-- Posted Thursday, 19 January 2012 | | Disqus
VANCOUVER, BRITISH COLUMBIA--(Marketwire -01/19/12)- Galore Resources Inc. (TSX-V: GRI.V, GALOF.PK) announces the acquisition of surface rights to 110 hectares of privately owned land known as Rancho Duraznillo that cover an important portion of the Dos Santos project Los Gemelos gold target.
Galore's Dos Santos project in Zacatecas, Mexico, now holds, through the wholly-owned Mexico subsidiary Minerales Galore S.A. de C.V., 15,143 hectares of mineral rights. For these mineral rights, there are no further required option payments, royalties, or work commitments to third parties, except for those listed below to acquire Rancho Durarznillo, and for the annual assessment work required by the federal mining law.
Rancho Duraznillo
Galore has acquired the surface rights to Rancho Duraznillo to ensure immediate and continued access to the Los Gemelos gold target. The terms of the agreement are US$25,000 paid on signing and payments over 18 months for a total of approximately US$100,000. Galore is immediately undertaking a drill program at Los Gemelos using a conventional track drill. The program is scheduled for 28 drill-holes and will test the near surface occurrences of free gold along a wide zone of skarn mineralization. Secondary in-fill drilling may occur depending on assay results and geological interpretation.
The Rancho Duraznillo property has the ruins of an old gold mill and dozens of surface diggings that have been worked by artisanal miners for free gold. The property is fenced, has a water well and existing electrical service, and it is located on the Mexico Interstate 54 with 0.5 kilometers of highway frontage.
Galore has also formalized a renewed agreement with the local Ejido community for exploration on most of the Dos Santos mining claims including El Alamo and the land surrounding the Rancho Duraznillo property.
Emanuel and Sarai
Galore has decided not to continue with its option on the Emanuel and Sarai claims located about two kilometers south and not contiguous to the Company's 100% owned claims. The results from interpretation of geologic mapping and reconnaissance sampling did not justify the continued large option payments.
Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits with an emphasis on gold in Mexico and base metals in British Columbia.
Michael W. Byrne, President
Explore. Drill. Discover.
Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the Company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
-- Posted Thursday, 19 January 2012 | Digg This Article
| Source: GoldSeek.com
