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

To: BMASS5306 who wrote (1175)	2/23/1998 12:02:00 PM
From: Kent C.	Read Replies (1) \| Respond to of 1829

Press Release: GALLERY RESOURCES LIMITED Suite 707-626 West Pender Street Vancouver, B.C. V6B 1V9 Telephone: (604) 662-8119 Facsimile: (604) 662-8616 Website: gallery-gold.com Email: info@gallery-gold.com Canada and U.S.A. Toll Free 1-800-565-7350 Trading Symbol "GYR" - ASE For Immediate Release: Feb. 23, 1998 Gallery Resources Ltd., of Vancouver, B.C., announces that the results of an independent study carried out by a geophysics consultant on the ground geophysics survey results obtained last summer on the Harp Lake 2 property have been received. This report indicates that a strong, conductive body is a probable cause of the anomaly outlined during the Horizontal Loop Electromagnetic (HLEM) survey. This type of electrical response is commonly associated with massive sulphides. Bruce Costerd, President of Gallery Resources states that the Company is pleased with these new results, as they agree with the original interpretations received from Quantec Consulting. There is still the mystery why the diamond drill testing of the conductor completed last fall did not explain the source of the conductivity (ref. News release Dec.3, 97). Both independent studies state that there is a good possibility that the first two drill holes undercut the mineralized zone. They suggest that a geometrically complex body or displacement of the body caused by fault movements could explain why both holes drilled into the conductor axis did not intersect the conductive body. Assay results recently received confirm that an additional four holes drilled in the nearby gossan zone contained widespread nickel and copper mineralization. The mineralization is not of economic grade, but the assays show a much higher percentage (35%) of nickel over copper, which is typical of nickel enriched deposits such as found at Voisey's Bay. Several one meter sections of the drill core also contained concentrations of previously undetected zinc mineralization ranging up to 0.45%. With these new results, both the Company and project geologist, Victor French are very optimistic about the potential for discovering economically important concentrations of mineralization. Furthermore, the geophysics consultants advise that the HLEM survey represents the most diagnostic of the geophysical measurements on the property, and is widely considered as one of the primary tools used to prove out the other geophysical techniques. Quantec states that despite the discrepancies in the drilling results, the property still hosts a significant HLEM anomaly identifying a potential NNE-oriented zone of mineralization, which still remains unexplained. This anomaly shows strong conductivity over an area 60 meters wide with a strike length of 200 meters. Upon recommendation from the geophysics consultants, a more detailed ground geophysical HLEM survey using smaller survey spacings of 50 meters versus 100 meters, will be used to determine the precise location of the conductive body prior to the resumption of drilling. The Company will continue exploration on the Harp Lake 2 property as soon as weather and ground conditions permit. Bruce Costerd President & CEO 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.