Galway intersects 20.3 meters of 10.2 g/t gold; extends San Celestino Zone
November 21 2011 - 6:30AM
PR Newswire (Canada)
TORONTO, Nov. 21, 2011 /CNW/ - Galway Resources Ltd. is pleased to
announce assay results from 18 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 a fourth is expected on site
early in the new year. Galway also has an additional two
underground diamond drill rigs operating in Vetas at the high-grade
El Volcan gold-silver mine, with a third (surface) drill expected
to arrive this week. El Volcan is located 8 km southeast of
California and is the largest gold producer in the region. "The San
Celestino Zone is consistently returning high gold grades over good
widths with significant silver and zinc credits as well; holes
GWY-137 and GWY-147 have confirmed the extension of this zone to
300 meters along strike. With the arrival of the fourth rig, this
zone can be explored more effectively from the south where the
Machuca zone can also be targeted." cites Robert Hinchcliffe,
President and CEO of Galway Resources. Highlights from recent drill
results at California are as follows: GWY-133 -- 4.0 meters (m)
grading 7.2 grams per tonne gold (g/t Au) and 11.2 g/t silver (Ag),
including 1.0 m of 25.8 g/t Au and 37.6 g/t Ag -- 17.0 m grading
2.8 g/t Au and 15.5 g/t Ag, including 1.0 m of 30.2 g/t Au and 29.5
g/t Ag GWY-134 -- 4.0 m grading 9.3 g/t Au and 7.2 g/t Ag,
including 1.0 m of 30.4 g/t Au and 6.9 g/t Ag -- 23.0 m grading 1.6
g/t Au, including 1.0 m of 23.5 g/t Au GWY-135 -- 8.0 m grading 5.9
g/t Au and 37.6 g/t Ag, including 1.0 m of 41.8 g/t Au and 146.0
g/t Ag GWY-137 -- 8.0 m grading 6.1 g/t Au and 69.0 g/t Ag,
including 1.0 m of 11.7 g/t Au and 22.4 g/t Ag -- 3.0 m grading 8.3
g/t Au and 12.2 g/t Ag, including 1.0 m of 23.1 g/t Au and 27.1 g/t
Ag -- 11.0 m grading 4.2 g/t Au and 109.6 g/t Ag, including 2.0 m
of 14.0 g/t Au and 484.5 g/t Agplus 2.6% Zn GWY-139 -- 47.0 m
grading 2.2 g/t Au, including 1.0 m of 45.3 g/t Au and 21.5 g/t Ag,
and 1.0 m of 7.1 g/t Au -- 17.0 m grading 1.1 g/t Au, including 1.0
m of 7.7 g/t Au -- 1.0 m grading 11.0 g/t Au and 28.4 g/t Ag
GWY-140 -- 1.0 m grading 9.4 g/t Au GWY-141 -- 5.0 m grading 3.9
g/t Au and 194.94 g/t Ag, including 1.0 m of 15.7 g/t Au and 825.0
g/t Ag GWY-143 -- 12.5 m grading 5.7 g/t Au, including 2.5 m of
24.4 g/t Au -- 11.0 m grading 6.3 g/t Au, including 1.0 m of 63.7
g/t Au GWY-144 -- 38.0 m grading 1.6 g/t Au, including 1.0 m of 8.4
g/t Au, 1.0 m of 4.6 g/t Au, 1.0 m of 7.8 g/t Au, and 1.0 m of 4.5
g/t Au GWY-145 -- 2.0 m grading 81.1 g/t Au and 16.7 g/t Ag -- 2.0
m grading 5.1 g/t Au, including 1.0 m of 9.6 g/t Au GWY-146 -- 8.5
m grading 12.7 g/t Au and 93.5 g/t Ag, including 2.0 m of 44.2 g/t
Au and 32.8 g/t Ag -- 4.0 m grading 2.7 g/t Au and 75.7 g/t Ag plus
1% Zn, including 1.0 m of 9.1 g/t Au and 285.0 g/t Ag plus 4.2% Zn
GWY-147 -- 20.3 m grading 10.2 g/t Au and 160.5 g/t Ag plus 1.5%
Zn, including 1.0 m of 31.6 g/t Au and 559.0 g/t Ag plus 2.0% Zn
and 1.0 m of 134.5 g/t Au and 740.0 g/t Ag plus 16.1% Zn -- 25.0 m
grading 1.7 g/t Au and 37.6 g/t Ag, including 1.0 m of 8.4 g/t Au
