Galore Receives Permits for 4000 Meters, Mobilizes Diamond Core Rig and Provides Update on OTCQB Listing

Rhea-AI Summary

Galore Resources has received approval for its drill permit applications, initiating a 4,000-meter diamond drill program at its Dos Santos property in Mexico. This program targets previously explored areas, particularly the El Alamo and San Jose prospects, to assess mineralization and hydrothermal systems. The company aims to enhance its understanding of mineralization at depth. Additionally, Galore has completed paperwork for its OTCQB listing and is awaiting review. Management expresses optimism for 2022, highlighting the support from shareholders.

Positive

• Received acceptance for drill permit applications.
• Initiating 4,000-meter drill program at Dos Santos property.
• Drilling targets identified to enhance understanding of mineralization.
• Completed paperwork for OTCQB listing.

Negative

• No specific financial metrics provided to validate the drill program's potential.

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / Galore Resources Inc. (TSXV:GRI) is pleased to announce it has received acceptance for its Drill Permit applications and mobilized its crews to begin a 4,000-meter diamond drill program on its 100%-owned Dos Santos property in Zacatecas State, Mexico. The program will test various locations in Galore's El Alamo and San Jose prospects, both of which have been explored in the past and now are providing important and valuable information that augments the results of many months of field work performed by Galore's geological staff. The following is Dr. Julio Pinto Linares's summary of what Galore expects to achieve with the drill program.

"The drilling program for the El Alamo is the continuation of the 2019 program (see NR on March 3, 2021), completing 1,667 meters in five drill holes. This will help the delineation of mineralization, halos of hydrothermal alteration and meteoric enrichment, which has been identified on the surface and cut with the mentioned drilling program (i.e., hydroxide bodies, tectonic-hydrothermal breccias, as well as phyllic and local calc-silicate halos). The major targets are evidence of a hydrothermal system. The El Alamo mineralized structure is made up of hydroxides with a halo of hydrothermal alteration on the edges, presumably linked to magmatic fluids. The scope of the El Alamo exploration program will be to survey for the lateral continuity of a mineralized large system with an east-west strike and hosted in a carbonate marine sedimentary sequence from the Cretaceous period, as well as the review and understanding of alteration footprint and mineralization at depth."

Dr. Julio Pinto Linares further states, "A 1500-meter drilling program has been vectorized for the San José area, which includes new diamond drilling holes, distributed in seven locations, supported by evidence of mineralization, metasomaticism and results of chemical analysis, which have demonstrated significant values ​​and anomalies of gold, arsenic, and barium."

The Company would also like to update its United States shareholders on the progress of listing on the OTCQB. The Company has completed all the necessary paperwork and paid all necessary fees associated with the OTCQB application. It is now in the review phase with the OTC. We are hopeful in gaining approval in a timely manner and to be trading once again in the United States. We apologize for any inconvenience this interruption may have caused, but we are confident this will be a positive outcome for our shareholders.

Galore Resources is poised for a very exciting year. We thank our stockholders for continuing to support and believe in our mission. Management is optimistic for 2022 and the opportunities that lie ahead.

For further information about Galore Resources, please visit the Company's website at www.galoreresources.com or contact:

Drew McMillan
CFO and VP Corporate Communications
Tel: (210)-325-7971 (USA)
Email: drew@galoreresources.com

Dr. Julio Pinto Linares has a PhD in geological sciences with a specialty in economic geology and qualified professional No. 01365 by MMSA and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of the technical information contained in this news release presented by Galore Resources Inc.

About Galore Resources

Galore Resources is a mineral exploration and development company whose focus is to make and develop significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the Company's ability to conduct a drill program at its Mexican mineral properties and the timing thereof, the prospective deposits, targets and mineralization at the properties and the anticipated receipt and timing of necessary governmental or third party approvals and permits. This also includes statements with respect to the Company's ability to obtain a listing on the OTC.

Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Galore Resources, Inc.

View source version on accesswire.com:
https://www.accesswire.com/684590/Galore-Receives-Permits-for-4000-Meters-Mobilizes-Diamond-Core-Rig-and-Provides-Update-on-OTCQB-Listing

FAQ

What is the significance of Galore Resources' drill program for the stock symbol GALOF?

The drill program aims to enhance mineralization understanding at the Dos Santos property, potentially impacting GALOF's market value.

When did Galore Resources announce its drilling program?

The drilling program was announced on January 19, 2022.

What are the main targets of the drilling program at the El Alamo prospect?

The main targets include evidence of a hydrothermal system and delineation of mineralization.

What recent updates did Galore Resources provide regarding its OTCQB listing?

Galore Resources has completed all paperwork and is currently in the review phase for its OTCQB listing.

How many meters is the drilling program at Dos Santos?

The drilling program at Dos Santos is set for 4,000 meters.