Oct. 31 - GYR.ASE - Okak Bay drilling continues and Harp Lake drilling commences
Gallery Resources Limited GYR
Shares issued 26195002 1997-10-30 close $0.68
Friday Oct 31 1997
Mr Bruce Costerd reports
Favourable operating conditions at Gallery's Okak Bay and Harp Lake drill programs in northern Labrador is allowing the company to achieve its 1997 work objectives. It is anticipated that the work programs at both project sites will extend through mid November or later, weather permitting.
At Okak Bay, drill hole OK-M1 started on October 5, is presently at a depth of 4,185 ft and is maintaining a daily drilling rate of 150 ft. With this high production rate the company projects that the drill hole, which is targeted for a final depth of over 5,000 ft, will be completed on schedule on or around November 10.
The first set of assay results representing 57 samples taken from a heavily disseminated sulphide intersection at 1,605 to 1,810 ft will be available on Tuesday, November 4. These samples are being assayed for gold, nickel, copper and cobalt at Eastern Analytical Laboratories in Springdale, Newfoundland. Platinum and palladium analysis are also being conducted but these results will not be available until later in November. The drill continues to cut favourable rocks for hosting nickel-copper sulphide mineralization and it is anticipated that the next few days will see further developments.
Drilling will commence this weekend on the company's Harp Lake 2 property, 100 miles south of Okak Bay. A Boyles JKS300 drill rig is under contract from Cartwright Drilling of Goose Bay, Labrador, to complete a planned four hole, 2,000 ft drill program. This program is designed to test both the strike and down dip extensions of a strong conductor identified during a recently completed max-min (HLEM) survey. Based on the interpretations of the survey results, the project geologist expects to intersect the source of the conductor at approximately 35 ft below the surface where surface sampling yielded up to 0.6% nickel, 0.65% copper and 0.12% cobalt. Also, crews are operating from a fishing lodge in the immediate area and that logistics have greatly improved in being able to access this facility as a base camp of operations. Hole HL-1, the first of four holes being drilled should be completed down to a target depth of 500 ft by Wednesday of next week. |
