Galway Reports Encouraging Results And Provides A Drilling Update For The California Gold Project
"We are extremely pleased with the high-grade gold and silver samples being collected in the El Dorado area," commented Robert Hinchcliffe, CEO of Galway Resources. "The results are consistent with preliminary samples collected last year and strongly suggest that the gold mineralization in the Pie de Gallo open pit extends to the southwest. Equally important, we have taken proactive steps to get the drilling program back on track, the details of which are provided below."
Highlights include:
- 40.7 g/t Au and 752 g/t silver (Ag) in 135 square meters of silicified, brecciated, quartz vein stockwork (27 samples, 2.0m average channel sample width, structure is approximately 19m long by 7.1m wide).
- 29.0 g/t Au and 260 g/t Ag over a strike length of 8.9 meters (4 channel samples, 1.8m average channel sample width).
- 8.8 g/t Au and 72 g/t Ag over a strike length of 15.0 meters (8 channel samples, 2.0m average channel sample width).
- Silver values ranged from trace to 3,980 g/t (128 ounces per ton).
In response to lower than expected drill production, Galway has taken proactive measures. The Company has engaged another drilling company with a man-portable drill which is on-site and drilling with much improved production. In addition, Galway has entered into an agreement with CABO, an international drilling company, to drill up to 30,000 meters in the California district. CABO is mobilizing the first man-portable drill to California. A second drill will be mobilized later in March. To date, five holes have been completed for a total of 1,200 meters in the Pie De Gallo pit. Assays are pending.
Initial channel sampling of the El Dorado mine, which occurred in 2009, was restricted to only one level of the mine. The earlier results include 9.2 g/t Au over 130 meters (contained in 68 samples), including 27.3 g/t over 20 meters along multiple stacked zones (refer to the August 11, 2009 press release for details). More recent follow-up channel sampling in the Pie de Gallo area was designed to be a more comprehensive program. Samples lengths were 0.8 to 2 meters, taken across veins and structures (see Figures 1 and 2). The mineralization at El Dorado is contained in dark grey, silicified breccia with pyrite, and minor sphalerite. As at the Pie De Gallo open pit, veining is generally running east-west and northwest-southeast, and dipping north in two sets at 40º and at 75º. Mineralization remains open in all directions.
The Company maintains a rigorous quality control program using repeat assays, inserted blanks, and the use of certified standards from an accredited Canadian laboratory. All rock samples were submitted to SGS in Medellin, Colombia, and assayed using standard fire assay with atomic absorption techniques at SGS's lab in Lima, Peru.
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 by Metallic Screen test by SGS at its Callao, Peru minerals laboratory after preparation at the SGS preparation facility in Medellin, Colombia. The Company maintains a rigorous quality control program using repeat assays, inserted blanks, and the use of certified standards from an accredited Canadian laboratory.
True widths are 75% to 100% of sample widths.
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.
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.
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Galway Reports High Grade Results as Grades and Strike Lengths Improve at El Volcan
"We consider Galway's latest results as providing further evidence that Vetas hosts significant high-grade gold mineralization over long intervals, and our exploration program at the mine complements well our other recent efforts just eight kilometers to the northwest at California. Indeed, we are encouraged by our discovery of a 70.1 meter strike length (with a 0.9 meter true width) that has an average grade of 104.8 grams per tonne gold, and that several of the veins appear to be getting richer over longer intervals when compared with prior results," cites Robert Hinchcliffe, Galway's President and CEO.
Higher Grades Over Longer Intervals
Grades returned include 1,374.8 grams per tonne (g/t) gold (Au) over a strike length of 5.0 meters (0.8 m true width), and 223.8 g/t Au over a strike length of 25 meters (0.9 m true width). Refer to Table 1 for select results from Galway's channel sampling program at its El Volcan mine. The 223.8 g/t intercept represents just one of five improvements in grade and strike length that Galway has identified in its latest results when compared with those released on February 17th. Four of the improvements occurred along the Manzanilla vein, while the other improvement occurred in the Corteros Vein. We present our findings for these veins, as well as for Loscas and Tajo Abierto below:
Manzanilla Vein
- 223.8 g/t Au over a strike length of 25 meters (9 samples over 0.9m average true width), including 459.0 g/t Au over 11.5 meters. This compares with Galway's previously reported interval of 48.3 g/t Au over 15 meters.
