Galway's best gold intersect yet: 26 m of 129 g/t and 21.5 m of 8.5 g/t in one hole, and 92.5 m of 2.9 g/t and 114 m of 1.1 g/t in another
TORONTO, July 21, 2011 /CNW/ --
TORONTO, July 21, 2011 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from holes GWY-113 to GWY-116 from
the ongoing diamond drill exploration program at its California
gold-silver property in Colombia. This property is located adjacent to,
and on strike with the La Bodega/La Mascota deposit (acquired for $1.5
billion in cash by AUX Canada). The mineralization on Galway's property
has been identified over a 1 km strike length and is at the lowest
elevation among the major deposits along the California gold trend.
Galway also owns a 360 meter-long fractional land position that appears
to be directly within the La Mascota mineralized structure. Galway also
has two diamond drill rigs operating in Vetas at the high-grade El
Volcan gold-silver mine, which is located 8 km southeast of California
and is the largest gold producer in the region. Results from the first
set of holes at El Volcan contained significant high-grade gold and
silver (see June 22, 2011 news release).
'We are very encouraged that our drill results at California have
improved over the past few months. Our geologists have been better able
to hone in on the high grade veins within the longer intervals of
mineralization. In addition, while we have identified high grade gold
from surface to a depth of 380 meters, the mineralization remains open
to depth as well as along strike. Aside from the fact that GWY-115 has
by far the highest grade we've ever seen on our property, this hole is
significant because it further bridges the gap between the Pie de Gallo
and Northeast Zones. GWY-116 is significant because it helps define the
width of the main mineralized trend at California and demonstrates
continuity both vertically and laterally,' cites Robert Hinchcliffe,
President and CEO of Galway Resources.
Highlights from recent drill results at California are as follows:
GWY-115
-- 26.0 meters grading 129.0 grams per tonne gold (g/t Au) and
22.3 g/t silver (Ag), including 1.0 meter of 3,310.0 g/t Au and
454.0 g/t Ag
-- 21.5 meters grading 8.5 g/t Au and 11.3 g/t Ag, including 2.0
meters of 78.3 g/t Au and 17.1 g/t Ag, and 1.0 meter of 13.7
g/t Au
GWY-116
-- 92.5 meters grading 2.9 g/t Au, including 6.0 meters of 19.6
g/t Au (that includes 1.0 meter of 28.4 g/t Au, 1.0 meter of
59.6 g/t Au and 14.5 g/t Ag, and 1.0 meter of 24.2 g/t Au and
13.4 g/t Ag), 1.0 meter of 7.0 g/t Au, and 1.0 meter of 45.7
g/t Au and 11.0 g/t Ag
-- 114.0 meters grading 1.1 g/t Au, including 2.0 meters of 25.4
g/t Au (that includes 1.0 meter of 44.9 g/t Au)
Details of Galway's California drill results are provided in the Assay
Result Highlights Table on the Company's website at www.galwayresources.com. Also on the website are all maps and sections associated with this
press release and pictures of significant visible gold from GWY-115. A
0.5 g/t Au lower cutoff grade was applied in determining all intervals
provided in this news release. No upper cutoff grade was applied. True
widths are unknown unless specified. In hole GWY-115, if the one,
one-meter sample that grades 3,310.0 g/t Au is excluded, the average
grade of the remaining 25.0 meters is 1.8 g/t Au.
Not only are the results from hole GWY-115 significant because of the
very high grade received, they are perhaps even more significant
because they are located 95 meters to the northeast and 110 meters to
the southwest of strong results seen in holes GWY-54 and GWY-76,
respectively. Thus, GWY-115 further improves the continuity along
strike between the Gap Zone (that bridges the NE Zone with the Pie de
Gallo Zone) and the Pie de Gallo Zone. Holes GWY-54 and GWY-76 returned
the following:
GWY-54
-- 19.5 meters grading 11.0 g/t Au, including 1.5 meters of 108.0
g/t Au
-- 4.5 meters grading 11.1 g/t Au, including 1.5 meters of 29.8
g/t Au and 80.2 g/t Ag
-- 19.5 meters grading 1.2 g/t Au, including 1.5 meters of 8.4 g/t
Au and 45.3 g/t Ag
GWY-76
-- 16.5 meters grading 8.1 g/t Au, including 1.5 meters of 80.0
g/t Au
-- 1.5 meters grading 4.8 g/t Au and 231 g/t Ag
GWY-116 is a strategic, in-fill hole near the northeast portion of the
Pie de Gallo Zone. It is strategic because it enhances continuity of
mineralization across the width of the mineralized structure, along
strike both to the northeast and southwest, and vertically. It hosts
two thick mineralized intervals, one that is 92.5 meters grading 2.9
g/t Au and the other that is 114.0 meters grading 1.1 g/t Au. The two
wide intervals are separated by 19.0 meters grading 0.28 g/t Au, which
is below Galway's cut-off of 0.5 g/t. Together, the intervals in
GWY-116 would equal 225.5 meters grading 1.8 g/t Au.
