Galway Provides Update On Progress Of Its Projects
TORONTO, ON - At the California Gold Project Galway Resources Ltd. has been drilling for the past fifteen months and is currently operating three diamond drill rigs and has completed 111 holes, with the last reported hole being the top 140 meters of GWY-99 (out of a total depth of 422 meters; assays are pending for the remainder of GWY-99). Drilling has identified significant gold mineralization along 1,000 meters of strike, although potential to extend this to the full 1.2 kilometer length of its main California property exists. Galway plans on issuing an initial resource estimate on its California property in the fourth quarter of 2011.
The California property is not subject to development restrictions associated with Pçramo legislation and is located adjacent to, along strike southwest of, and at lower elevations than Ventana's La Bodega/La Mascota project and 3 km along strike, southwest of, and at lower elevations than Greystar's Angostura project. Galway's California property includes a 360 meter-long fractional land position within Ventana's main La Mascota mineralized structure. Ventana was recently acquired by Mr. Eike Batista's wholly-owned AUX Canada for in excess of $1.5 billion in cash. One notable drill result from each of California's four main drilling areas, the NE Zone, the Gap Area, the Pie de Gallo Zone and the San Celestino Zone, are as follows: NE Zone: 121.5 meters grading 2.7 grams per tonne gold (g/t Au) and 10.0 g/t silver (Ag) (true width equals 81.0 meters; TW), including 79.5 meters of 3.8 g/t Au and 10.1 g/t Ag (TW=53.0m), which also included 1.5 meters of 151.5 g/t Au and 190.0 g/t Ag in GWY-37; Gap Area: 16.5 meters grading 8.1 g/t Au, including 1.5 meters of 80.0 g/t Au in GWY-76; Pie de Gallo Zone: 125.0 meters grading 3.8 g/t Au and 11.9 g/t Ag, including 36.0 meters of 8.9 g/t Au and 12.0 g/t Ag in GWY-99; and San Celestino Zone: 25.0 meters grading 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, which included 4.0 meters of 16.5 g/t Au and 84.9 g/t Ag, which included 1.5 meters of 27.4 g/t Au and 146.0 g/t Ag in GWY-26. It is noteworthy that all of the drill holes provided above exhibited multiple intervals of gold mineralization; full details are provided on Galway's website. A 0.5 g/t Au lower cutoff grade was applied. No upper cut was applied. True widths are unknown unless otherwise stated. At the Vetas Gold Project in Colombia drilling commenced April 2011; the second hole ever drilled at Vetas encountered five intervals of visible gold. The company's address is 360 Bay Street, Suite 500, Toronto, ON M5H 2V6, 800-475-2412, email: [email protected].