- 87.9 g/t Au over a strike length of 18.5 meters (6 samples over 0.9m average true width), including 381.5 g/t Au over 1.2 meters. This compares with Galway's previously reported interval of 24.7 g/t Au over 12.0 meters.
- 31.4 g/t Au over a strike length of 12.5 meters (6 samples over 1.0m average true width), including 45.0 g/t Au over 5.0 meters. This compares with Galway's previously reported interval of 24.2 g/t Au over 7.2 meters.
- 17.8 g/t Au over a strike length of 8.0 meters (3 samples over 0.93m average true width). This compares with Galway's previously reported interval of 14.6 g/t Au over 5.0 meters.
- 67.1 g/t Au over a strike length of 7.5 meters (3 samples over 1.0m average true width), including 94.5 g/t Au over 5 meters, and
- 26.0 g/t Au over a strike length of 30.5 meters (11 samples over 0.8m average true width). Of this 30.5 meter interval, a 1.2 meter portion that graded 183.1 g/t Au was released February 17th, but another 23.5 meter interval that graded 29.8 g/t Au significantly extended the strike length of this high grade vein.
Corteros Vein
- 7.9 g/t Au over a strike length of 21.5 meters (10 samples over 0.9m average true width), including 20.6 g/t Au over 4.5 meters. This compares with Galway's previously reported interval of 6.2 g/t Au over 17.0 meters.
- 86.8 g/t Au over a strike length of 10.0 meters (4 samples over 0.9m average true width), including 319.8 g/t Au over 1.2 meters.
- 9.3 g/t Au over a strike length of 14.5 meters (6 samples over 0.8m average true width), including 14.9 g/t Au over 7.5 meters.
Loscas Vein
- 1,374.8 g/t Au over a strike length of 5.0 meters (3 samples over 0.8m average true width), including 2,744.9 g/t Au over 1.2 meters, and
- 9.7 g/t Au over a strike length of 22.5 meters (9 samples over 0.96m average true width), including 16.3 g/t Au over 10.5 meters.
Tajo Abierto Vein
- 8.2 g/t Au over a strike length of 21.0 meters (8 samples over 0.8m average true width), although the strike length extends to 45 meters at a slightly lower grade of 7.7 g/t Au when results from Galway's February 17th news release are included.
Refer to Table 1 for true widths of all the results provided in this news release.
El Volcan Mine
Reina de Oro contains the historic El Volcan gold mine, which is the largest gold producer in the California-Vetas-Surata gold mining districts where Galway is conducting its gold exploration activities. The El Volcan mine consists of two main levels, with eight mineralized quartz veins currently being mined by locals. The channel samples received to date are from four of the eight mineralized structures, all taken from the lower level of the mine. The four veins tested include the Manzanilla, Corteros, Loscas, and Tajo Abierto.
Sampling Program
The Company's aggressive channel sampling program is primarily focused on the 2,000 meters of accessible underground workings. This represents only 40% of the 5,000 meters of historical underground drifting that has occurred as 3,000 meters are currently un-accessible. However, Galway considers this additional 3,000 meters of underground workings as providing the Company with an excellent target for future exploration.
To date, a total of 518 assays have been received. Results from another approximately 300 samples are pending from the aforementioned veins as well as from other veins along the same level. Channel sampling has just commenced in the upper level of the mine. The channel samples were collected across drift backs from four of the eight quartz veins which have been historically mined since the 1950's. Results only from veins have been returned; assays for the intervening ground where mineralized splays occur are pending. No cut has been applied to assays; further sampling is required in order to ascertain what, if any, cut may be required.
Mineralization
The known vein system comprises eight mineralized structures trending NNE and dipping sub-vertically to the NW. The main quartz veins, together with splay veins are spatially associated with shear zones hosted in porphyry and metamorphic gneiss, much like the California gold district. The veins have been, and currently are being mined from surface to approximately 250 meters below surface. Within this area, and over a 570 meter vein length, approximately 30% of the area has been mined out. The steep nature of the veins (sub-vertical), combined with highly competent wall rocks, is ideal for modern bulk mining methods (longhole mining). There is also potential for open pit mining.
