Galway Resources

Published : September 08th, 2010

Drills 121.5 Meters Of 2.7 G/T Along Its Boundary With Ventana, And 25.0 Meters Of 3.6 G/T Gold In S

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Coal | Colombia | Diamond | Gold | Peru | Recovery | Silver | Zinc |


Wednesday, September 08, 2010
Galway Drills 121.5 Meters Of 2.7 G/T Along Its Boundary With Ventana, And 25.0 Meters Of 3.6 G/T Gold In San Celestino

Toronto, Ontario: September 8, 2010 - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce results from an additional 12 drill holes from the first phase of its Diamond drill exploration program on the Company's California district property in Colombia. Included in these drill results is the intersection of significant gold mineralization in the Northeast Zone, located along its eastern boundary with Ventana Gold, as well as in the San Celestino Zone, located approximately 1.0 kilometer to the southwest and along trend in the growing California gold camp of Colombia.

"Galway is so encouraged by the exploration results received to date, it has brought in a third drill rig to provide the flexibility it needs to quickly follow up on its early successes. We plan on having one drill rig focusing on each of the three zones at California; the Northeast Zone, the Pie de Gallo Zone and the San Celestino Zone. With this focus the Company fully expects to expand on the strong exploration results it has achieved," cites Robert Hinchcliffe, President and CEO of Galway Resources.

Northeast Zone

Drill holes GWY-30, GWY-32, and GWY-36 were collared in the northeast corner of the property, drilled due south, just inside the boundary with Ventana, with that company concurrently drilling just on the other side of the boundary. Hole GWY-37 was drilled from the same location but fanned out more to the west (refer to the drill hole location map in Figure 1, the location map of significant intercepts in Figure 2 and highlights of the latest drill results in Table 1).

Highlights from Galway's latest results in the Northeast Zone include the following:

  • GWY-37 returned 121.5 meters grading 2.7 grams per tonne gold, true width equals 81.0 meters (g/t Au, TW=), including 79.5 meters of 3.8 g/t Au (TW=53.0m) that includes 1.5 meters of 151.5 g/t Au and 190 g/t silver (Ag); and
  • GWY-30 returned 85.5 meters grading 1.1 g/t Au (TW=60.5m), including 1.5 meters of 21.4 g/t Au; and
  • GWY-32 returned 148.5 meters grading 0.65 g/t Au (TW=87.0m), including 1.5 meters of 5.3 g/t Au.
These intersections correlate well with previously reported surface sampling that returned 36.0 meters of 2.2 g/t Au, including 8.0 meters of 6.6 g/t.

Drill holes GWY-24 and GWY-27 were drilled approximately 100 meters west of the drill pad setup for GWY-30, GWY-32, GWY-36 and GWY-37. Hole GWY-27, which was a twin of GWY-24 because GWY-24 had poor core recovery and therefore did not reach its intended depth, intersected 5.8 meters of 1.4 g/t Au and 7.6% Zn. A significant previously reported drill intercept from the same pad in which GWY-27 was collared was GWY-19, which returned 1.5 meters of 109.5 g/t and 42.5 g/t Ag, plus 15.0 meters of 0.8 g/t Au (located 10.5m up-hole from the 109.5 g/t intercept).

San Celestino Zone

Galway is also pleased to report additional drill results from the San Celestino Zone (previously known as the El Dorado Zone), located along strike to the southwest of the Northeast Zone. Highlights of drill results from San Celestino include the following:
  • GWY-26 returned 25.0 meters of 3.6 g/t Au and 18.1 g/t Ag, including 16.0 meters of 5.4 g/t Au and 24.9 g/t Ag that includes 4.0 meters of 16.5 g/t Au and 84.9 g/t Ag. Included within this narrower interval is 1.5 metres of 27.4 g/t Au, 146.0 g/t Ag and 1.4% zinc (Zn); and
  • GWY-29 returned 40.5 meters grading 1.5 g/t Au and 21.7 g/t Ag, including 1.5 meters of 13.0 g/t Au and 28.0 g/t Ag, plus 9.5 meters grading 1.5 g/t Au; and
  • GWY-39 returned 17.1 meters grading 1.5 g/t Au and 22.9 g/t Ag, including 1.5 meters of 4.4 g/t Au and 109.0 g/t Ag. It is worth noting that GWY-38 and GWY-39 were collared approximately 100 meters to the southwest of GWY-26 and GWY-29.
These drill results are located in the same San Celestino Zone as those previously reported for GWY-14, GWY-17, GWY-20, GWY-22, GWY-23 and GWY-25. Highlights from previously reported results in the San Celestino Zone are as follows:
  • GWY-22 returned 11.0 meters grading 9.9 g/t Au and 145.3 g/t Ag, including 3.3 meters of 30.4 g/t Au and 441.6 g/t Ag; and
  • GWY-23 returned 7.2 meters grading 7.6 g/t Au, 62.4 g/t Ag and 1.4% Zn, including 3.0 meters of 14.3 g/t Au, 164 g/t Ag and 2.7% Zn; and
  • GWY-25 returned 3.0 meters grading 24.6 g/t Au and 254.5 g/t Ag, including 1.5 meters of 47.1 g/t Au and 430.0 g/t Ag.
In addition to the current and previously reported drill results at San Celestino, Galway has also reported channel samples from the San Celestino mine, such as 19 meters grading 40.7 g/t Au and 752.4 g/t Ag over a true thickness of 7.1 meters. Galway has now discovered significant gold mineralization over a strike length of approximately 200 meters and to a depth of approximately 190 meters in the San Celestino Zone. Refer to Galway's July 22, 2010 and March 5, 2010 press releases for details of its drilling and channel sampling results in the San Celestino Zone.

