Galway intersects 19.0 meters of 18.9 g/t gold at new California south extension; infill hole returns 42.0 meters of 6.8 g/t go
May 09 2012 - 6:30AM
PR Newswire (Canada)
TORONTO, May 9, 2012 /CNW/ - Galway Resources Ltd. announced today
assay results from 18 drill holes on the new Machuca extension at
the Company's California gold-silver property in Colombia, and also
provided results for the infill drilling of 42 drill holes. The
property is located adjacent to, and on strike with, the La
Bodega/La Mascota deposit (acquired for $1.5 billion by AUX
Canada), and also includes a land parcel that is 360 meters-long
and appears to be directly within AUX's La Mascota mineralized
structure. Given the successful results seen at Machuca, Galway has
deferred completing its initial resource estimate in order to
incorporate the Machuca results into the estimate. Galway has three
drill rigs operating in California and has now completed its infill
program (mineralization still open at depth) and will continue to
drill Machuca while the third rig is testing the neighboring Santa
Catalina Zone. The Company continues to aggressively drill at its
Vetas gold project, which is located 8 km southeast of California.
Galway has recently added a second surface rig and a third drill
operating underground. Robert Hinchcliffe, President and CEO of
Galway Resources, said, "We are delighted with the emergence of the
new Machuca zone, which reveals a new exploration dimension to the
project that could significantly add to the total strike length and
total potential resources. We believe our Machuca results will have
a positive impact on our resource estimate that we expect to be
completed about the end of the current quarter. Machuca is a
notable addition to the abundance of strategic assets that Galway
controls and we are pursuing numerous options to realize their full
value." At Machuca, three interesting new vein systems that appear
to splay off California in a different direction have been
uncovered by drilling. The main vein zone is Machuca 1, where
limited mining shows it extends at least 200 meters, and where
drilling has delineated a 70 m true width wide zone of multiple
vein structures from surface to 110 m below surface. Drill
intersections include 19.0 meters of 18.9 g/t Au, including 1.0
meter of 339.0 g/t Au (GWY-199), and 6.0 meters of 10.7 g/t Au,
including 1.8 meters of 33.4 g/t Au (GWY-182). Machuca 2 appears to
be located 100 meters east and extends 100 meters, and Machuca East
appears to be another 70 meters east at its closest point. Machuca
East, which appears to be trending more east-west than the Machuca
