Press Releases
2009-09-23 13:25:07
UPDATE ON MAUREEN PROJECT
Vancouver, B.C., August 18th, 2009 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange"),is pleased to provide an update on the work being done, at the Maureen Project site in the State of Nayarit, Mexico, a property that is owned by Galena's subsidiary Minas de Vallarta, S.A. de C.V.
Norma Mines S.A. de C.V. ("Norma Mexico"), as operator of the Maureen project has made good progress at the project site. The Candelaria mine tunnel, perpendicular to the main known structure, has advanced 30 meters and is now 30 meters from intersect with the main known structure. The tunnel should cross the structure in three weeks. The tunnel section is 2.5 x 2.5 meters.
The final target is intercept diamond drill number seven, 54 meters below the surface. Hole #7 crossed high grade gold at this elevation.
The La Suerte drift is progressing along the La Suerte structure; the drift has now 125 meters on the fault structure. The mineralized vein has been variable in width from 80 cms to two meters wide. Preliminary assays are averaging over 2 grms/ ton gold and over 140 grms/ton Ag. Assays have been done by a local, uncertified lab. The La Suerte adit was widened to 2.5 x 2.5 meters (from 1.5 x 1.0 metres) along the old 100 meters of old tunnel workings.
The La Suerte tunnel has now reached the old San Francisco Mine coordinates, 35 meters below the mine. We are drifting a crosscut and will be doing a countershaft to quantify resources between the La Suerte and San Francisco Mines. The San Francisco Mine has assays of very high grade (Ron Parent, NI 43-101). Structures in La Suerte are still averaging over 1.5 meters in width.
The Candelaria Tunnel is progressing towards the main structure and hole #7 which has had high grade assay results (summarized below) previously announced 2008 - 07 - 07:
MRE-08-07 assayed 13.95 g/t Au and 245.21 g/t Ag over 9.10 metres including 125.63 g/t Au and 2,174.80 g/t Ag over 1.00 metre ; 0.25 g/t Au and 39.80 g/t Ag over 1.00 metre and also including 0.76 g/t Au and 12.90 g/t Ag over 1.00 metre.
Plant Construction: A portable plant has been designed and is under construction. The plant will have a gravimetrical process initially due to the free gold content of the mine mineral. Testing has shown liberation that makes this process viable with very good gold recoveries.
The process plant will consist of a ball mill, gravimetrical processor, genset, and accessory equipment. All major components have been acquired. Testing of the plant will take place in the near future.
Mineral from the mine is being transported to a stockpile at the future plant location four kilometres from the mine.
Exploration work was being supervised by Luc Rioux, P. Geo., designated Qualified Person for Galena Capital Corporation, who has reviewed this press release.
Galena's experienced senior management, with project production that can withstand commodity fluctuations and that will create a legacy in Mexico and South America. Galena's unique three-stage business plan will help extract maximum value from over 70 projects that our team has access to.
ON BEHALF OF GALENA CAPITAL CORP.
"Arni Johannson"
ARNI JOHANNSON
CHAIRMAN AND CEO
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.
Back to Press ReleasesNorma Mines S.A. de C.V. ("Norma Mexico"), as operator of the Maureen project has made good progress at the project site. The Candelaria mine tunnel, perpendicular to the main known structure, has advanced 30 meters and is now 30 meters from intersect with the main known structure. The tunnel should cross the structure in three weeks. The tunnel section is 2.5 x 2.5 meters.
The final target is intercept diamond drill number seven, 54 meters below the surface. Hole #7 crossed high grade gold at this elevation.
The La Suerte drift is progressing along the La Suerte structure; the drift has now 125 meters on the fault structure. The mineralized vein has been variable in width from 80 cms to two meters wide. Preliminary assays are averaging over 2 grms/ ton gold and over 140 grms/ton Ag. Assays have been done by a local, uncertified lab. The La Suerte adit was widened to 2.5 x 2.5 meters (from 1.5 x 1.0 metres) along the old 100 meters of old tunnel workings.
The La Suerte tunnel has now reached the old San Francisco Mine coordinates, 35 meters below the mine. We are drifting a crosscut and will be doing a countershaft to quantify resources between the La Suerte and San Francisco Mines. The San Francisco Mine has assays of very high grade (Ron Parent, NI 43-101). Structures in La Suerte are still averaging over 1.5 meters in width.
The Candelaria Tunnel is progressing towards the main structure and hole #7 which has had high grade assay results (summarized below) previously announced 2008 - 07 - 07:
MRE-08-07 assayed 13.95 g/t Au and 245.21 g/t Ag over 9.10 metres including 125.63 g/t Au and 2,174.80 g/t Ag over 1.00 metre ; 0.25 g/t Au and 39.80 g/t Ag over 1.00 metre and also including 0.76 g/t Au and 12.90 g/t Ag over 1.00 metre.
Plant Construction: A portable plant has been designed and is under construction. The plant will have a gravimetrical process initially due to the free gold content of the mine mineral. Testing has shown liberation that makes this process viable with very good gold recoveries.
The process plant will consist of a ball mill, gravimetrical processor, genset, and accessory equipment. All major components have been acquired. Testing of the plant will take place in the near future.
Mineral from the mine is being transported to a stockpile at the future plant location four kilometres from the mine.
Exploration work was being supervised by Luc Rioux, P. Geo., designated Qualified Person for Galena Capital Corporation, who has reviewed this press release.
Galena's experienced senior management, with project production that can withstand commodity fluctuations and that will create a legacy in Mexico and South America. Galena's unique three-stage business plan will help extract maximum value from over 70 projects that our team has access to.
ON BEHALF OF GALENA CAPITAL CORP.
"Arni Johannson"
ARNI JOHANNSON
CHAIRMAN AND CEO
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.
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