Galahad Metals Inc.: Montrose Gold Project Advanced to Drill Stage

Galahad Metals Inc. report positive results from a recent geophysical survey that has increased the potential on its Montrose Gold Project which is located along the prolifically mineralized Larder Lake – Cadillac Break. The recently completed induced polarization (I.P.) survey, as follow-up to a soil survey in late 2008, outlined several corridors of enhanced conductivity values which may be associated with significant deformation/alteration zones with a high potential for gold-bearing mineralization. A strong and linear gold-in-soil anomaly crosses the property prioritizing the I.P. targets. The survey was conducted by Abitibi Geophysics of Val d’Or, QC.

From its’ recent work, Galahad has advanced the property to drill-stage and will mount a drill program in the fall, 2009. In total, 13 chargeability anomalies were outlined, and three sub-cropping areas selected, as priority drill targets.

In late 2008 Galahad carried out a detailed surface soil survey, which has now been further screened by I.P. A time-domain resistivity/spectral induced polarization survey was chosen as a vectoring tool, as past exploration on this property identified significant zones of shearing, alteration and sulphide mineralization, which are potential hosts for gold zones identifiable by I.P. technology.

Further evidence of the potential that underlies the Montrose Lease, are the results from past drill campaigns. A partially defined silicified gold zone reportedly contains intervals of up to 10.6 g/t gold over 3.0m in drill core from drilling conducted in the 1940′s, 4.5 g/t Au over 8.8m in drill holes from the mid 1970′s and up to 3.57g/t over 2.74metres in a 1998 program. Past trenching in the mid-1940′s and mid 1970′s on the fault has demonstrated that this structure is strongly deformed and characterized by green carbonate with anomalous assay values of up to 3.8g/t Au over 13.6 meters and 6.2 g/t over 6m from chip samples. The above highlights indicate that a concerted, focused drill program by Galahad, is highly warranted.

Within the project area, past historical drilling intersected gold mineralization in outcrop and drill holes and the tell-tale green carbonate alteration typical of the Kirkland Lake – Matachewan area gold deposits. Over 40 million ounces of gold was produced from the historical Kirkland gold district. The former historic Ashley Mine lies less than one kilometre to the northeast of the property. From 1932-1936, the mine produced over fifty thousand ounces of gold from 142,487 tonnes milled.

The Montrose Mining Lease is wholly-owned by Galahad and is located in Montrose Township of Ontario, 25 km to the small village of Matachewan. The property is located on the Galer Lake fault, a splay off the Cadillac Break in a heavily overburden covered area within the Abitibi greenstone belt. The Galer Lake fault has an estimated 8km strike length and is known to be several hundred meters wide on surface. This cover has concealed a zone of carbonate mineralization and gold mineralization which recent work by Galahad suggests, is underexplored.

The Abitibi greenstone belt is one of the most prolifically mineralized gold and base-metal districts in the world. This Archean aged belt hosts more gold deposits than does the rest of the Canadian Sheild combined. A key characteristic of gold deposits in the Abitibi is their relationship to major structures, or “breaks”, one of which has been identified and qualified on the Montrose Lease. The cluster of deposits along the Cadillac-Larder and Destor-Porcupine breaks is impressive, because it clearly demonstrates that the major gold camps populate around major structural features.

The Galer Lake Fault has been the subject of several disjointed exploration programs in the past with high gold values intersected in both outcrop and in drill holes associated with sulphide-bearing, iron-carbonate altered deformation zones. Galahad’s exploration philosophy is to systematically diamond drill the Galer Lake Fault on the premise that structurally hosted gold, similar to those deposits of the Kirkland Lake camp, could be located along this structure which already has an historical gold association.