Agoracom Blog

Galaxy Graphite Corp. Reports Highly Encouraging Gold Results at Brownell Lk, SK

Posted by AGORACOM-JC at 10:10 AM on Friday, November 16th, 2012

VANCOUVER, BRITISH COLUMBIA–(Nov. 16, 2012) – Galaxy Graphite Corp. (TSX VENTURE:GXY) (the “Company” or “Galaxy”) is pleased to announce that a two-phased summer field program has returned very encouraging sample results on its Brownell Lake, SK gold project.

Following the Phase I program consisting of prospecting and sampling (soils and outcrops), as well as ground geophysics (VLF/magnetometer), Phase II included detailed outcrop sampling with diamond-saw cut channel samples, over prospective zones identified in Phase I.

The Brownell Lake property is located in northern Saskatchewan and is prospective for shear zone-hosted gold and intrusion-related gold. Phase Two of work on the Brownell Lake property took place from September 10 to September 17, 2012. During this time period, four historical showings were located, stripped and channel sampled: Olson, Olson Point, Jena and Kalix. One additional historical showing, Juba, was located and grab sampled. Anomalous gold at the Olson and Olson Point showings is believed to be shear zone-related, while gold at the Jena, Kalix and Juba showings is believed to be related to the presence of a nearby granitoid intrusion. A series of trenches was cleared and mapped on the property and a total of 24 rock and 112 channel samples were collected and sent for multi-element ICP-MS analysis at Acme Labs in Vancouver. A total of 128.5 metres of channels were cut and sampled.

Assay results were highly encouraging with a high value of 25.1 g/t Au over 1.03 metres in one location on the Jena prospect and 4.1 g/t Au over 5.1 metres in different area on the same prospect. All showings, with the exception of Juba, yielded anomalous gold values.

Olson/Olson Point: The Olson and Olson Point zones are underlain by metavolcanic rocks in an area which is anomalously magnetic. This area was previously drilled with 5 holes during 2007 and 2008. A review of the core from those holes indicates that the full mineralized zone was not sampled and assayed. Channel sampling has expanded the width of the mineralized zone, and has identified its surface expression over a strike length of 220 metres, and is open along strike in both directions.

Summary of trenching results: Central — Trench 1: 2.0 g/t Au over 5.18 m — Trench 2: 1.59 g/t Au over 4.16 m West — Trench 1: 0.16 g/t Au over 12.45 m East — Trench 1: 0.12 g/t Au over 7.29 m — Trench 2: 0.13 g/t Au over 8.39 m Olson Point — Trench 1: 0.26 g/t Au over 20.77 m Including 0.56 g/t Au over 2.42 m and Including 0.95 g/t Au over 3.39 m

Jena: The Jena zone is located on the northern edge of the Brownell Lake intrusion. Anomalous gold values occur in metasediments at the contact, in minor auriferous quartz veins and in the granite. The showing was drilled in 1987 to a depth of 61.77 metres, but the drill collar was unable to be located.

Summary of trenching results: — Trench 1: 4.1 g/t Au over 5.1 m Including 8.0 g/t Au over 2.15 m — Trench 2: 0.6 g/t Au over 4.76 m — Trench 3: 5.4 g/t Au over 4.97 m Including 25.1 g/t Au over 1.3 m — Trench 4: 1.76 g/t Au over 4.93 m Including 3.9 g/t Au over 2.16 m — Trench 5: 0.4 g/t Au over 2.58 m (extent of trench restricted due to topography)

Kalix zone: The Kalix zone is located on the eastern side of the Brownell Lake granitic intrusion and consists of quartz vein stockwork in the granite near the contact with staurolite schist. Two drill holes, totaling 168.2 metres were drilled on the zone in 1987; only one drill collar was located.

Summary of trenching results: Central — Trench 1: 2.7 g/t Au over 9.13 m Including 6.9 g/t Au over 3.49 m East — Trench 1: 0.2 g/t Au over 16.7 m Including 0.95 g/t Au over 1.6 m West — Trench 1: 0.1 g/t Au over 9.11 m South — Trench 1: 0.41 g/t Au over 8.02 m Including 1.2 g/t Au over 2.22 m — Trench 2: 0.15 g/t Au over 5.38 m

Chris M. Healey, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.


Chris M. Healey, President and CEO

We seek safe harbor.

FOR FURTHER INFORMATION PLEASE CONTACT: Galaxy Graphite Corp. Chris M. Healey President and CEO (604) 921-1810 (604) 921-1898 (FAX)

Neither 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.

Source: Galaxy Graphite Corp.

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