system, consists of five holes over a 300 meter horizontal length,
is drilled over 80m vertical (from 80 to 160m depth below surface),
and includes intersections such as 4.5 meters of 9.0 g/t Au at a
boundary with the AUX Canada property (GWY-165), and 7.5 meters of
13.5 g/t Au, including 3.0 meters of 32.8 g/t Au (previously
released GWY-001). All zones are open in all directions. Highlights
from recent drill results at Machuca, which is subdivided between
Machuca 1, Machuca East and Machuca 2, are as follows: GWY-199 --
Machuca 1- 19.0 meters grading 18.9 grams per tonne gold (g/t Au)
and 14.2 g/t silver (Ag) (TW=12.9m), including 1.0 meter of 339.0
g/t Au and 33.3 g/t Ag (TW=0.7m) -- Machuca East- 6.0 meters
grading 4.7 g/t Au and 39.3 g/t Ag (TW=4.1m), including 1.0 meter
of 12.5 g/t Au and 49.2 g/t Ag plus 1.3% Zinc (Zn) (TW=0.7m) --
Machuca 2- 1.0 meter grading 5.5 g/t Au and 22.9 g/t Ag (TW=0.7m)
GWY-165 -- Machuca 1- 8.5 meters grading 2.3 g/t Au and 25.0 g/t Ag
(TW=7.5m), including 1.0 meter of 14.5 g/t Au and 76.6 g/t Ag
(TW=0.9m) -- Machuca 1- 10.0 meters grading 3.8 g/t Au and 12.9 g/t
Ag (TW=8.8m), including 2.5 meters of 8.4 g/t Au and 14.3 g/t Ag
(TW=2.2m) -- Machuca East- 4.5 meters grading 9.0 g/tAu and 32.2
g/t Ag (TW=4.0m), including 1.6 meters of 23.5 g/t Au and 10.9 g/t
Ag (TW=1.4m) GWY-168 -- Machuca 1- 5.5 meters grading 4.0 g/t Au
and 14.3 g/t Ag (TW=4.3m) -- Machuca 1- 7.0 meters grading 2.5 g/t
Au and 71.0 g/t Ag (TW=5.5m) -- NEW- 1.0 meter grading 5.9 g/t Au
(TW=0.8) GWY-170 -- Machuca 1- 1.0 meter grading 18.9 g/t Au and
95.0 g/t Ag plus 2.4% Zn (TW=0.7m) -- Machuca 1- 4.0 meters grading
3.4 g/t Au and 39.4 g/t Ag (TW=2.7m) -- Machuca 1- 2.2 meters
grading 4.4 g/t Au and 17.2 g/t Ag (TW=1.5m) GWY-171 -- Machuca 1-
4.7 meters grading 3.2 g/t Au and 20.3 g/t Ag (TW=2.5m), including
1.4 meters of 9.2 g/t Au and 52.1 g/t Ag (TW=0.74m) -- Machuca 1-
10.5 meters grading 1.6 g/t Au and 21.5 g/t Ag (TW=5.6m), including
1.3 meters of 5.2 g/t Au and 64.9 g/t Ag plus 1.7% Zn (TW=0.7m) --
Machuca 1- 8.4 meters grading 1.6 g/t Au and 22.9 g/t Ag (TW=4.5m)
-- Machuca 1- 1.5 meters grading 4.1 g/t Au and 25.3 g/t Ag
(TW=0.8m) GWY-173 -- Machuca 1- 3.5 meters grading 11.4 g/tAu
(TW=1.3m), including 1.0 meter of 36.8 g/t Au and 18.7 g/t Ag
(TW=0.4m) -- Machuca 1- 7.3 meters grading 1.5 g/t Au and 14.8 g/t
Ag (TW=2.7m), including 1.0 meter of 4.5 g/t Au and 35.8 g/t Ag
(TW=0.4m) GWY-175 -- Machuca 1- 6.5 meters grading 5.1 g/t Au and
25.9 g/t Ag plus 1.1% Zn (TW=1.9m), including 1.0 meter of 29.0 g/t
Au and 111.0 g/t Ag plus 6.9% Zn (TW=0.3m) -- Machuca 1- 38.5
meters grading 1.3 g/t Au and 19.2 g/t Ag (TW=11.2m), including 1.0