Pie de Gallo Zone

Results received for the Northeast Zone and the San Celestino Zone are very much in-line with those previously received from the Pie de Gallo Zone, which is located between the two. Now that Galway has three drill rigs on its California properties, it intends to devote one to each zone. The Company has already followed up on previously identified gold mineralization in the Pie de Gallo Zone with drill holes GWY-42, GWY-43 and GWY-46 completed with assays pending. The setup for these three holes is from a drill pad located approximately 30 meters to the southwest of thick intervals of up to 38.5 meters grading 2.5 g/t Au in GWY-02, and narrower intervals of higher grade mineralization such as 3.0 meters of 32.8 g/t Au in GWY-01.

Once drilling from its current location in the Pie de Gallo Zone is complete, Galway plans to move the rig closer to the previously released drill hole interval identified in GWY-10. This will enable the Company to follow up on the strong results received from GWY-10, which returned 89.0 meters grading 3.2 g/t Au, including 9.0 meters of 23.0 g/t Au that includes 3.0 meters of 50.0 g/t Au. Follow-up drilling to GWY-10 is scheduled to begin in approximately two weeks.

In summary, Galway has now identified significant intercepts of both relatively narrow high-grade and wide lower-grade gold mineralization in all three zones over a 1.0 kilometer length of its California property. For a complete list of drill results released to date, please refer to the table of Assay Result Highlights on our website.

Mineralization
Mineralization is easily recognizable as silicification/quartz veins in argillized Precambrian gneiss host rock. The mineralization contact angles to the core are not obvious. Veining is generally running east-west and northwest-southeast, and most commonly 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 are assayed by ALS Chemex in Lima, Peru, after preparation at the Chemex facility in Bogota, Colombia. The veins and silicified zones are sent for metallic screens. For all other samples, the samples were fire assayed with an AA with gravimetric finish. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments. A portion of the pulps and rejects are sent to a second lab for check assaying, 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 is generally good to excellent. All intersections are currently uncut as a result of insufficient data.

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 a drilling program occurring at the California gold project and extensive underground channel and surface sampling taking place at the nearby Vetas gold project. The Company has also reported that drilling is underway at the GALCA coal project in Colombia, which is being managed and funded by Prodeco, the Colombian subsidiary of Glencore. Efforts are underway to secure access from the GALCA property owners to move the drill rig to the next set of planned drill holes.

For further information contact:

Galway Resources Ltd.
Robert Hinchcliffe
President and Director
1-800-475-2412
www.galwayresources.com

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.

You can also view this News Release on our website at:
http://www.galwayresources.com/s/NewsReleases.asp?ReportID=417527

� 2010 Galway Resources All Rights Reserved.
Data and Statistics for these countries : Colombia | Peru | All
Gold and Silver Prices for these countries : Colombia | Peru | All

Galway Resources

EXPLORATION STAGE
CODE : GWY.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Galway is a molybdenum and tungsten exploration company based in United states of america.

Galway holds various exploration projects in Colombia.

Its main exploration properties are CALIFORNIA, SURATA GOLD, VETAS GOLD and VICTORIO in Colombia.

Galway is listed in Canada. Its market capitalisation is CA$ 303.7 millions as of today (US$ 307.6 millions, € 233.0 millions).

Its stock quote reached its lowest recent point on February 06, 2009 at CA$ 0.04, and its highest recent level on December 21, 2012 at CA$ 2.38.

