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Galore Announces Completion of Airborne Gravity and Magnetic Survey over Dos Santos Property in Zacatecas State, Mexico and a Non-Brokered Private Placement, Shares for Debt Settlement and Change in Management
(via Thenewswire.ca) Vancouver, B.C., / TNW-ACCESSWIRE / March 14 2014 / Galore Resource...
About this update from Galore Resources Inc.
[{"type":"text","content":"Galore Announces Completion of Airborne Gravity and Magnetic Survey over Dos Santos Property in Zacatecas State, Mexico and a Non-Brokered Private Placement, Shares for Debt Settlement and Change in Management(via Thenewswire.ca)\n \n \nVancouver, B.C., / TNW-ACCESSWIRE / March 14 2014 / Galore Resources Inc. (TSX-V: GRI) is pleased to announce the completion of a 1,000 line-kilometre (625 line-mile) Helicopter Airborne Gravity Gradiometer and High Sensitivity Magnetic Survey over approximately 10,000 hectares (24,700 acres) of the Dos Santos Property in northern Zacatecas State. The survey is the first phase of a two phase exploration program to cover areas of the property underlain by rocks of the same age as those that host gold-silver-zinc-lead deposits in the district at the Penasquito mine and the Camino Rojo property. Penasquito is Goldcorp's world-class gold-silver producer and Mexico's largest mine. Galore's previous drill program at La Palma intersected encouraging geology in all twelve holes, including mineralization in three holes with metal ratios similar to the Penasquito deposit. Airborne gravity was chosen for its capability of detecting explosive diatreme intrusions like those hosting mineralization at the Penasquito mine. \n\n \n \nProcessing and interpretation results are expected to take approximately six weeks. The Company also intends to engage an independent geophysicist familiar the geology of the area to provide an independent assessment of survey results. This will assist in planning the second, anomaly follow-up phase for Dos Santos. \n\n \n \nGalore also announces a non-brokered private placement of up to 5 Million units at a price of $0.05 per unit. Each unit (a \"Unit\") will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.10 per share for a period of two years from the date of closing of the financing.\n\n \n \nThe proceeds of the offering will be used to commence the anomaly follow-up phase for Dos Santos and for general working capital. \n\n \n \nThe private placement shall be subject to acceptance by the TSX Venture Exchange and all securities issued will be subject to a 4 month hold period from the date of issuance.\n\n \n \nGalore has received the resignation of Mr. Michael Byrne as Chief Financial O...