March 25 - GYR.ASE - Increases Stake at Voisey's Bay South, Labrador
From SI Daily News : Subject 17869
Gallery Resources Limited (GYR:ASE) of Vancouver, B.C., has acquired an additional 74 claims at its Voisey's Bay South property increasing the size of its holdings to 124 claims covering 6200 acres. Gallery expanded its position after careful research of earlier exploration programs carried out in the area during the 1970's which disclosed that Gallery's original claim group, consisting of 50 claims staked last November, covers very favorable geology, remarkably similar to the rocks hosting the nickel-copper-cobalt mineralization in the Teck-Donner Voisey's Bay South property located to the north.
Gallery's president, Mr. Bruce Costerd, advises that the company had initially staked ground available in the immediate area on the basis of the close proximity to the Teck-Donner discovery. Subsequent to staking last fall the Company reviewed the results of field work by Kennco Canada Limited in the general area during 1971-72. These field programs identified several disseminated to layered, semi-massive mineralized zones containing nickel, copper and platinum mineralization hosted in troctolitic, gabbroic and anorthositic rocks. Kennco exposed mineralization in trenches containing up to 0.80% copper, 0.40% nickel and 1 oz/t platinum. One of the richest prospects in the area, the Dart Creek showing, is located on an adjacent property currently held by Falconbridge Limited. The prospect also contains zinc and palladium mineralization.
The Gallery property covers a distinct north-south trending belt of high magnetic anomalies coinciding with nickel-copper sulphide mineralized zones. This zone of magnetic highs was identified during research of Geological Survey of Canada reports on file at the Newfoundland Department of Mines and Energy in St. John's. This area is underlain by troctolitic and gabbroic rocks which is host to the nickel-copper-cobalt sulphide mineralization at Voisey's Bay and Voisey's Bay South. The Teck-Donner discovery in late November resulted from drill testing magnetic anomalies in areas underlain by gabbroic and troctolitic rocks.
The Newly acquired ground, which was staked after it was relinquished by a previous stakeholder, has not been evaluated by ground truthing programs since the discovery of the Voisey's Bay South mineralization in the fall of 1997. Gallery will carry out extensive ground truthing surveys over the property as part of its 1998 exploration program in Harp Lake-Voisey's Bay area. This work will commence with spring breakup and will include an integrated geophysical and geological program and budget designed to fully explore the mineral potential.
Bruce E. 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
The Alberta Stock Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.
From SI Daily News : Subject 17869 |
