Galore Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 506 - 595 Howe Street Vancouver, B.C. Canada V6C 2T5 |
| Tel No.: | (604) 647-2298 |
| Fax No.: | (604) 647-0086 |
| Web Site: | www.galoreresources.com |
| Corporate Email: | rtorresan@galoreresources.com |
| Contact Person: | Ray D. Torresan |
| Position: | CEO |
| Traded Market: | TSX-V |
| Traded Symbol: | GRI |
| Outstanding Shares: | 21,663,843 |
| Public Float: | 15 Million |
| 52 Week High: | $ 0.62 |
| 52 Week Low: | $ 0.38 |
| Present Price: | Click Here |
INTRODUCTION
Galore Resources Inc. is a mineral exploration company based in British Columbia. The Company owns and has options to acquire 100% interest in mineral titles to 48,081 hectares (185 square miles) covering numerous highly prospective exploration targets for copper, molybdenum, gold and silver in the Taseko Lakes region in southwest British Columbia.
PROJECT IN HAND
(A) Taseko Project, B.C.
The Taseko Project, total 48,081 hectares (185 square miles), is located south and west of Upper Taseko Lake, 160 km southwest of Williams Lake, B.C. The property is accessible by road from Williams Lake (5 hours) or by helicopter from Pemberton (50 minutes) and Vancouver (75 minutes). Elevations on the property range from 1,340 m (4,500 ft) to 2,440 m (8,000 ft). Road access and the close proximity to Vancouver will reduce exploration costs.
The geology of the property shows a long history of deformation, alteration, and several episodes of mineralization related to Mesozoic and Cenozoic intrusions. Of particular interest to Galore are the copper-gold, copper-molybdenum porphyry and epithermal-style precious metal vein systems and alteration zones which occur on the property and have been inadequately explored. The major porphyry deposits near the field area include Poison Mountain (BC Mineral Inventory File Number: MINFILE 092O 046), Taseko (Empress) (MINFILE 092O 033), Prosperity (Fish Lake) (MINFILE 092O 041), and Chita (MINFILE 092O 049).
Galore continues to compile exploration data from previous programs. The Company is funding a research project with the University of British Columbia to develop mineralization models for several exploration targets covered by the Taseko Project. Galore's previous exploration programs included ground grid geophysical surveys and soil geochemical surveys. Galore intends to carry out a program of geophysical airborne surveys and undertake trenching and drilling programs on the Hub property, the Spokane copper-gold occurrences and the Taylor-Windfall gold structure. The Company will also proceed with a regional geological assessment of the Tchaikazan River basin, the Battlement copper-molybdenum showings and the alteration belt encompassing the Empress deposit.
Properties
(1) Northwest Copper (5,265 hectares)
The Northwest Copper area covers a mineralized area of at least eight sq.km. Geophysical surveys have defined a large magnetic anomaly in the area. Several copper-silver-gold showings occur within this anomaly. A leached cap associated with argillic hydrothermal alteration, structurally controlled mineralization and altered hornblende-porphyry dykes is further evidence of the porphyry copper-gold potential of the area.
(2) Charlie and Hub (4,272 hectares)
Disseminated and veinlet copper and molybdenum occur at lower elevations along the Tchaikazan River and copper-bearing veins occur at higher elevations. This prospect has the potential to host two styles of mineralization: copper-molybdenum mineralization (Hub) and mesothermal to epithermal gold-silver-copper veins (Charlie). Mineralized targets are partially outlined by copper and molybdenum soil geochemical anomalies and by an arcuate IP Chargeability anomaly.
(3) Magic Twin Area (6,572 hectares)
The Magic Twin area comprises two claim blocks covering mesothermal to epithermal precious metal veins. Arsenic-bearing veins located in Twin Creek and the quartz veins carrying copper-gold mineralization on the ridge crest to the west demonstrate this potential. The Twin Creek vein system has unexplored potential for vein extensions beneath the drift-covered valley adjacent to a major fault and intrusive contact.