Galway has 132 028 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Galway Resources
Annual Report 2007
Project news of Galway Resources
11/27/2013Gold's Maiden Vetas Resource Averages Over 10.0 G/T AU
7/19/2013Gold Terminates Option Agreement on the Coloro Property
3/21/2013Gold Doubles Veins Identified at Vetas' El Volcan and Expand...
10/19/2012(Victorio)Announces Premium Cash Offer for Galway Shareholders and the...
10/9/2012Discovers 3 New High Grade Gold Zones at Vetas; 26.0g/t ove...
9/14/2012Intersects Several Zones of High Grade Gold Mineralization a...
9/13/2012(California)Releases Maiden California Resource Estimate; 93-99% Metallu...
9/6/2012Intersects 11.6 g/t Au Over 19.0 m, Expands Machuca
5/9/2012(California)Intersects 19.0 Meters of 18.9 g/t Gold at New California So...
3/14/2012Vetas Intersects Very High Grade Gold, Discoveries To Depth ...
10/6/2011Drills 46.0 g/t Gold And 375.9 g/t Silver Over 2.3m, With 21...
9/16/2011Intersects 14.0M of 21.6 G/T Au And 475.7 G/T Ag and 8.0M Of...
8/22/2011Intersects 138 G/T Au over 1.1m, 44.7 G/T Au and 1,120 G/T A...
7/21/2011Best Gold Intersect Yet: 26 m of 129 g/t and 21.5 m of 8.5 g...
7/14/2011Intersects 97.0 m of 3.0 g/t Gold, 86.0 m of 2.7 g/t Gold an...
5/19/2011Hits 50.0 M of 8.3 g/t, Including 29.0 M of 13.6 g/t Gold
5/11/2011Provides a Corporate Update on Progress of its Projects
5/5/2011Hits Five Separate Gold Bearing Intervals in the Second Hole...
4/26/2011Intersects 36.0 m of 8.9 g/t Gold in Wider Interval of 125.0...
4/13/2011Intersects 76.0 Meters of 3.3 Grams per Tonne Gold and Provi...
4/8/2011(Vetas Gold)Announces Start of Drilling and Exploration Update at its Ve...
3/1/2011Intersects 15.7 m Of 8.0 g/t Gold and Thick Intervals in the...
4/21/2010Reports High Grade Gold Results From The Upper Level Of El V...
2/17/2010Reports High Grade Gold Channel Sample Results From Its Rece...
8/19/2008(Victorio)Releases New Resource Estimates For The Victorio Project
8/15/2008(Victorio)Reports 40 Feet Of High Grade Mineralization At The Victorio...
7/3/2008(Victorio)Infill Drilling Intercepts 55 Feet Of High Grade Molybdenum ...
6/3/2008(Victorio)Engages John Tumazos To Commercialize The Victorio Project
5/7/2008(Victorio)Infill Drilling Intercepts 75 Feet Of High Grade Molybdenum ...
4/23/2008(Victorio) Files Scoping Study For Victorio Molybdenum-Tungsten Projec...
2/28/2008(Victorio)Reports Positive Scoping Study Results For The Victorio Proj...
2/7/2008Infill Drilling Intercepts 170 Feet Of Tungsten Mineralizati...
12/11/2007(Victorio) Provides an Update for the Victorio Molybdenum/Tungsten Pro...
Corporate news of Galway Resources
6/4/2013Gold Provides Corporate Update And Awards Incentive Stock Op...
1/22/2013Gold's Reina De Oro Concession is Unaffected by Colombia's N...
8/30/2012(California)Receives Titles For California Concessions
8/29/2012Enters Into Credit Agreement For $10 Million
10/26/2011Provides Review of Drill Results from its Ongoing Gold-Silve...
8/2/2011Provides Update on Personnel for its Ongoing Gold Initiative...
6/22/2011Intersects 21.9 g/t Gold Over 6.7m, 82.4 g/t Gold Over 2.7m ...
3/16/2011Batista Plans IPO of Colombia Gold Unit, Abandons EBX Sale
2/9/2011Hits 16.5 m Of 8.1 g/t Gold, Bridging the Gap Between the Pi...
5/10/2010Drills 89.0 Meters of 3.2 Grams Per Tonne Gold, Including 9....
2/1/2010(Vetas Gold)Receives Gold Concession in Surata, Columbia, Near its Calif...
2/5/2009Reports Prodeco Signs Agreement For Galca Coal Project In Co...
7/29/2008Metallurgical Test Results Confirm Historical Results For Mo...
2/1/2008Provides A Corporate Update
12/18/2007Announces A New Colombian Exploration Initiative
12/6/2007Reports Positive Results From Its Infill Drilling Program At...
10/25/2007 Announces Expanded Resource Estimate For The Victorio Molyb...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (GWY.V)
2.30-0.86%
TSX-V
CA$ 2.30
12/20 16:00 -0.020
-0.86%
Prev close Open
2.32 2.32
Low High
2.30 2.32
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  2.30 -%
Volume 1 month var.
302,766 -%
24hGold TrendPower© : 27
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.43%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.