and 104.0 g/t Ag GWY-150 -- 6.0 m grading 7.3 g/t Au, including 1.0
m of 31.7 g/t Au -- 5.0 m grading 1.8 g/t Au, including 1.0 m of
6.3 g/t Au Holes GWY-132, 136, 142, 148 and 149 returned multiple
lower-grade assay intervals, while hole GWY-138 was lost at 38
meters. A distinct zinc-bearing gold zone has now been identified
over 300 meters horizontal length and over 260 meters vertical,
located 200 meters south of the Eldorado Zone where the vast
majority of drilling has taken place to date. The new holes,
GWY-137 and GWY-147 have returned significant results from midway
between early drilling at San Celestino and previously-released
hole GWY-117 that intersected 14.0 m grading 21.6 g/t Au and 475.7
g/t Ag, plus 2.5% Zn, including 1.0 m grading 177.5 g/t Au and 1.0
m grading 62.9 g/t Au. Previous drilling below the San Celestino
mine has intersected 11.0 m grading 9.9 g/t Au, including 3.3 m of
30.4 g/t Au (GWY-22), and 3.0 m grading 24.6 g/t Au (GWY-25). Hole
GWY-147 has returned 20.3 m grading 10.2 g/t Au, 160.5 g/t Ag and
1.5% Zn, including 1.0 m of 31.6 g/t Au, 559.0 g/t Ag and 2.0% Zn,
and 1.0 m of 134.5 g/t Au, 740.0 g/t Ag and 16.1% Zn. Hole GWY-137
has returned 8.0 m grading 6.1 g/t Au and 69.0 g/t Ag, including
1.0 m of 11.7 g/t Au and 22.4 g/t Ag. It also intersected 11.0 m
grading 4.2 g/t Au and 109.6 g/t Ag, including 2.0 m of 14.0 g/t
Au, 484.5 g/t Ag and 2.6% Zn. The Eldorado Zone has been extended
160 meters east of the Pie de Gallo pit with drill holes GWY-146,
143 and 135 returning 8.5 m grading 12.7 g/t Au and 93.5 g/t Ag,
including 2.0 m of 44.2 g/t Au and 32.8 g/t Ag, 12.5 m grading 5.7
g/t Au, including 2.5 m of 24.4 g/t Au, plus 11.0 m grading 6.3 g/t
Au, including 1.0 m of 63.7 g/t Au, and 8.0 m grading 5.9 g/t Au
and 37.6 g/t Ag, including 1.0 m of 41.8 g/t Au and 146.0 g/t Ag,
respectively. To the east of the Pie de Gallo pit, significant
assays are filling gaps toward the NE Zone on both the north and
south structures (La Mascota (Eldorado) and Mercedes). On the north
structure, holes GWY-150, 145, and 139 returned 6.0 m grading 7.3
g/t Au, including 1.0 m of 31.7 g/t Au, 2.0 m grading 81.1 g/t Au
and 16.7 g/t Ag, and 47.0 m grading 2.2 g/t Au, including 1.0 m of
45.3 g/t Au and 21.5 g/t Ag, and including 1.0 m of 7.1 g/t Au,
respectively. On the south structure, holes GWY-134 and 133
returned 4.0 m grading 9.3 g/t Au and 7.2 g/t Ag, including 1.0 m
of 30.4 g/t Au and 6.9 g/t Ag, and 4.0 m grading 7.2 g/t Au and
11.2 g/t Ag, including 1.0 m of 25.8 g/t Au and 37.6 g/t Ag,
respectively. 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 now focusing on expanding the
forthcoming resource, drilling in the vicinity of the best previous
results. A fourth drill rig is readying to target the Machuca Zone
located south of current drilling. This rig was previously
scheduled to be on site in November, but was diverted to Vetas to
target the stockwork zone on Galway's side of the common border in
which CB Gold announced a significant high-grade gold discovery
located just 50 meters to the west. 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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