(4) Fortune (10,138 hectares)
The Fortune property covers 10,138 hectares and remains largely unexplored. It covers part of the Tchaikazan fault which is thought to be a controlling structure and conduit for mineralization.
(5) Spokane (7,778 hectares)
Three showings, Spokane, Ice and Syndicate, occur within the Spokane target area. The mineralization is characterized by pyrite, pyrrhotite and chalcopyrite, which occur in veins associated with silicification, sericite, and clay alteration. High copper, silver and gold assays have been reported from the area.
(6) Battlement (14,056 hectares)
The Battlement area includes the former Taylor-Windfall gold mine (MINFILE 092O 028). This prospect is hosted by volcanic and sedimentary rocks and volcanic breccias. The area was previously explored in the mid-1980's for epithermal gold mineralization. A 2 sq.km area contains silicified and argillically altered volcanics associated with plutonic rocks, large-scale high-angled faults, and gold-bearing veins. Veins in the area contain up to 0.9 oz/t gold and greater than 3.5 oz/t silver.
(B) Uranium Properties in Northwest Territories
In May 2007, Galore Resources Inc. entered into an option agreement with Landmark Minerals Inc. (TSX-V: LML) whereby Galore may acquire a 50% joint-venture interest in Landmark's 100% owned six uranium properties and surrounding area located 150 km southeast of Yellowknife, Northwest Territories. Galore and Landmark hold a total of 230 sq.km land position in the Athapuscow basin, an area which is under-explored despite favourable geology, known high-grade uranium occurrences, and excellent access. The overall geological setting of the basin is similar to the Athabasca Basin in northern Saskatchewan which hosts the world's largest and richest large uranium deposits.
"This option agreement diversifies Galore's project portfolio," said Michael Byrne, President of Galore. " We are aggressively moving on to the next phase of exploration with detailed airborne geophysical surveys and ground follow-up. These properties have substantial upside in exploration potential for uranium, copper, and several other commodities."
The exploration program will be directed by Galore's Vice President of Exploration, Uwe Schmidt, P.Geo., who is the Company's Qualified Person.
MANAGEMENT
Galore Resources Inc. has a well management team with experience in different areas.
William J. Coulter, Chairman
Mr. Coulter is a graduate of the University of Toronto with a Bachelor of Applied Science and Engineering degree with a career spanning more than 30 years in the mineral resource sector. He has served as founding director and executive of numerous mining and hydrocarbon companies.
Michael W. Byrne, C.A., President, Chief Financial Officer & Director
Co-founder of Galore Resources, Mr. Byrne has over 20 years of public practice accounting, tax and wealth planning experience. He is principal of Byrne & Associates, a Vancouver-based chartered accounting firm.
Ray D. Torresan, Chief Executive Officer
Mr. Torresan has extensive international PR experience, managing offices in all of Canada's major cities, and several in Europe. He is a recipient of many industry awards and has directed international program for many resource-based companies, including the Ivanhoe Group.
William H. Bird, Ph.D., P.Geo., Executive Vice President
Dr. Bird has over 35 years of experience in mining. He has been a senior executive and CEO of several successful publicly traded exploration companies. He obtained his Ph.D. in Geology from the Colorado School of Mines and has served in numerous consulting and teaching capacities.
Uwe Schmidt, P.Geo., Vice President of Exploration
Mr. Schmidt is a professional geologist with a Bachelor of Science degree from the University of British Columbia and is registered with the Professional Engineers and Geoscientists of BC. He has more than 35 years of mineral exploration experience, including 21 years as an independent consultant. His professional experience includes base, precious metals, uranium and industrial minerals exploration, primarily in the western Cordillera of Yukon, BC, Mexico and Peru.