Exploration
Galway plans an aggressive exploration program of underground and surface sampling, geophysics and drilling to rapidly advance this project. The main focus will be to ascertain in a relatively short timeframe reserves and resources, and to explore vein extensions below the bottom level of the mine where no exploration has occurred. All veins are open along strike (horizontally) and to depth. There are surface indications that additional veining may be discovered to the southeast.
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. All widths are true widths.
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.
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.
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Galway Reports High Grade Gold Channel Sample Results From Its Recently Acquired Vetas Property In Colombia
"While our land position in the California district, which is on strike with Ventana Gold's and Greystar Resources' major discoveries, has captured significant market interest, we consider our Vetas acquisition as having strong potential to bring in fairly quickly a high grade underground resource amenable to modern bulk mineable methods. Our geologists have been aggressively sampling the 2,000 meters of accessible underground workings and will soon be carrying out surface exploration to better understand the open pit potential as well," cites Robert Hinchcliffe, Galway's President and CEO.
The El Volcan mine consists of two main levels, with eight quartz veins currently being mined by locals. The initial 216 channel sample results identified three gold/silver structures, known as the Manzanilla, Tajo Abierto and Corteros veins. Values ranged up to 183.1 grams per metric tonne (g/t) gold (Au) and 422.0 g/t silver (Ag) over a strike (horizontal) length of 1.2 meters from one sample in the Manzanilla vein (see Figure 2 and Figure 3).
Importantly, 22% of the samples taken returned values above 5.0 g/t Au. Galway's management considers this to be a highly anomalous result. Other highlights from these results include the following:
Manzanilla Vein: averages of 48.3 g/t Au over a strike length of 15 meters from three samples, and 24.2 g/t Au over 7.2 meters from 4 samples.
Tajo Abierto Vein: averages of 9.6 g/t Au over a strike length of 35 meters from six samples, and 8.2 g/t Au over 21 meters from eight samples.
Corteros Vein: an average of 6.2 g/t Au over a strike length of 17 meters from seven samples.
All channel samples were taken across the vein, with most widths being approximately 0.8 meters, although they range up to 1.5 meters and up to 5.0 meters where splay veins exist.
Sampling Program
The channel samples were collected across drift backs from three narrow quartz veins, historically mined since the 1950's: Corteros, Manzanilla and Tajo Abierto. The Manzanillo vein has been mined along a strike length of 500 meters in the lower level of the El Volcan mine. Sampling was undertaken in areas where mining has historically occurred, but where mining was not happening at the time the samples were collected. Gaps in the sampling exist to avoid active mining areas, but many of these were later filled in. Since historical mining occurred either as a result of the presence of visible gold, or based on immediate results from the milling of ore, it is believed that Galway's assay results to date may be lower in grade than what has and is being mined. Generally, the mined and sampled widths are 0.8-1.5 meters, but where splays occur, the width can exceed 5.0 meters. Results only from veins have been returned; assays for the intervening ground where splays occur are pending.
Mineralization
The vein system comprises eight mineralized structures discovered to date trending NNE and dipping sub-vertically to the NW. The main quartz veins, together with splay veins are spatially associated with shear zones hosted in porphyry and gneiss metamorphic rocks, much like the California gold district. The veins have been, and currently are being mined from surface to approximately 250 meters below surface. Within this area, and over a 570 meter vein length, approximately 30% of the area has been mined out. The steep nature of the veins (sub-vertical), combined with highly competent wall rocks, is ideal for modern bulk mining methods (longhole mining). There is also potential for open pit mining.
Exploration
Galway plans an aggressive exploration program of underground and surface sampling, geophysics and drilling to rapidly advance this project. The main focus will be to ascertain in a relatively short timeframe reserves and resources, and to explore the many veins below the bottom level of the mine where no exploration has occurred to date. All veins are open along strike (horizontally) and to depth and there are indications that additional veining may be discovered to the southeast, as seen by surface exposure.
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. All widths are true widths.
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.
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.
Galway Receives Gold Concession in Surata, Colombia, Near its California-Vetas Gold Properties
The property package covers an area of geologic interest along several NE trending fault zones, where small-scale local mining has occurred, and is bordered by properties owned by Greystar, Caerus and others. The concessions are located north of the town of Surata in the municipality of the same name.
