Galway reports high grade gold results from the upper level of El Volcan Mine
TORONTO, April 21 /PRNewswire-FirstCall/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce the first assay results from the upper level of the El Volcan Mine, located in Vetas, Colombia, comprising 489 channel samples. The mine was acquired in January 2010 and is located 8 kilometers SE of Galway's California gold project. The mine has been in production since the 1590's and is the largest mine in the California-Vetas gold mining district. The channel samples being reported on for the upper level are in addition to 914 channel samples from the lower level that have been reported on thus far. Results from a further 534 samples from both levels are pending and will be reported on shortly.
Highlights from Galway's channel sampling in the upper level of the El Volcan mine include the following:
- 18.2 grams per tonne gold (g/t Au) over a strike length of
107 meters (m) and a true width of 0.9 m in the Tajo Abierto
Conjugate Vein.
- 37.9 g/t Au over a strike length of 37 m and a true width of
1.5 meters in the Veta Ancha Vein.
- 13.4 g/t Au over a strike length of 50 m and a true width of 0.9 m in
the Huesoduro Vein.
"These encouraging results from the upper lever compliment previously reported results from the lower level, which include 318 g/t Au over a strike length of 25 m in the Loscas Vein, and 105 g/t Au over a strike length of 70 m in the Manzanilla Vein. The fact that all of the veins Galway has sampled in both the upper and lower levels are open in all directions is very encouraging as they provide excellent exploration targets for our future exploration efforts" cites Robert Hinchcliffe, President and CEO of Galway Resources.
Important findings from the channel sampling program in the Upper Level of the El Volcan mine are as follows:
-------------------------------------------------------------------
Strike Average
Grade Length True Width Number of
Vein (g/t Au) (m) (m) Samples
-------------------------------------------------------------------
37.9 37.0 1.5 16
------------------------------------------------
46.6 5.50 1.5 3
Veta Ancha Vein ------------------------------------------------
13.5 36.0 1.5 18
------------------------------------------------
12.7 10.0 1.5 7
-------------------------------------------------------------------
Huesoduro Vein 13.4 50.0 0.9 20
-------------------------------------------------------------------
28.6 12.0 1.0 5
Manzanilla ------------------------------------------------
14.2 21.0 1.0 10
-------------------------------------------------------------------
Tajo Abierto 16.3 25.0 1.1 10
Vein ------------------------------------------------
9.2 4.00 0.8 2
-------------------------------------------------------------------
Tajo Abierto 18.2 107.0 0.9 43
Conjugate Vein ------------------------------------------------
5.1 4.5 0.9 2
-------------------------------------------------------------------
Galway has also provided a location map showing the various veins in the upper level of the mine, as well as assay results received. This is provided as Figure 1 (http://www.galwayresources.com/i/pdf/2010-04-21-Fig1.pdf).
Galway sees exploration upside through the potential extension of known veins, the potential discovery of new veins and in the un-mined areas between the lower and upper levels of the mine and to depth. The Company's aggressive channel sampling program is focused on the approximately 2,000 meters of accessible underground workings. An additional approximately 3,000 meters of underground workings are currently un-accessible.
The channel samples were collected across drift backs. Galway is evaluating the appropriateness of establishing statistically valid cut-off grades for both low and high grade samples. Sampling of mined areas between levels is in progress. 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 lower 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 veins may be discovered to the southeast.
The known vein system comprises twelve 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 nearby California gold district where Galway, Ventana and Greystar are conducting gold exploration programs. 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, only approximately 30% of the area has been mined out. The steep nature of the veins, combined with highly competent wall rocks, is ideal for modern bulk mining methods.
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 ALS Chemex (Prepared in Bogota, tested in Peru). 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 (http://www.galwayresources.com/s/NewsReleases.asp?ReportID=372328).
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.
SOURCE Galway Resources Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article