Galway intersects 11.6 g/t Au over 19.0 m, expands Machuca
September 06 2012 - 6:30AM
PR Newswire (Canada)
TORONTO, Sept. 6, 2012 /CNW/ - Galway Resources Ltd. is pleased to
announce assay results from an additional 43 diamond drill holes
(17,527.8 meters) at its California gold-silver property in
Colombia. The California 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 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 is also exploring the Vetas property,
which hosts the El Volcan mine located 8 km southeast of California
and is the largest gold producer in the region. DRILL RESULTS
Results are reported for holes that primarily targeted the Machuca
and Santa Catalina zones which are south of the main California
(Pie de Gallo) mineralized trend. Galway has drilled 253 holes for
82,890 meters to date in the California project area. The
intersection of 11.6 g/t Au over 19.0 m, including 120.0 g/t Au
over 1.0 m and 66.7 g/t Au over 1.0 m in hole GWY-231 at
229.5-248.5 m below surface extends mineralization 70 m west and
130 m below previously-released Machuca 1 results. The Machuca
zones have expanded and are open in every direction. The Santa
Catalina zone has also expanded. The drill collared into a zone
that returned 3.7 g/t Au over 13.5 m from surface in hole GWY-244,
while a second hole returned 2.1 g/t Au over 7.0 m, including 11.8
g/t Au over 1.0 m in hole GWY-238 in a different zone. "We are
encouraged by the consistent success the Company is having in the
new Machuca and Santa Catalina Zones, which are expanding our
overall California footprint significantly to the south. This bodes
well for continued resource expansion beyond our upcoming maiden
resource statement," cites Robert Hinchcliffe, President and CEO of
Galway Resources. Drill Result Highlights: -- 11.6 grams per tonne
gold (g/t Au) over 19.0 meters (m), including 120.0 g/t Au over 1.0
m and 66.7 g/t Au over 1.0 m in hole GWY-231 located 70 m west of
previously-released Machuca results, and 229.5-248.5 m below
surface -- 13.5 g/t Au over 9.0 m, including 117.0 g/t Au over 1.0
m in hole GWY-220 located 60 m southeast of previously-released
Machuca results. Hole GWY-220 also contained 2.1 g/t Au over 20.0
m, including 7.3 g/t Au over 1.5 m and 18.1 g/t Au over 1.0 m --
18.4 g/t Au over 2.0 m in hole GWY‐217 located 100 m southeast of
previously-released Machuca results -- 4.1 g/t Au over 23.0 m,
including 22.9 g/t Au over 1.0 m, 19.9 g/t Au over 2.0 m and 17.3
g/t Au over 1.0 m in hole GWY‐223 located 50 m southeast of
previously-released Machuca results -- 7.2 g/t Au over 3.0 m,
including 15.1 g/t Au over 1.0 m in hole GWY-219 located 120 m
northwest of previously-released Machuca results and 284 m below
surface. Hole GWY-219 also included 3.0 g/t Au over 7.0 m,
including 10.7 g/t Au over 1.0 m and 9.0 g/t Au over 1.0 m located
130 m northwest of previously-released Machuca results and 311 m
below surface -- 3.7 g/t Au over 13.5 m in hole GWY-244 at Santa
Catalina The new Machuca 1 zone has now been identified over a
strike length of 200 meters, a width of 140 meters and to a depth
of 240 meters below surface, while the Machuca East zone has
expanded by 70 meters in depth to 330 meters below surface. Santa
Catalina, which hasn't yet had as much exploratory drilling, has
two zones identified, one over a strike and width of 60 meters and