As Figure 2 shows, Galway's Surata property package is located about 10 kilometers from its properties in the California Gold District, and a further 8 kilometers from its recently acquired Vetas properties (refer to Galway's January 26, 2010 press release for details). The Surata property is also located approximately 10 kilometers from Ventana Gold's La Bodega discovery and Greystar Resources' Angostura deposit, which are both on trend with Galway's California concessions (see www.galwayresources.com for additional information). The addition of Surata expands to three the number of trends in close proximity to one another that Galway intends to conduct gold exploration programs on in 2010.
Unlike Galway's California and Vetas land packages, the Company's Surata concessions are grassroots in nature. They cover an area of hydrothermal alteration along, and on both sides of a major NE-trending fault where younger dioritic stocks and cupolas have intruded Paleozoic gneisses and dioritic dikes in hydrothermally altered Cretaceous sedimentary rocks that could indicate the presence of concealed younger intrusives. Several veins are known to outcrop in the altered area. Another target in this area is the potential for disseminated gold that would be impossible for small local miners to find.
The Company is planning to initiate an early-stage exploration program at Surata in the near term, consisting of surface and underground chip/channel sampling, plus soil sampling. This compares with its more aggressive exploration campaigns in the California and Vetas districts. In addition to the drilling currently underway at the Pie de Gallo open pit on its California concessions, Galway issued a press release on January 14, 2010, related to its surface channel and chip sample results in and around the pit. The most notable results included 28 meters of 16.6 g/t Au (gold), 34 meters of 3.8 g/t Au and 16 meters of 4.5 g/t Au.
Revised Third-Quarter 2009 MD&A
As a result of a review by the British Columbia Securities Commission, we are including in this press release the following to clarify our disclosure. The Company has re-filed its management's discussion & analysis ("MD&A") for the period ended September 30, 2009, which is now available on SEDAR. While this does not have an impact on actual financial results for the period, management believes that the disclosure contained in the revised MD&A provides additional detail for readers on a per project basis and more in-depth discussion on variances in costs, with estimates provided for the exploration program currently underway in the California gold district of Colombia. As part of this process Galway has re-allocated expenses to Colombian exploration to bring the total to $603,861 from $486,161 for the nine month period without affecting bottom line results. Readers are advised to refer to the full text of the amended and restated MD&A for the period ended September 30, 2009.
Review by Qualified Person, Quality Control and Reports
The content of this news release has been reviewed by Mr. Mike Sutton, P.Geo., who serves as the Qualified Person in accordance with National Instrument 43-101. Further details associated with Galway's California Pie de Gallo pit sampling and results can be found in the Company's January 14, 2010 press release.
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 the California and Vetas gold districts of Colombia, the Company recently reported that drilling has commenced at the GALCA coal project in Colombia. The initial 19-hole drill program on the GALCA property will be managed and funded by Prodeco, the Colombian subsidiary of Xstrata. For more details see the press release dated November 17, 2009.
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:
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the possibility of coal deposits, future exploration, development and production activities, future expenditures and forecast Colombian coal production. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the timing and success of contemplated transactions and exploration, development and production activities, the realization of coal deposits, the timing and amount of expenditures and actual realized Colombian Coal production. See the "risk factors" set out in Galway's management's discussion and analysis files on the SEDAR website.
Galway Announces Acquisition Of Largest Gold Mine In The California-Vetas Mining District Of Colombia
"We are extremely pleased to gain a significant foothold in the most prolific gold producing area in the California-Vetas district, a mine that has been producing gold for over 400 years and enjoys comparatively good infrastructure. We are very excited to be the first company to initiate a technologically advanced exploration campaign on these properties, which compliment on many different fronts our current activities in the nearby California gold trend. In short, this acquisition along with our on-going exploration program, on trend with Ventana's La Mascota gold discovery, adds significant up-side potential to the Company's exploration efforts in the California-Vetas gold district," cites Robert Hinchcliffe, President and CEO of Galway Resources.