GWY-116 was drilled at a -60 degree dip and a 190 degree azimuth (10
degrees west of due south). This hole was collared 80 meters NNE of
GWY-10, but drilled in a nearly opposite direction (-65 degree dip and
a 5 degree azimuth, or 5 degrees east of due north), which was one of
the most encouraging holes that Galway encountered in its early
exploration program. Thus, the top interval in hole GWY-116 crossed and
confirmed results seen in GWY-10 (89.0 meters grading 2.9 g/t Au, including 13.5 meters of 15.6 g/t Au and
181.5 g/t Ag), while the bottom interval extended the mineralization further across
the width of the structure.
GWY-116 was also drilled almost perpendicular to, and above, the strong
results seen in holes GWY-99 and GWY-104. The mineralization
encountered in GWY-116 was located 75 meters and 65 meters,
respectively, above the intersections seen in GWY-99 and GWY-104.
GWY-116 was also drilled 105 meters and 160 meters to the northeast of
holes GWY-74 and GWY-103, respectively, and 15 meters southwest of
holes GWY-109 and GWY-112, and 40 meters southwest of hole GWY-62.
Given hole GWY-116's continuity to many other holes, the Pie de Gallo
Zone has now been identified from surface to a depth of 380 meters,
across 100 meters of width, and along a strike length of 240 meters
(with potential to extend this such that it joins with mineralization
identified in the Northeast and San Celestino Zones for a strike length
in excess of 1,000 meters).
Highlights from these earlier holes, which provide enhanced vertical
continuity, strong continuity of mineralization along strike in both
the southwest and northeast directions, and an extension of continuity
along the width of the structure, are provided below.
GWY-10 (Width Continuity)
-- 89.0 meters grading 2.9 g/t Au, including 13.5 meters of 15.6
g/t Au and 181.5 g/t Ag (which includes 3.0 meters of 50.0 g/t
Au and 383.0 g/t Ag)
GWY-99 (Vertical and Strike Continuity to the SW)
-- 150.0 meters grading 3.0 g/t Au and 12.0 g/t Ag, including 36.0
meters of 8.4 g/t Au (which includes 9.5 meters of 28.1 g/t Au,
which includes 2.0 meters of 103.2 g/t Au), 1.0 meter of 11.9
g/t Au, and 2.0 meters of 17.5 g/t Au
-- 15.0 meters of 4.2 g/t Au, including 1.0 meter of 54.1 g/t Au
-- 85.0 meters grading 1.1 g/t Au, including 14.0 meters of 3.1
g/t Au (which includes 1.0 meter of 25.6 g/t Au and 1.0 meter
of 12.5 g/t Au)
GWY-104 (Vertical and Strike Continuity to the SW)
-- 50.0 meters grading 7.0 g/t Au, including 29.0 meters of 11.5
g/t Au (which includes 1.0 meter of 177.8 g/t Au and 23.2 g/t
Ag, 3.0 meters of 27.3 g/t Au, 1.0 meter of 35.9 g/t Au, and
1.0 meter of 27.5 g/t Au)
-- 16.0 meters grading 1.2 g/t Au
-- 1.0 meter grading 17.0 g/t Au
GWY-74 (Strike Continuity to the SW)
-- 22.5 meters grading 7.8 g/t Au and 16.5 g/t Ag, including 1.5
meters of 102.5 g/t Au
-- 16.0 meters grading 1.1 g/t Au and 17.5 g/t Ag
GWY-103 (Strike Continuity to the SW)
-- 16.0 meters grading 10.9 g/t Au, including 1.0 meter of 12.4
g/t Au and 1.0 meter of 154.5 g/t Au
-- 45.0 meters grading 0.9 g/t Au, including 6.0 meters of 3.0 g/t
Au
GWY-109 (Strike Continuity to the NE)
-- 86.0 meters grading 2.7 g/t Au, including 2.0 meters of 11.2
g/t Au, 2.0 meters of 14.9 g/t Au, 3.0 meters of 35.8 g/t Au
(which includes 1.0 meter of 100.5 g/t Au
-- 48.0 meters grading 2.0 g/t Au, including 1.5 meters of 7.7 g/t
Au, 1.0 meter of 30.0 g/t Au, and 1.0 meter of 7.3 g/t Au
GWY-112 (Strike Continuity to the NE)
-- 97.0 meters grading 3.0 g/t Au, including 13.5 meters of 9.9
g/t Au (which includes 3.0 meters of 25.5 g/t Au and 1.0 meter
of 38.9 g/t Au), and 1.0 meter of 20.0 g/t Au
-- 51.0 meters grading 1.7 g/t Au, including 1.0 meter of 21.8 g/t
Au and 11.8 g/t Ag
-- 14.0 meters grading 1.4 g/t Au
GWY-62 (Strike Continuity to the NE)
-- 24.0 meters grading 8.4 g/t Au, including 1.5 meters of 112.0
g/t Au and 28.9 g/t Ag
-- 21.0 meters grading 1.7 g/t Au, including 3.0 meters of 6.5 g/t
Au
-- 19.5 meters grading 1.2 g/t Au, including 1.5 meters of 5.2 g/t
Au
-- 4.5 meters grading 20.0 g/t Au, including 1.5 meters of 45.1
g/t Au
Hole GWY-113 intersected several lower grade intervals, including 34.5
meters grading 0.9 g/t Au and 25.9 g/t Ag, 10.0 meters grading 0.8 g/t
Au, 3.0 meters grading 1.7 g/t Au and 15 g/t Ag, and 4.5 meters grading
