Galway Intersects 16.0 Meters Of 29.4 G/t Gold And 16.0 Meters Of 10.6 G/t Gold
September 28 2011 - 6:30AM
PR Newswire (Canada)
TORONTO, Sept. 28, 2011 /CNW/ - Galway Resources Ltd. is pleased to
announce assay results from 11 additional drill holes from the
Company's 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). Galway's
property is also at the lowest elevation among the major deposits
identified along the California gold trend. Galway also owns a 360
meter-long fractional land position that appears to be directly
within AUX's La Mascota mineralized structure. Galway has three
diamond drill rigs operating in California, and has ordered a
fourth rig, which is expected to be operational in November. Galway
also has an additional two diamond drill rigs operating in Vetas at
the high-grade El Volcan gold-silver mine. El Volcan is located 8
km southeast of California and is the largest gold producer in the
region. "The high grades seen in holes 123 and 127 are located in
the two gap areas being drilled on either side of the Pie de Gallo
Zone, which is the core of the trend that Galway is exploring. This
once again affirms continuity within, and extensions to,
California's robust mineralized trend," cites Robert Hinchcliffe,
President and CEO of Galway Resources. Highlights from recent drill
results at California are as follows: GWY-121 -- 1.0 meter grading
90.6 g/t grams per tonne gold (g/t Au) -- 27.0 meters grading 1.0
g/t Au and 10.6 g/t silver (Ag), including 9.0 meters of 2.0 g/t Au
and 15.0 g/t Ag -- 12.5 meters grading 1.1 g/t Au and 25.6 g/t Ag,
including 1.0 meter of 4.0 g/t Au GWY-122 -- 66.0 meters grading
1.4 g/t Au, including 1.0 meter of 10.8 g/t Au, 1.0 meter of 28.3
g/t Au, and 1.0 meter of 5.8 g/t Au and 12.0 g/t Ag -- 46.0 meters
grading 0.9 g/t Au, including 1.0 meter of 3.4 g/t Au, 1.0 meter of
3.9 g/t Au, 2.0 meters of 4.0 g/t Au, and 2.0 meters of 2.2 g/t Au
GWY-123 -- 16.0 meters grading 10.6 g/t Au, including 1.0 meter of
138.5 g/t Au and 25.5 g/t Ag, and 1.0 meter of 15.4 g/t Au -- 6.0
meters of 1.4 g/t Au and 30.2 g/t Ag GWY-124 -- 1.0 meter grading
31.7 g/t Au -- 7.0 meters grading 2.0 g/t Au, including 1.0 meter
of 7.9 g/t Au -- 42.0 meters grading 0.8 g/t Au, including 1.0
meter of 5.0 g/t Au GWY-125 -- 13.0 meters grading 1.6 g/t Au and
14.2 g/t Ag, including 1.0 meter of 3.3 g/t Au and 28.9 g/t Ag
GWY-126 -- 6.0 meters grading 14.1 g/t Au, including 1.0 meter of
80.6 g/t Au and 13.9 g/t Ag -- 1.0 meter grading 16.9 g/t Au and
12.7 g/t Ag -- 3.0 meters grading 4.9 g/t Au and 265.1 g/t Ag,
including 1.0 meter of 9.1 g/t Au and 306.0 g/t Ag GWY-127 -- 16.0
meters grading 29.4 g/t Au, including 1.0 meter of 447.0 g/t Au and
117.7 g/t Ag -- 39.5 meters grading 1.4 g/t Au, including 4.5
meters of 5.9 g/t Au, 1.0 meter of 5.7 g/t Au, and 0.8 meters of
5.4 g/t Au -- 12.0 meters grading 1.9 g/t Au and 107.1 g/t Ag,
including 2.0 meters of 5.8 g/t Au and 411.3 g/t Ag -- 9.9 meters
grading 0.7 g/t Au and 18.9 g/t Ag GWY-128 -- 2.0 meters grading
14.3 g/t Au, including 1.0 meter of 28.0 g/t Au -- 35.5 meters
grading 1.4 g/t Au, including 1.0 meter of 21.6 g/t Au and 76.5 g/t
Ag, and 1.0 meter of 6.1 g/t Au and 29.5 g/t Ag -- 9.0 meters
grading 0.6 g/t Au and 10.3 g/t Ag -- 14.5 meters grading 1.2 g/t
Au, including 1.0 meter of 4.2 g/t Au GWY-130 -- 13.0 meters
grading 3.1 g/t Au and 57.5 g/t Ag, including 2.0 meters of 6.6 g/t