meter of 5.6 g/t Au and 64.9 g/t Ag (TW=0.3m) GWY-176 -- Machuca 1-
3.0 meters grading 9.8 g/t Au and 17.0 g/t Ag (TW=2.4m), including
1.0 meter of 27.6 g/t Au and 44.3 g/t Ag plus 1.3% Zn (TW=0.8m)
GWY-178 -- Machuca 1- 4.0 meters grading 4.7 g/t Au and 60.8 g/t Ag
plus 1.1% Zn (TW=2.9m), including 1.0 meter of 11.9 g/tAu and 135.0
g/t Ag plus 3.6% Zn (TW=0.7m) GWY-180 -- Machuca 1- 13.0 meters
grading 4.5 g/tAu and 36.6 g/t Ag (TW=8.1m), including 1.0 meter of
47.2 g/t Au and 307.0 g/t Ag plus 5.2% Zn (TW=0.6m) -- Machuca 1-
5.0 meters grading 4.6 g/t Au and 42.4 g/t Ag (TW=3.1m) -- Machuca
1- 2.0 meters grading 6.8 g/t Au and 228.2 g/t Ag (TW=1.2m) --
Machuca 1- 2.0 meters grading 4.3 g/t Au and 80.8 g/t Ag plus 1.2%
Zn (TW=1.2m) GWY-182 -- Machuca 1- 6.0 meters grading 10.7 g/t Au
and 161.9 g/t Ag plus 1.6% Zn (TW=3.0m), including 1.8 meters of
33.4 g/t Au and 500.0 g/t Ag plus 5.1% Zn and 1.6% Copper (Cu)
(TW=0.9m) -- NEW- 3.0 meters grading 4.8 g/t Au and 335.3 g/t Ag
(TW=1.5m) -- Machuca 1- 4.0 meters grading 2.5 g/t Au (TW=2.0m),
including 1.0 meter of 5.8 g/t Au (TW=0.5m) GWY-184 -- Machuca 1-
20.0 meters grading 1.1 g/t Au and 15.4 g/t Ag (TW=7.4m) -- Machuca
1- 10.5 meters grading 1.2 g/t Au (TW=3.9m) GWY-187 -- Machuca 1-
25.0 meters grading 1.6 g/t Au and 30.8 g/t Ag (TW=18.8m),
including 2.0 meters of 9.9 g/t Au and 108.6 g/t Ag (TW=1.5m) --
Machuca 1- 5.5 meters grading 2.0 g/t Au (TW=4.1m) GWY-191 --
Machuca 1- 4.5 meters grading 4.8 g/t Au and 24.7 g/t Ag (TW=2.1m),
including 1.5 meters of 13.0 g/tAu and 30.3 g/t Ag (TW=0.7m)
GWY-204 -- Machuca 1- 1.0 meter grading 8.8 g/tAu and 274.0 g/t Ag
(TW=0.6m) -- Machuca 1- 5.0 meters grading 3.0 g/t Au and 23.1 g/t
Ag (TW=3.0m), including 1.0 meter of 7.8 g/t Au and 30.2 g/t Ag
(TW=0.6m) GWY-208 -- Machuca 1- 29.0 meters grading 1.8 g/t Au and
22.4 g/t Ag (TW=24.1m), including 1.0 meter of 25.6 g/t Au and
193.0 g/t Ag and including 1.0 meter of 8.1 g/t Au and 56.5 g/t Ag
(TW=0.8m) -- Machuca 1- 10.5 meters grading 1.1 g/t Au and 12.3 g/t
Ag (TW=8.7m), including 1.0 meter of 3.9 g/t Au and 27.4 g/t Ag
(TW=0.8m) GWY-209 -- Machuca 1- 9.0 meters grading 2.5 g/t Au and
27.0 g/t Ag (TW=4.6m), including 1.0 meter of 11.9 g/t Au and 120.0
g/t Ag plus 5.2% Zn (TW=0.5m) -- Machuca 1- 20.0 meters grading 0.9
g/t Au and 10.1 g/t Ag (TW=10.2m) Results from 7 previously
released drill holes that intersected Machuca can be seen by
clicking here. California Infill Drilling Infill drilling has taken
place primarily in the two gap zones between San Celestino, Pie de
Gallo, and the NE zone. Results appear to be in keeping with
previous intersections. California mineralization is open to depth.
