GALWAY IDENTIFIES HIGH-GRADE GOLD MINERALIZATION OVER AN 850 METER STRIKE LENGTH AT CALIFORNIA IN COLOMBIA
2010-07-22 14:11 MT - News Release
Mr. Robert Hinchcliffe reports
GALWAY IDENTIFIES HIGH-GRADE GOLD MINERALIZATION OVER AN 850 METER STRIKE LENGTH AT CALIFORNIA IN COLOMBIA
Galway Resources Ltd. has received assay results from 14 additional drill holes from the first phase of its diamond drill exploration program on its California property in Colombia. Highlights include 1.5 metres of 109.5 grams per tonne gold from GWY-19, the closest hole to Galway's eastern boundary with Ventana (118 metres west) and the most northeast of drill results the company has received to date.
Near the most southwest of drill results the company has received to date, the high-grade structures identified in the San Celestino (El Dorado) mine were tested by holes GWY-22, GWY-23 and GWY-25. All three of these holes returned significant gold and silver intercepts, highlights of which include the following:
GWY-22 returned 11.0 metres grading 9.9 g/t Au and 145.3 g/t silver, including 3.3 metres of 30.4 g/t Au and 441.6 g/t Ag.
GWY-23 returned 7.2 metres grading 7.6 g/t Au, including 3.0 metres of 14.3 g/t Au, 164.0 g/t Ag and 2.7 per cent zinc.
GWY-25 returned 3.0 metres grading 24.6 g/t Au and 254.5 g/t Ag, including 1.5 metres of 47.1 g/t Au and 430.0 g/t Ag.
These results, coupled with previous results released on May 10, 2010, which were located near the middle of the property and in the vicinity of the Pie de Gallo open pit (most notably 89.0 metres grading 3.2 g/t Au, including 9.0 metres of 23.1 g/t Au and 267.0 g/t Ag), demonstrate that Galway has now identified significant intercepts of high-grade gold mineralization over an 850-metre strike length.
Massive 50-metre-and-60-metre silicified zones in holes GWY-11 and GWY-12, located 260 metres northeast of previously released drill hole GWY-10 (and 100 metres west of GWY-19), returned 1.5 metres of 16.4 g/t Au plus 21.0 metres grading 1.1 g/t Au in GWY-11, and 11.0 metres of 3.3 g/t Au plus 5.5 metres grading 3.8 g/t Au in GWY-12. The intersection of 1.5 metres of 109.5 g/t in GWY-19 is currently being followed up by drilling approximately 100 metres farther east along the Galway/Ventana property boundary.
"The presence of significant mineralization across 850 metres of strike length bodes well for the next phase of drilling, in which Galway will shift away from the systematic approach of stepping out to identify structures toward a more focused approach of better delineating and expanding the high-grade veins already discovered," cites Robert Hinchcliffe, president and chief executive officer of Galway Resources.
HIGHLIGHTS OF THE LATEST DRILL RESULTS
From To Interval
Hole No. Azimuth Dip (m) (m) (m) Au g/t Notes
GWY-10 5 -65 33.5 122.5 89.0 3.2 Previously reported
(May10)
Including 88.0 97.0 9.0 23.1 267.0 g/t Ag
Including 91.0 94.0 3.0 50.0 383.0 g/t Ag,
1.4% Cu, and
8% Zn
GWY-11 180 -51 235.5 237.0 1.5 16.4
240.0 243.0 3.0 2.6
264.0 285.0 21.0 1.1
304.5 310.5 6.0 1.2 58.2 g/t Ag
GWY-12 180 -51 145.95 157.0 11.0 3.3
Including 148.95 151.85 2.9 7.2
214.5 217.5 3.0 1.8 20.2 g/t Ag
240.0 245.50 5.5 3.8
Including 242.0 244.0 2.0 8.4
GWY-14 195 -45 235.0 239.5 4.5 1.3 24.2 g/t Ag
254.5 257.5 3.0 1.6
260.5 266.5 6.0 2.9
280.0 289.0 9.0 3.2 67.3 g/t Ag
Including 287.5 289.0 1.5 7.5 170.0 g/t Ag
GWY-17 165 -45 24.0 28.6 4.6 4.3
99.00 107.1 8.1 1.5 15.2 g/t Ag
118.5 126.0 7.5 1.4 15.4 g/t Ag
GWY-19 180 -60 195.0 210.0 15.0 0.8
220.5 222.0 1.5 109.5 42.5 g/t Ag
GWY-20 165 -75 28.5 31.50 3.0 1.3
141.0 147.0 6.0 2.8
184.5 186.0 1.5 1.4
GWY-22 160 -45 42.0 53.0 11.0 9.9 145.3 Ag; hit mine
at 56 m
Including 45.3 48.6 3.3 30.4 441.6 g/t Ag
GWY-23 160 -60 46.0 53.2 7.2 7.6 62.4 g/t Ag
Including 46.0 49.0 3.0 14.3 164.0 g/t Ag
and 2.7% Zn
GWY-25 160 -75 83.5 85.0 1.5 7.6
112.0 136.0 pending
184.0 187.0 3.0 2.7
192.0 195.0 3.0 24.6 254.5 g/t Ag
Including 192.0 193.5 1.5 47.1 430.0 g/t Ag
Holes GWY-13, 15, 16 and 21 returned no significant gold; GWY-18 was lost at
50 metres; assay results for GWY-24 have not yet been received.
The intersection of 11.0 metres grading 9.9 g/t Au in GWY-22 cuts approximately 30 metres above the same mineralized structure identified in GWY-23, which carried 7.6 g/t over 7.2 metres, and above intersections in GWY-25 of 7.6 g/t over 1.5 metres and 24.6 g/t over 3.0 metres. These results are found below previously reported channel samples from the San Celestino mine, such as 19 metres grading 40.7 g/t Au and 752.4 g/t Ag over a true thickness of 7.1 metres. As such, Galway has to date identified mineralization to a depth of 190 metres in the structure below the San Celestino mine. A series of holes will attempt to test the strike extension of the San Celestino structure west of the San Celestino mine.
Galway currently has two drill rigs operating on its California properties, with a third drill scheduled to commence operations in the next two to three weeks. Two of the three drills will shift away from the systematic 100-metre step-out type of exploration, where structures were being identified toward the better delineation and expansion of the significant gold discoveries. The third drill will continue to test for extensions of the San Celestino structure.
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, Mike Sutton, PGeo, 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. The company's quality assurance/quality control program includes the regular insertion of blanks and standards into the sample shipments. True widths are unknown at this time. Core recovery in the mineralized zones is generally good to excellent.
We seek Safe Harbor.
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