0.8 g/t Au. This hole was drilled along the same azimuth (direction)
but at a steeper dip (angle of inclination) than holes GWY-109 and
GWY-112, which as noted above, returned significant mineralization. It
is thought that the zone plunges west of GWY-113. Hole GWY-114, which
was drilled west of the Pie de Gallo Zone, intersected several
moderately mineralized intervals including 4.0 meters grading 1.8 g/t
Au and 79.9 g/t Ag, and 6.0 meters grading 1.1 g/t Au.
Drill holes completed in the Pie de Gallo Zone were drilled generally at
20 to 30 meter centers. These holes continue to extend continuity of
mineralization both vertically and laterally along structure in
multiple overlapping lenses typical of the district. Mineralization in
the Pie de Gallo Zone remains open in all directions. Drilling is
continuing with 3 drills targeting gap areas between the San Celestino,
Pie de Gallo and Northeast Zones. More complete drill hole results are
provided on Galway's website.
Mineralization
Intercepts reported above and in previously reported drill holes are
hosted by silicified zones, breccias, fracture zones and stockwork,
typical of the district, which includes Greystar Resources' and Ventana
Gold's National Instrument 43-101 compliant resources, Angostura and La
Bodega, respectively. The principal geologic control in the
California-Angostura District is a linear structural corridor that
trends northeast-southwest and dips steeply to the north. Segments of
this zone host the resources reported by both Greystar and Ventana, and
Galway is exploring another segment along the same structural corridor.
The entire corridor may be one continuous mineralized zone through all
three properties. The mineralized Zone identified on Galway's
properties to date is approximately 150-200 meters wide and 1,000
meters long, characterized by hydrothermal alteration and
mineralization within various phases of pervasively altered intrusive
porphyries. Mineralization remains open along strike where untested, at
depth along the entire Zone, and across the width of the structure in
most places.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo.
is the Qualified Person responsible for the accuracy of this news
release. All samples are assayed by ALS Chemex in Lima, Peru, after
preparation at the Chemex facility in Bogota, Colombia. All core is
under watch from the drill site to the core processing facility.
Samples are fire assayed with an AA with gravimetric finish. Samples
returning in excess of 3.0 g/t Au are sent for metallic screens. Assays
reported in this press release may have screen assays pending and will
be updated in the table on the website as needed. The Company's QA/QC
program includes the regular insertion of blanks and standards into the
sample shipments, as well as instructions for duplication. Standards,
blanks and duplicates are inserted at one per 20 samples. Approximately
five percent (5%) of the pulps and rejects are sent for check assaying
at a second lab with the results averaged and intersections updated
when received. True widths are unknown at this time, except for those
shown. Core recovery in the mineralized zones has averaged over 92%.
About The Company
Galway Resources is a well-capitalized company, primarily focused on the
exploration of gold and coal Colombia. The core focus of the Company is
gold exploration in northeast Colombia, with drill programs occurring
at the California and Vetas gold projects. The Company also has the
Victorio molybdenum-tungsten project, with excellent infrastructure, in
southwestern New Mexico. A positive scoping study was completed by SRK
in 2008. The recent surge in tungsten pricing, coupled with a steady
molybdenum price, has prompted management to reassess strategic
alternatives to advance the Victorio project.
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.
Forward Looking Statements:
Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading 'Risk Factors' and elsewhere in the Company's periodic filings
with Canadian Securities Regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume the
obligation to update any forward-looking statement.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/21/c6692.html
Galway Resources Ltd.
Investor Relations
1-800-475-2412
www.galwayresources.com