73 meters, respectively, and to a depth of 362 meters below
surface, and the second at the collars of the holes. 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. Mineralization in the Pie
de Gallo, Machuca, and Santa Catalina zones remain open in all
directions. Drilling has been curtailed in California pending an
analysis of the work that has been completed to date. The upcoming
resource will identify a number of drill targets. As this analysis
progresses, we will be better able to determine where future
drilling should occur. Below is a more complete set of Machuca,
Santa Catalina and NE zone drill result highlights. Please see
Table 1 on our website for a complete set of drill results. Machuca
Zones Drill Results GWY-231 -- 19.0 meters grading 11.6 g/t Au and
16.2 g/t silver (Ag), including 1.0 meter of 120.0 g/t Au and 19.3
g/t Ag, and 1.0 meter of 66.7 g/t Au and 19.5 g/t Ag GWY-210 --
20.0 meters grading 6.7 g/t Au and 8.9 g/t Ag, including 1.5 meters
of 79.8 g/t Au and 21.0 g/t Ag -- 53.0 meters grading 1.5 g/t Au,
including 1.0 meter of 13.2 g/t Au and 1.0 meter of 23.2 g/t Au --
4.0 meters grading 5.4 g/t Au, including 1.0 meter of 17.0 g/t Au
and 17.2 g/t Ag GWY-211 -- 6.0 meters grading 5.9 g/t Au and 62.8
g/t Ag, including 1.0 meter of 14.5 g/t Au and 146.0 g/t Ag, and
1.0 meter of 10.8 g/t Au and 513.0 g/t Ag GWY-213 -- 57.0 meters
grading 2.3 g/t Au and 33.0 g/t Ag, including 2.0 meters of 26.4
g/t Au and 291.0 g/t Ag, 1.0 meter of 15.0 g/t Au and 178.0 g/t Ag,
and 1.0 meter of 17.9 g/t Au and 161.0 g/t Ag -- 16.0 meters
grading 1.6 g/t Au and 34.2 g/t Ag, including 1.0 meter of 7.2 g/t
Au and 200.0 g/t Ag GWY-214 -- 5.0 meters grading 2.8 g/t Au and
39.0 g/t Ag, including 1.0 meter of 5.6 g/t Au and 75.0 g/t Ag --
3.5 meters grading 3.0 g/t Au and 23.9 g/t Ag, including 1.3 meters
of 6.9 g/t Au and 39.4 g/t Ag GWY-216 -- 2.3 meters grading 14.3
g/t Au and 67.5 g/t Ag, including 1.0 meter of 32.2 g/t Au and
152.0 g/t Ag GWY-217 -- 2.0 meters grading 18.4 g/t Au and 668.3
g/t Ag GWY-219 -- 7.0 meters grading 3.0 g/t Au and 163.8 g/t Ag,
including 1.0 meter of 10.7 g/t Au and 65.6 g/t Ag, and 1.0 meter
of 9.0 g/t Au and 1,070.0 g/t Ag -- 23.0 meters grading 1.3 g/t Au
and 10.5 g/t Ag, including 1.0 meter of 7.1 g/t Au and 45.0 g/t Ag,
and 1.0 meter of 5.9 g/t Au and 53.5 g/t Ag -- 3.0 meters grading
7.2 g/t Au and 73.2 g/t Ag, including 1.0 meter of 15.1 g/t Au and
26.2 g/t Ag GWY-220 -- 9.0 meters grading 13.5 g/t Au and 17.9 g/t
Ag, including 1.0 meter of 117.0 g/t Au and 50.2 g/t Ag -- 20.0
meters grading 2.1 g/t Au and 26.5 g/t Ag, including 1.5 meters of
7.3 g/t Au and 10.6 g/t Ag, and 1.0 meter of 18.1 g/t Au and 114.0
g/t Ag GWY-222 -- 17.0 meters grading 1.1 g/t Au and 23.5 g/t Ag --
5.0 meters grading 2.9 g/t Au and 45.2 g/t Ag, including 1.0 meter
of 9.3 g/t Au and 126.0 g/t Ag GWY-223 -- 23.0 meters grading 4.1
g/t Au and 24.0 g/t Ag, including 1.0 meter of 17.3 g/t Au and 60.3
g/t Ag, 1.0 meter of 22.9 g/t Au and 44.0 g/t Ag, and 2.0 meters of
19.9 g/t Au and 86.0 g/t Ag -- 5.3 meters grading 6.1 g/t Au and
73.2 g/t Ag, including 1.0 meter of 21.3 g/t Au and 169.0 g/t Ag --
1.0 meter grading 5.9 g/t Au and 238.0 g/t Ag GWY-227 -- 7.0 meters
grading 2.7 g/t Au and 38.2 g/t Ag, including 1.0 meter of 11.1 g/t
Au and 99.1 g/t Ag GWY-229 -- 9.0 meters grading 5.8 g/t Au and
11.0 g/t Ag, including 2.0 meters of 22.8 g/t Au and 21.9 g/t Ag
