Galway provides review of drill results from its ongoing gold-silver exploration initiative in Colombia
October 26 2011 - 6:30AM
PR Newswire (Canada)
TORONTO, Oct. 26, 2011 /CNW/ - Galway Resources Ltd. is pleased to
provide a review of its recent drill results at the California and
Vetas projects in northeastern Colombia. There are currently 3
drill rigs operating at the California property, with a fourth rig
to begin drilling in early November. This project is located both
adjacent to and along strike with the La Bodega/La Mascota deposit
(acquired for $1.5 billion in cash by AUX Canada). Galway also owns
a 360 meter-long fractional land position (view map) that appears
to be directly within the La Mascota mineralized structure.
Drilling at Vetas began in the second quarter, with 2 rigs
operating 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 entire region. Discussions are underway to bring a
third drill rig to Vetas, which will focus on exploring extensions
of known mineralization under the El Volcan Mine, which remains
open in all directions, and to also explore other areas of known
mineralization at Vetas. "We are extremely pleased with the
progress being made at both projects, as can be seen in the
following headlines from our most recent press releases on drill
results from the California and Vetas gold-silver projects. Strong
results from both projects have led us to increase the number of
drill rigs at each, which will only accelerate our exploration
efforts. We expect to have NI 43-101 resource estimates on
California in the first quarter of 2012, and near mid-year 2012 for
Vetas," states Robert Hinchcliffe, President and CEO of Galway
Resources. Recent news release titles for the California gold
silver project: -- Galway Intersects 16.0 Meters of 29.4 g/t Gold
and 16.0 Meters of 10.6 g/t Gold (September 28, 2011) -- Galway
Intersects 14.0m of 21.6 g/t Au And 475.7 g/t Ag and 8.0m of 43.4
g/t Au, Bridging The Gap From Pie De Gallo to San Celestino
(September 16, 2011) -- 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 (July 21, 2011) Recent news release
titles for the Vetas gold silver Project: -- Galway Drills 46.0 g/t
Gold And 375.9 g/t Silver Over 2.3m, With 21 Intersects Greater
Than 5.0 g/t Gold In 5 New Holes At Vetas (October 6, 2011) --
Galway Intersects 138 g/t Au over 1.1m, 44.7 g/t Au and 1,120 g/t
Ag over 1.2m, 26.8 g/t Au over 1.9m, and 7.5 g/t Au over 7.6m at
Vetas (August 22, 2011) -- Galway Intersects 21.9 g/t Gold Over
6.7m, 82.4 g/t Gold Over 2.7m And 9.7 g/t Gold Over 9.4m At Vetas
Project In Colombia (June 22, 2011) California and Vetas
Statistical Drill Results Summary Now that Galway has reported on
131 holes at California (154 holes drilled to date with results
pending) and 11 at Vetas (18 holes drilled to date with results
pending), company management felt it would be helpful to provide
insight into the successes achieved at both projects. At
California, it is well known that Galway has intersected many thick
intervals of disseminated gold mineralization, but what is less
well known is that within these wide intervals are narrower, but
much higher grade veins, many of which should be conducive to bulk
underground mining methods. At Vetas, the 11 holes reported to
date, which were drilled below the El Volcan Mine, intersected
mainly the high grade veins and not the lower grade intervals of
disseminated mineralization. Thus far, results confirm that
mineralization extends at least 200 meters below current workings.
A statistical summary of individual drill samples with varying
cutoffs can be seen below: California Results in 131 Drill Holes:
-- 5 g/t Au or more, 285 times -- 30 g/t Au or more, 51 times -- 10
g/t Au or more,145 times -- 50 g/t Au or more, 36 times -- 20 g/t
Auor more, 84 times -- 100 g/t Au or more, 18 times -- 25 g/t Au or
more, 74 times -- 150 g/t Au or more, 10 times Complete California
Drill Results Vetas Results in 11 Drill Holes: -- 5 g/t Au or more,
45 times -- 30 g/t Au or more, 10 times -- 10 g/t Au or more, 31
times -- 50 g/t Au or more, 6 times -- 20 g/t Au or more, 15times
-- 100 g/t Au or more, 2 times -- 25 g/t Au or more, 13 times --
150 g/t Au or more, 1 time Complete Vetas Drill Results New Orleans
Investment Conference Galway Resources is pleased to be exhibiting
at the New Orleans Investment Conference on October 26(th)-29(th).
We invite everyone who is attending the conference to stop by our
booth and learn more about the Company. 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 from the
California project 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. Samples from the Vetas Project are sent to the ALS Chemex
preparation facility in Bogota, Colombia for processing and are
analyzed in the ALS Chemex laboratory in Lima, Peru (ISO 9001:2000
certified). Surface rock samples were analyzed by methods Au-AA25
and ME ICP41. Underground samples were analyzed by methods Au-AA25
and ME-MS41. If a value of greater than 100 g/t Ag is returned for
ME-MS41, then an over limit method of Ag AA46 is used. If strong
mineralization or visible gold is observed, then a screen metallic
(Au SCR 21) is used. 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. 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,
with a positive scoping study completed by SRK. 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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