The U.S. Geological Survey in collaboration with the Colombian Geological Survey (INGEOMINAS) sampled the Reina de Oro property in 1969. Forty-two underground samples were taken from several veins. The samples ranged from no gold to 87.5 grams/tonne. Approximately 31% (13) of the samples were less than 0.5 g/t, 7% (3) from 0.5-1 g/t, 19% (8) from 1-3 g/t, 7% (3) from 3-5 g/t, and 36% (15) were greater than 5 g/t Au (gold). Looked at another way, 62% of the samples taken contained 1 g/t Au or more. This provides another indication to Galway's management that the Company's Reina de Oro property contains unusually high levels of anomalous gold. In fact, grades as high as 76.0 g/t Au over 1.2 meters and 76.65 g/t Au over 0.9 meters were returned. In addition, sampling work done on tailings by the USGS during the late 1960's found the tailings to contain about 90,000 tonnes of 18 g/t Au and 38 g/t Ag (silver) in the sand fraction, and 26 g/t Au and 44 g/t Ag in the silt fraction. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resource and the historical estimate should not be relied upon.
"Galway plans an aggressive exploration program of underground and surface sampling, geophysics and drilling to rapidly advance this project. The Vetas district contains a very large area of intense iron staining and argillic alteration at surface. Initial survey results indicate the potential not only for the obvious underground mining target, but also for a large tonnage, open pittable gold deposit at surface. The opportunity to be the first company to apply modern exploration techniques on such a large mineralized gold district is very exciting," says Mike Perkins, Chief Geologist for Galway Resources.
Gold mineralization is contained in steeply dipping veins that appear to be controlled by regional, northeast trending strike-slip faults, much like the northeast trending La Baja fault in the California gold district. The quartz veins are within the same porphyry and gneiss rocks as well. Reina de Oro contains the historic El Volcan gold mine which is the largest gold producer in the California and Vetas gold mining districts. The Reina de Oro property is 124 hectares, while the Coloro property comprises 418 hectares, of which 390 hectares are contiguous with the Reina de Oro property to the north, south and east and 28 hectares are located to the south of the town of Vetas (see Figure 1).
The El Volcan mine was started in 1912, has been in continuous production for 60 years and is currently producing from five separate veins. Over the years more than 5,000 meters of underground workings have been developed on several levels, of which approximately 2,000 meters are currently accessible for immediate exploration. This represents the largest underground development of any mine in the California-Vetas district. The accessible underground workings cover 8 veins over 570 meters in length, a vertical distance of 230 meters, and a combined width of 200 meters. The veins are generally 0.3 to 1.5 meters wide. There has been limited exploration undertaken on the property by the mine owners, with no drilling whatsoever. The steep nature of the veins (sub vertical), combined with the highly competent wall rocks, is ideal for modern bulk mining methods (long-hole mining). There is also potential for open pit mining. Galway plans an aggressive exploration program of underground and surface sampling, geophysics and drilling to rapidly advance this project. The main focus will be to ascertain in a relatively short timeframe, reserves and resources, and to explore the many veins below the bottom level of the mine where no exploration has occurred to date. All veins are open along strike (horizontally) and to depth and there are indications that additional veining may be discovered to the southeast, as seen by surface exposure.
Recent Exploration Developments - California Gold District
On January 14th, Galway announced assay results from outcrop samples taken from its California gold properties in Colombia, where drilling is currently taking place. The sample results provided below were taken from the Pie de Gallo pit, the eastern portion of which is 200 meters to the southwest of the property line with Ventana. Sampling 25 meters from the boundary has also returned significant results.
Some of the higher-grade assays associated with the Pie de Gallo pit include:
- 28m of 16.6 g/t Au, including 18m of 24.4 g/t Au, including 2m of 118.3 g/t Au
- 34m of 3.8 g/t Au, including 2m of 35.6 g/t Au
- 16m of 4.5 g/t Au, including 4 m of 9.7 g/t Au
- 36m of 2.6 g/t Au, including 8m of 6.6 g/t Au
- 4m of 3.8 g/t Au, including 2m of 6.3 g/t Au
- 2m of 5.9 g/t Au
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 recently reported that drilling has commenced at the GALCA coal project in Colombia. The initial 19 hole drill program on the GALCA property will be managed and funded by Prodeco, the Colombian subsidiary of Xstrata. For more details see the press release dated November 17, 2009.
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.