June 24 - GYR.ASE - Down Hole Probe Survey at Okak Bay Delivers Positive Results
Down Hole Probe Survey at Okak Bay Delivers Positive Results
Gallery Resources Limited of Vancouver, B.C. reports the electromagnetic borehole UTEM 4 survey of Hole OK-M1 on its Okak Bay property has identified what appears to be a significant off hole electrical conductor. The results presently being modeled and interpreted by Lamontagne Geophysics of Kingston, Ontario confirms the results of a less detailed UTEM 3 borehole survey completed on the same hole last November. This earlier survey identified a "good quality" off hole conductor but did not provide the data for determining the size and direction of the conductor from the drill hole.
Although the final interpretation report will not be available until early July the Company is advised that the source of the conductor is located immediately west of the Hole OK-M1 and that it has a vertical thickness of 260 metres (853 ft). The conductor extends from a vertical depth of 420 metres (1377 ft) down to 680 metres (2230 ft) and appears to be an extension of the in hole mineralized zone intersected in OK-M1 over a depth of 489 to 552 metres (1605 - 1810 ft). The electrical responses obtained during the UTEM 4 survey show a greater conductivity suggesting stronger mineralization. These responses confirm "good quality" conductive responses obtained in the earlier UTEM 3 survey. Also, the conductivity over the lower 150 metres (492 ft) is better defined than over the upper part which can be produced by an accumulation of heavy conductive metals such as nickel and copper in the bottom of the zone. The nickel and copper mineralization in pentlandite and chalcopyrite, the main nickel and copper bearing minerals at Voisey's Bay, are contained throughout the 205 feet of mineralization intersected last fall in Hole OK-M1.
Project Manager Victor French advises that the results of the down hole survey are very encouraging. He states that the completed borehole report, when received in early July, will be used to determine the collar location for the next drill hole to test the potential for an economic deposit.
In other developments, the Company also announces that by June 30, 1998, Mr. Mort Verbiski, together with Mr. French, will be visiting the Harp Lake 2 project located south of the Voisey's Bay South exploration area. While there, Mr. Verbiski will be directing a more detailed ground geophysical survey over a strong Horizontal Loop Electromagnetic (HLEM) anomaly identified last fall. The Company feels that the additional surveying is necessary for better definition of drill targets to be tested this summer.
Bruce Costerd
President & CEO
NEITHER THE ALBERTA STOCK EXCHANGE NOR ANY OTHER REGULATORY BODY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
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