ON WITH THE SHOW.....
COULD BE A SHORT TERM DOUBLE FROM HERE. LIQUIDITY AND NEWS RELEASES WOULD HELP IT ALONG.
NGE.V...NO STORY HERE YET JUST SOME RAMPANT SPECULATION. LOOKS LIKE A RUSH TO GET IN. BIG CHANGE ON MOMENTUM AVERAGES, ON CAPITAL INFLOW AND IN DISTRIBUTION. THE PIG SAYS IT MAY BE EARLY ON BUT A CONSIDERATION COULD BE MADE FOR A PIECE OF IT.
Galway intercepts high-grade gold in three of its first seven drill holes at its California concessions in Colombia
TORONTO, April 15 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce that it has received assay results from the first seven drill holes from the first phase of diamond drill exploration on its wholly-owned Pie De Gallo property in the California area of Colombia. Three of the seven drill holes have significant intercepts of approximately 30 grams of gold per tonne (g/t Au). Moreover, as Table 1 on page 2 shows, there were 21 notable intercepts of gold mineralization contained in the first seven holes, the thickest of which was 31 meters containing 2.9 g/t Au, while the highest grade was 32.8 g/t Au over 3 meters. The California properties are located adjacent to and along strike with Ventana's La Mascota discovery, and Greystar's Angostura gold deposit, which contains a NI 43-101 resource of 11,549,000 ounces Au averaging 1.09 g/t Au.
"These first results confirm Galway's belief that significant high-grade gold deposits exist on its Colombian properties. A second man-portable rig will begin drilling on Monday, which will allow Galway's drill program to progress more rapidly. The drill program is designed to test the main mineralized structures and other mineralized structures we are discovering through our exploration efforts," cites Robert Hinchcliffe, President and CEO of Galway Resources.
Drill Hole Results
The Company is pleased to announce significant high-grade gold assay results from drill hole sampling. Some of the highlights include:
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- 22.4 g/t Au and 164 g/t silver (Ag) over 4.5 meters (m) (including
32.8 g/t Au and 246 g/t Ag over 3m), from 317-321.5m downhole, from
GWY-01
- 11.7 g/t Au over 1.5m (from 67.2-68.7m) and 3.4 g/t Au over 3.3m
(from 89.7-93.0m) from GWY-01
- 2.9 g/t Au over 31.0m (including 29.1 g/t Au over 1.5m) from 115.5-
146.5m downhole, from GWY-02
- 3.6 g/t Au over 10.5m (from 132.3-142.8m) from GWY-03
- 3.2 g/t Au over 1.5m (from 36.5-38.0m) and 1.4 g/t Au over 10.4m
(from 6.5-17.0m) from GWY-05
- 4.4 g/t Au over 6.0m (from 71.5-77.5m) including 1.5m of 15.5 g/t Au
from GWY-06
- 30.0 g/t Au over 3.0m (from 46.5-49.5m) from GWY-07
>>
The first seven drill holes are located within the Pie de Gallo open pit, where surface sampling returned 28m of 16.6 g/t Au, and 34m of 3.8 g/t Au along dark grey silicified breccia zones.
GWY-01 through GWY-04 were drilled from the same drill pad. The 22.4 g/t Au and 164 g/t Ag over 4.5m in GWY-01 is a new discovery. This new discovery will be followed up with further drilling, MMI soil survey and I.P. geophysics. GWY-02 and GWY-03 were drill tests to determine the attitude of the main structural trend in the Pie de Gallo open pit. GWY-04 was a wildcat test hole looking for mineralization and additional structures in the hanging wall of the main trend; no significant mineralization was found.
GWY-05, the first hole drilled with the new man portable drill, was designed to test the structure underneath high grade outcrops in the open pit. At 56 meters it encountered an unknown historic mine and had to be terminated. GWY-06 was designed to drill across and test the mineralized structures in the open pit. GWY-07 was designed to test the down dip extension of other high grade outcrops in the open pit. All drill holes, except GWY-05 which was terminated early, achieved their objectives and have greatly improved our understanding of the geology and structural controls of the gold mineralization.
<<
Table 1: Select Drill Intercepts for Holes 1-7
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Hole ID From To Intercept
(core) (meters) (meters) (meters) Au g/t
-------------------------------------------------------------------------
GWY-01 29.0 32.1 3.1 1.1
67.2 77.7 10.5 2.0
including 67.2 68.7 1.5 11.7
89.7 93.0 3.3 3.4
106.5 112.5 6.0 1.2
124.5 129.0 4.5 1.5
317.0 321.5 4.5 22.4
including 318.5 321.5 3.0 32.8
-------------------------------------------------------------------------
GWY-02 23.5 26.5 3.0 1.2
35.5 37.0 1.5 2.1
115.5 146.5 31.0 2.9
including 124.0 125.5 1.5 29.1
-------------------------------------------------------------------------
GWY-03 114.3 129.3 15.0 1.2
132.3 142.8 10.5 3.6
-------------------------------------------------------------------------
GWY-05 6.6 17.0 10.4 1.4
including 8.5 11.5 3.0 3.0
36.5 38.0 1.5 3.2
55.0 56.6 1.6 1.1
-------------------------------------------------------------------------
GWY-06 46.0 49.0 3.0 1.7
58.0 62.5 4.5 1.2
71.5 77.5 6.0 4.4
including 73.0 74.5 1.5 15.5
94.0 104.5 10.5 1.4
-------------------------------------------------------------------------
GWY-07 46.5 49.5 3.0 30.0
142.0 158.5 16.5 1.4
172.5 174.0 1.5 1.0
-------------------------------------------------------------------------
>>
Mineralization
Mineralization is easily recognizable as silicification/quartz veins in argillized Precambrian gneiss host rock. The new discovery in hole GWY-01 is in a slightly sheared stockwork, along fine veinlets and disseminations, and contains 5-10 percent sulphides of pyrargyrite, sphalerite, chalcopyrite and pyrite. It is also anomalous in lead and antimony. The mineralization contact angles to the core are not obvious. Veining is generally running east-west and northwest-southeast, and generally dipping steeply north. Mineralization remains open in all directions.
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 were assayed for Metallic Screen test by SGS at its Peru Minerals laboratory in Callao, after preparation at an SGS facility in Medellin, Colombia. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments. True widths are unknown at this time.
About the Company
Galway Resources is a well capitalized company, primarily focused on the exploration of gold and coal in Colombia. While the core focus of the Company at the moment is gold exploration in Colombia, the Company reported that drilling has commenced at the GALCA coal project in Colombia. The initial 19 hole drill program on the GALCA property is being managed and funded by Prodeco, the Colombian subsidiary of Xstrata. For more details see the press release dated November 17, 2009.
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.
For further information: Galway Resources Ltd., Robert Hinchcliffe, President and Director, 1-800-475-2412, www.galwayresources.com
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