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GALWAY INTERSECTS 15.7 M OF 8.0 G/T GOLD AND THICK INTERVALS IN THE GAP BETWEEN THE PIE DE GALLO AND NORTHEAST ZONES
Mar. 1, 2011 (Canada NewsWire Group) --
TORONTO, March 1 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from six additional drill holes from its diamond drill exploration program on the Company's California property in Colombia. All six holes returned between three and five intercepts of significant gold mineralization, half of the holes intercepted over 90 meters of over 1 g/t gold, and all of the holes returned silver mineralization as well. Galway's California property is located adjacent to, and along strike to the southwest of Ventana's La Bodega/La Mascota project, and three km to the southwest of Greystar's Angostura project, which is also along strike. Galway's California property is at lower elevations than both Ventana's La Bodega/La Mascota and Greystar's Angostura projects, and is not subject to development restrictions associated with Páramo legislation. Galway also owns a previously-reported 360 meter-long fractional land position within the main La Mascota mineralized structure (click here to view map, and for a more complete summary refer to Galway's December 15, 2010 press release). Ventana is in the midst of being acquired by AUX Canada, a company owned by Mr. Eike Batista, for in excess of $1.5 billion in cash.
Four of the new holes Galway is reporting, GWY-82, GWY-84, GWY-85 and GWY-87, were drilled in the gap area and from the same two drill pads as the two discovery holes for this area, GWY-76 (16.5 meters grading 8.1 g/t gold) and GWY-79 (22.0 meters grading 1.2 g/t gold) (refer to Galway's February 9, 2011 press release). The holes being reported today confirm the presence of thick intervals of gold mineralization located between the significant results previously received for the Pie de Gallo and Northeast Zones. This strongly enhances Galway's view that the Pie de Gallo and Northeast Zones are actually part of the same continuous mineralized structure that stretches at least 600 meters from Galway's common border with Ventana to the southwest through the Pie de Gallo open pit. This 600 meters doesn't include the San Celestino Zone where Galway has also previously reported significant mineralization, such as 11.0 meters grading 9.9 g/t gold in GWY-22, 25.0 meters grading 3.6 g/t gold in GWY-26, 7.2 meters grading 7.6 g/t gold in GWY-23 and 40.5 meters grading 1.5 g/t gold in GWY-29, among others. If the Company is able to bridge the gap to the San Celestino Zone, the continuous mineralized corridor could be extended to 1.2 kilometers in length.
"We continue to be pleased with the successes achieved in our California exploration program, and are encouraged by our ability to identify a long, continuous corridor of strong, near-surface gold mineralization. It is occurring at a time when we are about to embark on our Vetas drilling program, which is set to begin within the next few weeks," cites Robert Hinchcliffe, President and CEO of Galway Resources.
Gap Area (between the Pie de Gallo and Northeast Zones) Highlights:
GWY-87
* 99.0 meters grading 1.3 grams per tonne gold (g/t Au) and 38.5 g/t silver (Ag), including 19.0 meters of 3.0 g/t and 145.6 g/t Ag, which also includes 6.0 meters of 5.9 g/t Au and 337.3 g/t Ag, plus 2.0 meters of 4.2 g/t Au, plus 2.0 meters of 3.5 g/t Au and 35.5 g/t Ag
* 22.5 meters grading 0.9 g/t Au and 31.2 g/t Ag, including 2.5 meters of 2.1 g/t Au and 83.7 g/t Ag
* 34.5 meters grading 0.7 g/t Au
* 4.0 meters grading 1.1 g/t Au and 42.5 g/t Ag
GWY-85
* 93.0 meters grading 1.5 g/t Au and 23.2 g/t Ag, including 10.0 meters of 3.7 g/t Au and 78.1 g/t Ag, plus 4.5 meters of 3.5 g/t Au and 17.2 g/t Ag
* 2.0 meters grading 6.6 g/t Au
* 6.0 meters grading 1.0 g/t Au and 60.9 g/t Ag
GWY-84
* 39.0 meters grading 2.1 g/t Au, including 1.5 meters of 17.4 g/t Au and 1.5 meters of 9.5 g/t Au
* 12.0 meters grading 5.0 g/t Au, including 4.5 meters of 12.2 g/t Au, which also includes 1.5 meters of 28.2 g/t Au
* 7.5 meters grading 5.4 g/t Au and 10.9 g/t Ag, including 1.5 meters of 22.9 g/t Au
* 18.4 meters grading 2.3 g/t Au and 10.4 g/t Ag, including 3.0 meters of 7.7 g/t Au and 32.7 g/t Ag
* 43.5 meters grading 0.8 g/t Au, including 15.0 meters of 1.1 g/t Au
GWY-82
* 2.0 meters grading 8.7 g/t Au
* 7.5 meters grading 1.6 g/t Au, including 1.5 meters of 5.1 g/t Au
* 7.0 meters grading 1.1 g/t Au and 12.4 g/t Ag
* 6.0 meters grading 0.8 g/t Au
* 4.5 meters grading 0.8 g/t Au and 11.8 g/t Ag
All maps and sections associated with this press release and a complete summary of drill hole assay results provided in Table 1 can be found on Galway's website at http://www.galwayresources.com. 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.
Two of the thickest intervals of gold mineralization being reported, 93.0 meters grading 1.5 g/t gold and 23.2 g/t silver in GWY-85 and 99.0 meters grading 1.3 g/t gold and 37.1 g/t silver in GWY-87, begin at surface and 72.0 meters downhole, respectively. However, GWY-87 has two other thick mineralized intervals, including 22.5 meters grading 0.9 g/t gold and 31.2 g/t silver and 34.5 meters grading 0.7 g/t gold, with the 22.5 meter interval also starting at surface and the 34.5 meter interval starting 29.5 meters downhole (7.0 meters after the 22.5 meter interval). The mineralization in GWY-79, GWY-82, GWY-85 and GWY-87 appear to correlate well with GWY-37, which contained 121.5 meters grading 2.7 g/t Au, GWY-58, which contained 96.0 meters grading 1.7 g/t Au, and GWY-55, which contained 70.0 meters grading 1.7 g/t Au plus 13.5 meters grading 2.3 g/t Au, amongst several others.
Mineralization encountered in GWY-76 and GWY-84 appears to correlate well with intercepts reported for GWY-79, GWY-82, GWY-85 and GWY-87 located 65 meters to the northeast. The northern-most vein in hole GWY-84 (12.0 meters grading 5.0 g/t) lines up with a high grade intercept in GWY-19, which returned 1.5 meters of 109.5 g/t gold and 42.5 g/t silver, and with the intercept of 16.5 meters grading 8.1 g/t in GWY-76. The southern-most vein in hole GWY-84 (18.4 meters grading 2.3 g/t Au and 10.4 g/t Ag) lines up with the southern-most vein in hole GWY-36 (46.7 meters of 0.5 g/t), located 140 meters to the northeast. Both of these intervals terminated in mineralization, with GWY-84 ending 348 meters below surface and GWY-36 ending 338 meters below surface. This clearly indicates that, not only is Galway finding significant gold mineralization beginning at surface, but that exploration potential exists at depth as well. Mineralization in the Northeast Zone has been identified from surface to a depth of 350 meters, over a strike length of 220 meters and a width of 135 meters. Mineralization in the Northeast Zone remains open in all directions.
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