George R. Cavey, P.Geo., Geological Consultant
President of OreQuest Consultants Ltd., overseeing global mineral exploration projects since 1982. Formerly on Canadian Securities Administrators' Mining Technical and Advisory Committee (2001 - 06), he is also past-president of the Canadian Council of Professional Geoscientists. He has been engaged as a consultant to BC Securities Commission and the TSX-V, and has won many industry awards, including the C.J. Westermann Award, BC's highest award for a professional geoscientist.
Tex Enemark, Director
Past-president and CEO of the Mining Association of BC, where he vitalized the association in the mid-eighties. He also served as the deputy minister for Consumer and Corporate Affairs for the province of British Columbia.
Pamela J. White, Corporate Secretary
Ms. White has 20 years of experience as a senior securities legal assistant, as well as acting Corporate Secretary and general office manager for a number of publicly traded resource-based companies.
Advisors and Consultants
Dr. Mikkel Schau, P.Geo.
E. Trent Pezzot, B.Sc., P.Geo.
Dr. Lori Kennedy, Associate Professor, University of British Columbia
NEWS UPDATE
On February 28, 2008, Galore Resources Inc. announced that it has started exploration on its newly acquired Dos Santos gold exploration project in the historic Concepcion del Oro gold mining district of central Mexico.
Galore's Dos Santos gold project comprises four groups of claims covering more than 1,600 hectares and contains extensive evidence of alteration of the type associated with gold mineralization. Numerous historical prospect pits and trenches on the property also attest to the mineralization potential.
The Dos Santos property is located 20 km north of Canplats Resources' discovery and 40 km southeast of Goldcorp's Penasquito gold-silver-base metal mining project in northern Zacatecas state, Mexico.
On February 7, 2008, Galore Resources Inc. announced that it is expanding its claim holdings in the gold-rich Concepcion del Oro gold mining district in Zacatecas state, Mexico.
A new claim, covering greater than 1,000 hectares (title pending), was staked by Galore's subsidiary, Galore Resources Mexico, S.A. de C.V. Evidence of alteration of the type associated with gold mineralization elsewhere on the Dos Santos project was observed within the area covered by the new claim.
On September 19, 2007, Galore Resources Inc. released the initial results from three of the six joint venture properties held with Ucore Uranium Inc. in the Great Slave Lake uranium area located 140 km southeast of Yellowknife, NWT.
Uranium analyses have been completed on 122 rock samples collected by Galore from the Union, Simpson and Preble Island properties. Results indicate that the most significant mineralization occurs in two areas on Union Island. One of these very encouraging areas also reports high precious metal assays.
Of the eight rock chip and grab samples taken at the northeast end of the Union Island property, five exceed 2,000 parts per million (ppm) uranium with two of these exceeding the uranium analytical limit of 4,000 ppm. These samples also contain silver, ranging from 389 g/t to 2,479 g/t, and gold ranging from 0.11 g/t to 2.4 g/t. The best chip sample, over a length of 1.6 m, returned 2,652 ppm uranium (0.31% uranium oxide (U3O8) equivalent), 2,479 g/t silver and 0.11 g/t gold.
On July 11, 2007, Galore Resources Inc. and Landmark Minerals Inc. announced the commencement of a uranium exploration program to cover the 230-sq.km land position 150 km southeast of Yellowknife, Northwest Territories.
The partners are continuing compilation of an extensive historic database, and have mobilized an exploration crew to carry out a systematic program of prospecting, mapping, and sampling to prioritize drill targets.
On June 27, 2007, Galore Resources Inc. announced the successful completion of a 2,000-line km time-domain and magnetic airborne survey on its 48,081-hectare mineral-claim holdings in the Taseko Lakes area of southwest B.C.
"The results are more than encouraging and, with results from previous programs, will help test our mineralization models and identify drill targets. The targets are scheduled for drilling in July," said Company President Michael Byrne. The time-domain survey, conducted by Aeroquest International Geophysics, confirmed a series of conductive zones that are associated with strong magnetic features.