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Financings

Galore continues quest to find financing for Dos Santos

By The Northwire Desk — AI Analysis Aug 22, 2025 · 12:26 GRI · 0.03 Galore Resources Inc.
GRI · Price

Executive Summary

  • Galore Resources announced its Annual and Special General Meeting of shareholders for October 23, 2025.
  • The company provided a project update indicating that drilling at the Duraznillo target is suspended pending financing, but visual core inspection remains encouraging and laboratory testing will resume once funding is secured.
  • Two major mining companies are sampling 25,000 t of on‑site crushed rock and tailings from Duraznillo to assess mineral content for potential purchase or processing.

Key Details

  • Shareholder Meeting: Annual and Special General Meeting (ASGM) scheduled for Thursday, Oct. 23, 2025; record date set for Sept. 18, 2025; meeting materials to be posted on SEDAR+ after the record date.
  • Project Status – Dos Santos (Zacatecas, Mexico): Ongoing advancement of the project with continued interest from industry participants for joint‑venture and financing opportunities.
  • Duraznillo Drilling: Previously announced drilling program suspended due to delayed funding from an investor group; assays pending, but visual core inspection described as “encouraging.” Laboratory testing and further drilling will restart once financing is secured.
  • Tailings Sampling: 25,000 t of crushed rock and tailings (reported in April) remain on‑site; two major mining companies are currently sampling this material to determine mineral content for possible purchase or processing, with results expected in the coming weeks.
  • Los Gemelos Interest: Received interest from industry participants for development support; recent proposals not aligned with long‑term shareholder interests; discussions with other potential partners ongoing.
  • Technology Initiatives: Evaluation of ore‑sorting technology to improve feed quality and use of satellite imaging tools for exploration targeting; financing for these initiatives delayed due to partner challenges.
  • CEO Statement: Emphasized resilience in advancing discoveries, commitment to securing appropriate partners, and the district‑scale potential of the Dos Santos project.

Notable Quotes

“Exploration is never easy, and advancing discoveries to development requires resilience and persistence… we are determined to bring in the right partners to unlock that value.” – CEO, Galore Resources Inc.

Read the original news release →

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SEDAR Interim Financial Statements

None