphide concentrations consistently in excess of 10% and ranging up to 50% (semi-massive) over several sections.
The pyrrhotite-chalcopyrite mineralized zone corresponds with one of two conductive layers outlined during a magnetotellurics (MT) survey completed this past summer. The company is very pleased with this new discovery as it confirms that the conductivity detected during the survey is caused by sulphide mineral concentrations.
The company also advises that the primary drill target is a deeper conductive zone outlined at approximately 3500 feet. The MT survey results show that the deeper conductive zone is much stronger. Based on this information, as well as the 160 feet of mineralization intersected in the upper zone, the company anticipates positive results when the drill cuts the lower zone. The drilling program, which commenced on October 4, is progressing very favorably and Hole OK-M1 is presently at a depth of 2000 feet. Based on the drilling rates achieved to date, it is projected that the lower zone will be intersected towards the end of next week.
Project Geologist, Victor French reports that the mineralized drill core is being split and will be forwarded for assaying early next week. He estimates that the first set of assay results should be available prior to the end of October.
In other developments on its Labrador properties Gallery Resources Ltd., also advises that a ground geophysics survey completed this past weekend on its Harp Lake 2 property in central Labrador has also returned very positive results. A max-min (Horizontal Loop Electromagnetic) survey, conducted over one of two extensive gossan zones discovered during ground truthing surveys early this summer, has identified a very strong conductor. The company has been advised that this conductor is of a very high magnitude and is very typical of massive sulphide deposits. The max-min conductor which the survey shows dipping to the east from the overlying gossan zone has minimum strike length of 500 feet and measures 250 feet in width. The company will receive a full interpretation report later this week and has been advised it will define a Priority-A drill target.
Approved on behalf of the Board of Directors By:
Bruce E. Costerd
President & C.E.O.
FOR MORE INFORMATION, PLEASE CONTACT:
INVESTOR RELATIONS, GALLERY RESOURCES LTD.
How to Contact Us: 1-800-565-7350
The Alberta Stock Exchange has not reviewed and does not accept responsibility for the accuracy of this news release. |
