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Gold/Mining/Energy : Gallery Resources (Alberta GYR) -- Ignore unavailable to you. Want to Upgrade?

To: John Fairchild who wrote (1128)	12/3/1997 10:01:00 AM
From: mabo	Read Replies (2) \| Respond to of 1829

Lawsuit; Harp Lake drill program concludes for the winterÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Gallery Resources Limitedÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ GYR Shares issued 26,195,002ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Dec 2 close $0.29 Wed 3 Dec 97ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release Mr Bruce Costerd reports The company has been named as a co defendant in litigation commenced in the BC Supreme Court by Carverson International Ltd, regarding certain hardrock mineral claims in the Cariboo mining district in BC, on whichÿ theÿ company holdsÿ purchaseÿ options. The company's purchase options were granted to it in 1996 by Kotzer Enterprises Ltd, whichÿ alongÿ withÿ Frankÿ Kotzerÿ isÿ a defendantÿ toÿ theÿ litigation.ÿ Basedÿ onÿ the statement of claim filed by Carverson, the company believes that the issues in the litigation, ifÿ any, are between Frank Kotzer, Kotzer Enterprises Ltd and Carverson. The company has no notice of the allegations made by Carverson against Frank Kotzer and Kotzerÿ Enterprisesÿ Ltd and acted in good faith in acquiring its option on the claims in question. The company believes that the allegationsÿ madeÿ by Carverson are without merit and it will defend the litigation vigorously. Mr Bruce Costerd also reports The final four holes of a six hole drilling programÿ onÿ theÿ Harpÿ Lakeÿ 2 projectÿ inÿ southern Labrador has intersected sulphide mineralization. The four short holes drilledÿ duringÿ thisÿ pastÿ weekÿ haveÿ outlinedÿ aÿ zone containingÿ disseminatedÿ chalcopyriteÿ (copper) pyrrhotite and pentlandite (nickel) mineralization down to a vertical depth of 90 feetÿ andÿ acrossÿ a widthÿÿ ofÿÿ 225ÿ feet.ÿ Theÿ zone,ÿ whichÿ containsÿ upÿ toÿ 10%ÿ sulphide mineralization, is situated immediately below a rusty gossan zone measuring 250ÿ feetÿ inÿ length by 100 feet in width. The company points out that the mineralization intersected in drill core has a width of 225ÿ feetÿ andÿ the zoneÿ is open both directions east and west of the gossan. This gossan zone is at the south end of a strong electromagnetic conductor that extendsÿ 500 feet north. The objective of this fall's program was to drill test along the strikeÿ of thisÿ strongÿ EM conductor. Several of the sites selected for drilling were not accessible due to steep, icy slope conditions which did not allow for a safeÿ andÿ practicalÿ setup of the drill rig. Alternate sites were selected for the first two holes of the program, however theÿ coordinatesÿ ofÿ these locationsÿ andÿ theÿ angles of which both holes were drilled, did not allow penetration of the conductive zone. The source ofÿ theÿ conductorÿ hasÿ not beenÿ explained by these two holes, as a result, the drill rig was moved to a closer area of the gossan zone to drill the final four holes. These four drill holes have confirmed a presenceÿ ofÿ significantÿ sulphide mineralizationÿ inÿ theÿ area.ÿ Thisÿ styleÿ ofÿ disseminated copper nickel enriched mineralization is commonly associated with zones containing higher concentrationsÿ of sulphide mineralization. Project manager, Victor French, notes that highÿ concentrationsÿ ofÿ sulphideÿ mineralizationÿ canÿ produce strongÿ responsesÿ suchÿ asÿ thoseÿ detected during this EM survey. He also points out that the six holes drilled to date have not intersected graphite orÿ barrenÿ sulphides which can also produce high conductivity. The company and Mr French are very encouraged by theseÿ latestÿ resultsÿ whichÿ confirm thatÿ thisÿ areaÿ is the high priority drill target for the second phase of the program to commence in early spring. The work program on the Harp Lake 2 property has now been completed and the fieldÿ crewÿ isÿ beingÿ demobilized from the area. Mr French advises that a total of 350 feet of mineralized drill core hasÿ beenÿ splitÿ andÿ sampled. Thisÿ coreÿ is being shipped for assaying and results will be released when received by the company. Over the next few months the company, Mr French, consultants and associates will be reviewing and analyzing all of the results obtained during the 1997 work program. This information will be compiled and thoroughly evaluated to assistÿ the company in preparing for the 1998 drilling program. This second phase of the drilling program will commenceÿ atÿ theÿ earliestÿ opportunity next spring as soon as operating conditions have improved. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com