GWY-230 -- 2.0 meters grading 11.3 g/t Au and 959.5 g/t Ag GWY-233
-- 10.3 meters grading 1.9 g/t Au and 23.6 g/t Ag, including 1.0
meter of 7.5 g/t Au and 115.0 g/t Ag, and 1.2 meters of 5.8 g/t Au
and 43.5 g/t Ag GWY-235 -- 1.75 meters grading 26.3 g/t Au -- 3.5
meters grading 3.6 g/t Au and 103.4 g/t Ag, including 1.0 meter of
7.6 g/t Au and 172.0 g/t Ag GWY-239 -- 13.0 meters grading 2.3 g/t
Au and 11.1 g/t Ag, including 1.0 meter of 7.1 g/t Au and 14.7 g/t
Ag, and 1.0 meter of 9.4 g/t Au and 29.5 g/t Ag -- 7.0 meters
grading 4.2 g/t Au and 45.8 g/t Ag, including 1.0 meter of 22.4 g/t
Au and 248.0 g/t Ag -- 1.0 meter grading 22.4 g/t Au and 248.0 g/t
Ag -- 11.0 meters grading 1.4 g/t Au and 36.4 g/t Ag, including 1.0
meter of 5.8 g/t Au and 52.6 g/t Ag -- 1.0 meter grading 5.3 g/t Au
and 92.8 g/t Ag GWY-243 -- 6.0 meters grading 3.0 g/t Au and 20.1
g/t Ag, including 1.0 meter of 14.3 g/t Au and 87.1 g/t Ag -- 1.0
meter grading 5.5 g/t Au and 140.0 g/t Ag GWY-247 -- 6.2 meters
grading 6.5 g/t Au and 21.0 g/t Ag, including 1.0 meter of 31.3 g/t
Au and 68.8 g/t Ag GWY-248 -- 17.0 meters grading 2.9 g/t Au and
21.3 g/t Ag, including 1.0 meter of 19.7 g/t Au and 76.1 g/t Ag,
and 1.5 meters of 6.2 g/t Au and 81.8 g/t Ag GWY-249 -- 4.4 meters
grading 3.5 g/t Au and 52.9 g/t Ag, including 1.1 meters of 11.6
g/t Au and 172.0 g/t Ag GWY-251 -- 33.0 meters grading 2.3 g/t Au
and 35.3 g/t Ag, including 1.0 meter of 19.9 g/t Au and 610.0 g/t
Ag, and 1.0 meter of 25.8 g/t Au Santa Catalina Zones Drill Results
GWY-234 -- 5.0 meters grading 2.7 g/t Au and 418.3 g/t Ag,
including 1.0 meter of 6.6 g/t Au and 866.0 g/t Ag GWY-236 -- 14.0
meters grading 1.0 g/t Au and 17.9 g/t Ag, including 1.0 meter of
4.9 g/t Au and 81.3 g/t Ag -- 7.0 meters grading 1.2 g/t Au and
53.3 g/t Ag, including 1.0 meter of 4.5 g/t Au and 326.0 g/t Ag
GWY-238 -- 7.0 meters grading 2.1 Au and 15.2 g/t Ag, including 1.0
meter of 11.8 g/t Au and 18.2 g/t Ag GWY-244 -- 13.5 meters grading
3.7 g/t Au and 59.5 g/t Ag (21.5% core recovery) -- 5.0 meters
grading 2.3 g/t Au and 153.5 g/t Ag, including 1.0 meter of 6.2 g/t
Au and 426.0 g/t Ag GWY-245 -- 8.0 meters grading 1.5 g/t Au and
11.3 g/t Ag, including 1.0 meter of 5.7 g/t Au and 29.4 g/t Ag --
1.0 meter grading 5.8 g/t Au and 93.2 g/t Ag GWY-250 -- 17.0 meters
grading 1.4 g/t Au and 29.3 g/t Ag (17.4% core recovery) NE Zone
Drill Results GWY-210 -- 20.0 meters grading 6.7 g/t Au and 8.9 g/t
Ag, including 1.5 meters of 79.8 g/t Au and 21.0 g/t Ag -- 53.0
meters grading 1.5 g/t Au, including 1.0 meter of 13.2 g/t Au, and
1.0 meter of 23.2 g/t Au -- 4.0 meters grading 5.4 g/t Au,
including 1.0 meter of 17.0 g/t Au and 17.2 g/t Ag -- 3.0 meters
grading 5.3 g/t Au and 35.2 g/t Ag Drill hole GWY-232 was not
drilled. 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. The resources have been prepared in
accordance with NI 43-101 by SRK Consulting (U.S.) Inc., of Tuscon,
Arizona. 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 primarily focused
on the exploration of gold in northeast Colombia, with drill
programs occurring at the California and Vetas gold projects.
Galway 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
Copyright
Galway Resources Ltd. (TSXV:GWY)
Historical Stock Chart
From May 2024 to Jun 2024
Galway Resources Ltd. (TSXV:GWY)
Historical Stock Chart
From Jun 2023 to Jun 2024