OTTAWA, ONTARIO -- (Marketwired) -- 04/04/13 -- (TSX VENTURE: GAX)
The Regcourt Property, comprising 53 claims over 32 km2, is 30 km east of Val-d'Or in the eastern part of the Abitibi Greenstone Belt, which remains a prime hunting ground for gold deposits in Canada.
Robin Dow, CEO of Galahad Metals, states: "As Galahad's exploration has advanced, similarities between the gold mineralization at Regcourt and that of the nearby Beaufort Mine, owned by Richmont Mines Inc., continue to be recognized. Significant mineralization occurs around the 100 m level of the old Regcourt Gold Mine, and Galahad's drilling has indicated that mineralization continues below the historical underground workings (165 m) and may continue to considerable depth. Galahad is in the process of finding a partner to further the exploration and to develop the full potential at Regcourt."
The Regcourt occurrence was discovered in 1944 when an area of outcrop on the property was stripped, exposing a wide quartz vein that yielded an average gold grade of 8.13 gpt (grams per tonne) across an average width of 0.76 m over a strike length of 67 m. Underground development was carried out in 1946-47 and comprised a 544 foot (165 m) shaft and 1317 feet (400 m) of cross-cuts and drifts. An historic mineral inventory in the vicinity of the underground workings was estimated at 61,000 tonnes Au @ 5.49gpt (10,766 oz Au)(i) (Routledge, 1983).
(i) This is an historical mineral inventory estimate, not a resource estimate, nor is it compliant with NI 43-101 Mineral Resources and Mineral Reserves standards, and it should not be relied upon as accurate. Furthermore, the quantity and grade of the estimated in situ inventory reported herein are uncertain, and there has been insufficient exploration to categorize them as an Inferred Resource. It is uncertain if further exploration will result in reclassification of the inventory to the Inferred Mineral Resource category.
The property is underlain by greenschist-grade, mainly mafic to intermediate, flows and pyroclastic deposits of the Malartic Group that are intruded by two granodiorite stocks: 1) the so- called Regcourt Stock, and; 2) the East-End Granodiorite (EEG). Gold is present in sulphide minerals (mainly pyrite) and as free gold, both of which are hosted by hydrothermal quartz- tourmaline veins and stringers associated with fractures and shear-zones within and on the periphery of the Regcourt Stock. As Galahad's exploration has advanced, similarities between the style of deformation and mineralization at the historic Regcourt Mine and that of the nearby Beaufort Mine (Richmont Mines Inc.) continue to be recognized.
Galahad has carried out a systematic diamond-drilling exploration program comprising 25 surface drill-holes, totalling 7068 metres in the vicinity of the historic underground workings. Data from Galahad's exploration along with all available historic data have been incorporated into a drill-hole database linked to a 3-D Gemcom ® model.
Two families of veins are evident at Regcourt: 1) shear-style fault-fill veins, and; 2) tension-style ("flat") extensional veins (Figure 1):
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