Galena International Resources Ltd. (the "Company") (TSX VENTURE:
GTO) is pleased to provide the following update regarding the
drilling program recently completed on the Jales/Gralheira Gold
Property (the "Property") in Portugal.
Kernow Resources & Developments, (newly amalgamated and
acquired by Galena) recently completed a four hole drilling program
for 860 meters. The holes were completed in December 2009 and
January 2010. Results of the sampling of each of the four holes
have now been received. Completion of these holes now brings the
total number of holes drilled on the Gralheira vein system to 131.
The 42 holes drilled by Kernow are in addition to the 50 holes
drilled by RTZ (Rio Tinto Zinc) 3 holes drilled by the
Tellis/Kernow JV and the 36 holes drilled by COGEMA (Compagnie
Generale des Matieres Nucleaires of France). All of the recent
holes were drilled at the Western end of the Central Zone.
Hole KMP-39. Dip -63 degrees Azimuth: 189 degrees, Depth: 192.5 metres.
Hole KMP-40. Dip -71 degrees Azimuth: 187 degrees, Depth: 225.0 metres.
Hole KMP-41. Dip -47 degrees Azimuth: 195 degrees, Depth: 171.15 metres.
Hole KMP-42. Dip -60 degrees Azimuth: 183 degrees, Depth: 244.35 metres.
All of the holes intersected several gold-bearing structures
that are inline with other holes drilled in the Central area. The
more significant results are shown in the table below and include
results from Hole
KMP 42 where an intersection returned 8.54 g/t gold and 68.5 g/t
silver over 2.55 metres. This included an assay of 27.44 g/t gold
and 76.0 g/t silver across 0.60 metres. The true width of the 2.55
metres intercept is approximately 2.0 metres. This intersection
noted in Hole KMP 42 is 90 meters vertically above an intersection
in Hole GRA 26 that returned assays of 9.72 g/t gold over 7.4
metres (no silver assays are available from the GRA series of
holes). The true width of the GRA 26 intersection is 3.92
metres.
KMP 41 intersected gold mineralisation in several zones through
out the hole the strongest being 4.13 g/t gold across a core
interval of 2.25 metres (a true width of approximately 1.8 metres).
This section included a 0.40 m section that assayed 22.22 g/t gold
and 102.1 g/t silver.
KMP 40 intersected gold mineralisation in 4 separate zones. The
strongest zone being from 197.60 metres to 207.60, a core interval
of 10.00 meters (A true width of approximately 5.5 metres). Assays
from this section returned 1.54 g/t gold and 8.47 g/t silver. over
the 10 metre interval. This section included two veins of 0.40
metres each separated by 4.65 metres of lightly mineralised rock
that assayed 16.4 g/t gold and 40.10 g/t silver in the upper
portion and 7.1 g/t gold and 62.4 g/t gold in the lower
portion.
KMP 39 intersected gold mineralisation in 4 distinct zones
corresponding to the vein designations previously applied as FA,
F1, F2, and F3. Gold mineralisation was strongest in F3 recording
3.77 g/t gold and 81.1 g/t silver over 0.40 meters. Broader bands
of mineralisation were recorded further down the hole as per the
following table:
--------------------------------------------------------------
Core Gold Silver
From To Interval (grams per (grams per
Hole (metres) (metres) (metres) tonne) tonne)
--------------------------------------------------------------
KMP 42 207.05 209.60 2.55 8.54 g/t 68.50 g/t
--------------------------------------------------------------
Including 207.80 208.45 0.65 5.13 g/t 192.3 g/t
--------------------------------------------------------------
209.00 209.60 0.60 27.44 g/t 76.0 g/t
--------------------------------------------------------------
--------------------------------------------------------------
KMP 41 139.90 150.65 10.75 0.58 g/t 2.67 g/t
--------------------------------------------------------------
156.60 158.85 2.25 4.13 g/t 18.61 g/t
--------------------------------------------------------------
Including 156.60 157.00 0.40 22.22 g/t 102.10 g/t
--------------------------------------------------------------
--------------------------------------------------------------
KMP 40 123.65 124.05 0.40 5.48 12.00 g/t
--------------------------------------------------------------
124.05 124.65 0.60 2.24 1.20 g/t
--------------------------------------------------------------
124.65 125.25 0.60 1.23 32.60 g/t
--------------------------------------------------------------
--------------------------------------------------------------
141.00 141.60 0.60 2.80 355.40 g/t
--------------------------------------------------------------
141.60 142.35 0.75 0.003 0.50 g/t
--------------------------------------------------------------
142.35 142.65 0.30 1.22 33.00 g/t
--------------------------------------------------------------
--------------------------------------------------------------
151.50 152.15 0.65 7.11 25.40 g/t
--------------------------------------------------------------
--------------------------------------------------------------
Including 197.60 202.55 4.95 2.52 g/t 11.40 g/t
--------------------------------------------------------------
202.15 202.55 0.40 16.40 g/t 40.10 g/t
--------------------------------------------------------------
207.20 207.60 0.40 7.90 g/t 62.4 g/t
