Galena Intercepts High Grade Vein on Maureen Property
September 10 2008 - 7:30AM
Marketwired Canada
Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena") confirms the
results of the exploration work that has been completed on the Maureen property.
The work that was completed in the Spring and Summer of 2008 consisted of core
drilling (HQ-NQ) 2,024.4 metres in 9 drill holes. One drill hole yielded very
high-grade results in gold and silver: MRE-08-07. The best results from that
hole returned 17.51 g/t Au and 342.7 g/t Ag over 9.1 metres (6.8 m true width),
including 125.63 g/t Au and 2,174.8 g/t Ag over 1.0 metre and also including
46.17 g/t Au and 1,263.1 g/t Ag over 0.7 metre (0.33 m true width).
The Maureen property is comprised of 3 non-contiguous claims covering an area of
approximately 186.2 hectares and is located approximately 20 kilometres south
southeast of the city of Tepic, state capital of Nayarit, Mexico. The Maureen
property is a historic, small-scale past producer of high-grade gold and silver.
As previously released in the 43-101 report prepared by Mr. Ron Parent of
ResourceEye Services Inc., grab samples on the property ran as high as 69.8
grams per ton Au and 705.5 grams per ton Ag. A copy of the report can be
reviewed on the Galena website.
A portion of the planned Phase II drilling will concentrate in this high-grade
area, in an effort to better define it. The proposed drilling consists of 1,900
metres in 19 holes averaging 100 metres in depth. Further drilling is also
proposed to delineate the northwest and southeast extensions of the La Suerte
vein. Twelve (12) diamond drill holes accounting for 4,200 metres of core
drilling would be drilled for that portion of the Phase II drilling.
The full results, as previously announced are as follows:
---------------------------------------------------------------
Length (m)
Drill hole From (m) To (m) (true width) Au g/t Ag g/t
---------------------------------------------------------------
MRE08-01 38.0 41.0 3.0 (2.25) 0.07 22.73
---------------------------------------------------------------
including 0.01 55.4
---------------------------------------------------------------
43.00 44.00 1.0 (0.75) 0.05 18.90
---------------------------------------------------------------
90.0 91.00 1.0 (0.75) 0.04 10.0
---------------------------------------------------------------
MRE08-02 120.0 122.0 2.0 (1.5) 0.06 5.95
---------------------------------------------------------------
including 1.0 (0.75) 0.09 6.90
---------------------------------------------------------------
239.0 240.0 1.0 (0.75) 0.04 3.90
---------------------------------------------------------------
MRE08-03A 92.0 93.0 1.0 (0.75) 0.06 10.0
---------------------------------------------------------------
MRE08-04 33.0 34.0 1.0 (0.75) 0.12 3.0
---------------------------------------------------------------
37.0 45.0 8.0 (6.0) 0.19 38.89
---------------------------------------------------------------
including 1.0 (0.75) 0.66 235.5
---------------------------------------------------------------
MRE08-05 94.0 96.0 2.0 (1.5) 0.08 23.65
---------------------------------------------------------------
including 1.0 (0.75) 0.13 38.4
---------------------------------------------------------------
114.0 115.0 1.0 (0.75) 0.11 2.0
---------------------------------------------------------------
MRE08-06 61.6 62.6 1.0 (0.75) 0.12 6.0
---------------------------------------------------------------
66.3 66.8 0.5 (0.37) 0.04 818.5
---------------------------------------------------------------
110.6 114.9 4.3 (3.2) 1.98 326.25
---------------------------------------------------------------
including 1.0 (0.75) 4.28 725.6
---------------------------------------------------------------
including 1.0 (0.75) 3.21 566.40
---------------------------------------------------------------
MRE08-07 47.2 56.3 9.1 (6.8) 13.95 245.21
---------------------------------------------------------------
including 1.0 (0.75) 125.63 2174.8
---------------------------------------------------------------
including 1.0 (0.75) 0.25 39.8
---------------------------------------------------------------
including 1.0 (0.75) 0.76 12.9
---------------------------------------------------------------
65.8 66.9 1.1 (0.82) 0.2 82.8
---------------------------------------------------------------
MRE08-08 20.5 21.5 1.0 (0.85) 0.51 21.9
---------------------------------------------------------------
51.1 56.5 5.4 (4.6) 0.07 4.1
---------------------------------------------------------------
including 1.0 (0.85) 0.11 7.9
---------------------------------------------------------------
59.5 62.9 3.4 (2.9) 0.11 5.35
---------------------------------------------------------------
including 0.12 7.9
---------------------------------------------------------------
65.8 69.4 3.6 (3.06) 0.05 6.47
---------------------------------------------------------------
including 0.5 (0.42) 0.1 17.0
---------------------------------------------------------------
MRE08-09 44.0 49.3 5.3 (4.5) 0.12 14.94
---------------------------------------------------------------
including 1.0 (0.85) 0.19 33.7
---------------------------------------------------------------
The Company conducted a sampling program in the inclined shaft of the San
Francisco mine. This was to corroborate values obtained by Mr. R. Parent in
2007. Mr. Parent's samples ran between 0.02 and 69.8 g/t Au and 0.9 and 705.5
g/t Ag. Minas de Vallarta's sampling ran between 0.36 and 186.6 g/t Au; 32.0 and
438.0 g/t Ag. Mr. Parent's sample #3006 returned values of 69.8 g/t Au whereas
Minas de Vallarta sampling in the same area returned values of 186.6 g/t Au over
a width of 1.4 metre (1.0 m true width)-(sample #22126). A distance of
approximately 115 metres separates the high-grade values in the inclined shaft
and the high-grade results intersected in diamond drill hole MRE-08-07.
The Company is considering drifting between these two locations.
To view Figure 1. Location of proposed drill holes near high grading zone,
please click on the following link:
http://media3.marketwire.com/docs/fyi910m1.pdf.
The present exploration work is being supervised by Luc Rioux, P. Geo., a
"qualified person" for the purposes of National Instrument 43-101, has verified
the data disclosed in this news release.
Danson Tolman, Vice President of Exploration state "We regard these results as
the starting point for the work we intend to carry out at Maureen. The
favourable results warrant follow-up drilling to assess their ultimate
potential."
Galena's mission statement is to aggressively build a well-financed, premiere
public company run by dedicated, experienced senior management, with projects
whereby production can withstand commodity fluctuations and therefore create a
legacy in Mexico and South America.
For further information, please visit www.GalenaCorp.com or contact Galena
directly on the number below.
ON BEHALF OF GALENA CAPITAL CORP.,
Arni Johannson, Chairman & CEO
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. This News Release
includes certain "forward-looking statements". All statements other than
statements of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Galena Capital Corp.,
are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to differ
materially from Galena Capital Corp.'s expectations are exploration risks
detailed herein and from time to time in the filings made by Galena Capital
Corp. with securities regulators.
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