Infill drilling of the California vein system has returned the
following highlights: GWY-164 -- 42.0 meters grading 6.8 g/t Au,
including 1.0 meter of 113.0 g/t Au and 1.0 meter of 63.7 g/t Au --
3.6 meter grading 6.9 g/t Au, including 1.1 meter of 20.0 g/t --
24.5 meters grading 1.1 g/t Au, including 1.0 meter of 4.6 g/t Au
GWY-206 -- 5.1 meters grading 8.1 g/t Au and 297.1 g/t Ag,
including 1.0 meter of 22.7 g/t Au and 1160.0 g/t Ag -- 7.1 meters
grading 4.3 g/t Au including 1.0 meter of 23.6 g/t Au GWY-205 --
24.0 meters grading 2.1 g/t Au, including 1.0 meter of 18.7 g/t Au
and 2.0 meters of 8.7 g/t Au GWY-203 -- 2.1 meter grading 34.9 g/t
Au GWY-202 -- 1.0 meter grading 25.3 g/t Au -- 25.0 meters grading
1.4 g/t Au and 20.6 g/t Ag, including 1.5 meters of 9.7 g/t Au
GWY-190 -- 72.4 meters grading 1.1 g/t Au and 17.9 g/t Ag,
including 2.0 meters of 6.6 g/t Au and 1.5 meters of 4.5 g/t Au
GWY-189 -- 52.0 meters grading 2.5 g/t Au, including 3.0 meters of
19.0 g/t Au and 1.0 meter of 9.7 g/t Au GWY-186 -- 27.0 meters
grading 3.3 g/t Au, including 1.0 meter of 46.0 g/t Au and 24.6 g/t
Ag and 1.0 meter of 8.4 g/t Au -- 34.0 meters grading 1.6 g/t Au,
including 1.0 meter of 16.1 g/t Au and 115.0 g/t Ag and 0.8 meter
of 14.1 g/t Au and 15.5 g/t Ag GWY-179 -- 36.0 meters grading 1.9
g/t Au, including 1.5 meters of 16.4 g/tAu and 1.0 meter of 7.6 g/t
Au and 1.0 meter of 6.1 g/t Au GWY-177 -- 30.0 meters grading 3.4
g/tAu and 85.5 g/t Ag, including 2.0 meters of 35.5 g/t Au and
1071.0 g/t Ag -- 33.2 meters grading 0.9 g/t Au and 11.5 g/t Ag,
including 1.0 meter of 8.8 g/t Au GWY-174 -- 29.0 meters grading
2.2 g/t Au, including 2.0 meters of 13.3 g/tAu and 1.0 meter of
10.0 g/t Au GWY-172 -- 14.1 meters grading 3.6 g/t Au, including
1.0 meter of 38.5 g/t Au -- 5.0 meter grading 12.0 g/t Au,
including 1.0 meter of 52.3 g/t Au GWY-169 -- 9.5 meters grading
6.5 g/t Au, including 1.3 meter of 18.4 g/t Au and 2.0 meters of
18.1 g/tAu GWY-167 -- 65.5 meters grading 2.2 g/t Au, including 4.0
meters of 5.8 g/t Au and 16.1 g/t Ag and 1.0 meter of 6.6 g/t Au
and 18.8 g/t Ag GWY-162 -- 43.0 meters grading 1.9 g/t Au,
including 1.0 meter of 9.4 g/t Au and 1.0 meter of 6.5 g/t Au and
2.0 meter of 6.4 g/t Au -- 52.0 meters grading 1.1 g/t Au,
including 3.7 meters of 2.8 g/t Au and 31.1 g/t Ag GWY-159 -- 14.0
meters grading 3.4 g/t Au and 16.8 g/t Ag, including 1.0 meter of
20.9 g/tAu -- 1.0 meter grading 8.4 g/t Au -- 1.0 meter grading 8.0
g/t Au GWY-158 -- 3.5 meters grading 54.0 g/t Au and 109.2 g/t Ag,
including 1.5 meters of 125.0 g/t Au and 241.0 g/t Ag GWY-157 --
16.0 meters grading 4.0 g/t Au and 38.3 g/t Ag, including 1.0 meter
of 14.5 g/t Au and 95.0 g/t Ag -- 3.6 meter grading 6.9 g/t Au,
including 1.1 meter of 20.0 g/t -- 24.5 meters grading 1.1 g/t Au,
including 1.0 meter of 4.6 g/t Au GWY-153 -- 54.0 meters grading
1.1 g/t Au, including 1.0 meter of 9.2 g/t Au and 1.0 meter of 6.1
g/t Au -- 1.0 meter grading 5.2 g/t Au GWY-152 -- 5.0 meters
grading 3.1 g/t Au and 47.1 g/t Ag, including 1.0 meter of 10.4 g/t
Au and 142.0 g/t Ag -- 9.9 meter grading 2.5 g/t Au, including 1.0
meter of 19.6 g/t -- 2.0 meters grading 8.7 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 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, two of which are targeting the Machuca
zone, while the third is testing the neighboring Santa Catalina
Zone. 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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