Gallery Resources (GYR-V) in conjunction with its joint venture partner BHP Billiton Diamonds have identified five high priority drill targets on its Shabogamo nickel-copper project in western Labrador.
The targets are electromagnetic conductors coincident with magnetic anomalies. None of the anomalies are overlain by outcrop. However they are interpreted to be underlain by mineralization within the Shabogamo gabbro.
An airborne transient electomagnetic survey was flown in July over six high priority anomalies identified in a 2002 survey. The 750-line-km survey was flown at 75-metre spacing (as opposed to the 400-metre spacing flown previously).
Three of the five drill targets are in the Evening Lake area. Gabbroic boulders containing up to 15% nickel-sulphide mineralization were discovered there in 2000. One of these boulders assayed 0.29% nickel, 0.32% copper and 0.03% cobalt. The first hole will be targeted to hit an anomaly near the interpreted source of these boulders.
The staked area (about 450-sq.-km) covers parts of the Shabogamo intrusion over about 100 km of its strike-length northeast of Labrador City-Wabush towards the Churchill Falls area. The intrusion is locally olivine-bearing, gabbro-troctolite that exhibits local magnetic highs and associated lake sediment nickelcopper anomalies.
Gallery Resources is earning a 50% interest in the project by funding the initial $1 million in exploration. BHP Billiton Diamonds is a unit of BHP Billiton (BHP-N). Following the earn-in BHP Billiton will have the option to acquire an additional 20% by incurring all expenditures up until the completion of a feasibility study.
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