--------------------------------------------------------------
--------------------------------------------------------------
KMP 39 150.70 156.20 5.85 0.59 g/t 3.10 g/t
--------------------------------------------------------------
165.30 168.35 3.05 0.59 g/t 2.20 g/t
--------------------------------------------------------------
Jales/Gralheira Gold Property, Portugal, Resources
The Company's January 2008 resource report entitled "A Report on
the Mineral Assets of the Gralheira Gold-Silver property, Portugal"
prepared by Wardell Armstrong International Ltd. (WAI) of Cornwall,
U.K. (available on SEDAR), estimated the following gold and silver
resources at the Property:
--------------------------------------------------------------------------
Gold Silver
--------------------------------------------------------------------------
3.0 grams/t cut off
--------------------------------------------------------------------------
Classification Tonnes g/t Ounces Tonnes g/t Ounces
--------------------------------------------------------------------------
Measured 30,000 5.92 5,768 30,000 29.8 29,067
--------------------------------------------------------------------------
Indicated 569,000 5.24 95,825 569,000 22.8 417,500
--------------------------------------------------------------------------
Measured & Indicated 599,000 5.27 101,593 599,000 23.18 446,567
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Inferred 975,000 4.72 142,972 975,000 15.0 483,621
--------------------------------------------------------------------------
A Brief history of the Jales Complex.
Jales/Gralheira Gold Property covers approximately 5.1 km(2)
located in northern Portugal. The Property includes the former
producing Jales Mine that produced about 830,000 ounces of gold in
ore grading up to 12.9 g/t gold between 1933 and 1992. It also
covers the Gralheira Gold and Silver deposit, which has been
explored by drilling, 131 drill holes (completed to a maximum depth
of 511 m (metres) below surface, over a strike length of 2,700 m,
underground sampling from a 350 m long adit and 200 m of crosscuts,
and a TITAN24 IP/Resistivity geophysical survey.
Quality Assurance & Quality Control
The Company has an established quality assurance programme and
undertakes quality control measures for its exploration results as
described as follows: Samples for gold were assayed by assay method
Au3 or Au4 or by screen metallics (Au9). Sample preparation and
analytical work is undertaken at OMAC Labs. Ltd. in County Galway,
Ireland using standard industry practices and conventional atomic
absorption and fire assay methods for gold (Au 3 is a Geochem Gold
Fire Assay using Lead Collection and AA finish and Au4 has a
gravity finish. Base metal and silver analysis is carried out using
Aqua Regia Digestion and Flame AA finish.
For quality control purposes, analytical standards with known
metal values are included with Kernow's drill core samples and show
acceptable reproducibility. Zero value blanks were also inserted
into the sample stream. In addition, duplicate analyses on selected
drill samples will also be carried out by a second independent
assay laboratory.
All assays were conducted on sawn HQ-sized half core sections.
Gold standards were prepared by CDN Resource Laboratories Ltd. of
Delta, B.C. Canada. Work programmes are supervised by Alan F.
Matthews, a director of the Company.
About Galena
Galena, through completing its qualifying transaction, acquired
an amalgamated company comprised of Green Bull Energy Inc. and
Kernow Resources & Developments Ltd. Kernow was a gold explorer
based in Porto, Portugal, with a portfolio of prospective gold and
antimony/gold projects including the Jales/Gralheira project and
the Alto Sobrido project.
Galena's current focus will be on its Portuguese properties.
Portugal is a European Union country with stable politics, a
skilled labor force and excellent infrastructure. This
infrastructure includes some of Europe's newest highways, abundant
power and existing rail and port facilities. All of Galena's
properties are close to roads, power and water supplies.
Importantly Galena now holds a 200 km(2) Exploration contract
with the Portuguese Government to explore for Geothermal Resources
in the Chaves Hot Springs area of Northern Portugal. Currently the
Company is conducting field work and collating the large amount of
data available to formulate plans for Geophysical survey in the
spring of 2010.
Qualified Person
The data contained in this News Release has been reviewed and
verified by a director of the Company, Alan F. Matthews, C.Eng., a
"qualified person" for the purposes of National Instrument 43-101
Standards of Disclosure for Mineral Projects of the Canadian
securities administrators.
This news release may contain forward looking statements
regarding the ongoing and upcoming exploration work and expected
geometry of geological formations and structures. Actual results
may differ materially from those currently anticipated in such
statements.
"Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release."
Contacts: Galena International Resources Ltd. Randy Turner
604.687.6644 604.687.1448 (FAX)