Au and 171.0 g/t Ag, and 1.0 meter of 16.2 g/t Au and 155.0 g/t Ag
-- 6.0 meters grading 1.0 g/t Au -- 10.0 meters grading 0.9 g/t Au
GWY-131 -- 6.0 meters grading 1.7 g/t Au -- 1.0 meter grading 9.3
g/t Au -- 19.5 meters grading 0.9 g/t Au Hole GWY-129 did not
return any significant assays and is thought to be outside of the
mineralized corridor. Holes GWY-123, 126, and 129 were drilled in
the gap west of the Pie de Gallo pit zone. Hole GWY-121 is located
on the west edge of the Pie de Gallo pit zone. The rest of the
holes were drilled in the gap east of the Pie de Gallo pit zone.
Both high-grade and wide lower grade zones exist consistently along
the mineralized corridor through the property. Without the 1.0
meter of 138.5 g/t Au and 1.0 meter of 15.4 g/t Au in the 16.0
meters grading 10.6 g/t Au from hole GWY-123, the grade from the
remaining 14.0 meters is still 1.2 g/t Au. Similarly, without the
1.0 meter of 447.0 g/t Au in the 16.0 meters grading 29.4 g/t Au,
the remaining 15.0 meters is 1.6 g/t Au. This is similar to
GWY-115, which returned a previously reported 26.0 meters grading
129.0 g/t Au, including 1.0 meter of 3310.0 g/t Au. Without the
high-grade, the remaining 25.0 meters is still 1.8 g/t Au.
Continuity of mineralization is evident on section 8120E where hole
GWY-126 intersected 6.0 meters grading 14.1 g/t Au, including 1.0
meter of 80.6 g/t Au above intersections such as 16.0 meters
grading 10.6 g/t Au in hole GWY-123, 16.0 meters grading 10.9 g/t
Au in hole GWY-103, 22.5 meters of 7.8 g/t Au in hole GWY-74, 6.0
meters of 12.2 g/t Au in hole GWY-86 and 8.0 meters grading 43.4
g/t Au in hole GWY-120. These form a linear zone covering 195
meters vertically and 95 meters along strike. Continuity of
mineralization is also evident along strike from the high grade
discovery in hole GWY-127 of 16.0 meters grading 29.4 g/t Au,
including 1.0 meter of 447.0 g/t Au, to the early Gap Area
discovery hole, GWY-76, which contained 16.5 meters grading 8.1 g/t
Au, including 1.5 meters of 80.0 g/t Au located 114 meters along
strike to the northeast. Between the two, correlation exists with
intersections such as 7.0 meters grading 5.8 g/t Au, including 1.0
meter of 25.6 g/t Au in hole GWY-96 plus several other lower grade
intervals. 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 California and Vetas. 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. 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. A fourth drill rig has
been ordered and is expected to be operational in November. 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 Eco
Oro's (formerly Greystar Resources') and AUX's (formerly 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 Eco Oro and AUX,
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 is 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 10.0 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. In addition, assay results are as
reported; some results may have changed due to screen assays or
have been averaged with check assays from the second lab. Please
see Table 1 for updated assay results. 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 in 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. Galway Resources Ltd. CONTACT: Galway Resources
Ltd.Investor Relations1-800-475-2412www.galwayresources.com
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