Galway drills 89 meters of 3.2 grams gold in Colombia

Early drill results from Galway Resources‘ (GWY-V) Pie de Gallo property in the California district of northeastern Colombia appear to confirm that thick intercepts of near-surface mineralization as well as narrower intervals of high-grade mineralization exist on the property.

Drill hole GWY-10 intercepted 89 meters grading 3.2 grams gold per tonne including 9 meters of 23.1 grams gold per tonne and including 3 meters of 50 grams gold, plus 383 grams silver, 1.4% copper and 8% zinc. (Galway has received assay results for the first 130 meters of GWY-10; results for the remaining 120 meters are pending.)

GWY-09 returned 22.5 meters grading 2 grams gold, including 3 meters of 7 grams gold. (GWY-10 was drilled at a 65-degree angle and undercut GWY-09, which was drilled at a 50 degree angle from the same drill pad and with the same azimuth as GWY-10.)

Mineralization in GWY-09, GWY-10 and GWY-07 is close to previously reported high-grade channel and chip sample results in the Pie de Gallo open pit, such as 28 meters of 16.6 grams gold, including 2 meters of 118.3 grams gold. True widths are unknown.

Highlights from Galways’ first ten holes included 3 meters grading 32.8 grams gold and 246 grams silver in GWY-01, 31 meters grading 2.9 grams gold, including 1.5 meters of 29.1 grams gold in GWY-02, and 3 meters grading 30 grams gold in GWY-07.

Since then Galway has completed drill holes GWY-11 and GWY-12, which are 260 meters on trend to the northeast of GWY-10, and assays are pending. Currently Galway is drilling GWY-13 from the same drill pad as GWY-12.

Another hole, GWY-14, is being drilled beyond the southwestern edge of the Pie de Gallo open pit to test high grade structures identified in the San Celestino or El Dorado mine. This drill hole is testing structures 200 meters to the southwest of, and on trend with, the open pit.

Previously reported channel sample highlights from the San Celestino mine included 19 meters grading 40.7 grams gold and 752.4 grams silver over a true thickness of 7.1 meters.

Currently Galway has two drill rigs on its California properties, and a third is scheduled to arrive within the next month.

The Pie de Gallo is a 300-meter open pit that was first mined by the Spaniards and explored again in the mid 1940’s by Anaconda Mining.

The property is 1.5 km southwest along strike of Ventana Gold‘s (VEN-T) La Bodega project and 3 km northeast of Greystar Resources‘ (GSL-T) Angostura project. Angostura is a gold-silver project in the mountains of the eastern Cordillera of South America, roughly 400 km northeast of the Colombian capital city Santa fe de Bogota.

Angostura contains a National Instrument 43-101 compliant measured and indicated resource of 330,907 tonnes grading 1.09 grams gold per tonne and 6 grams silver for contained gold of 11.5 million oz. In the inferred category Angostura has 90.77 million tonnes grading 1.19 grams gold and 6 grams silver for contained gold of 3.5 million oz. Both estimates were based on a cut-off grade of 0.3 gram gold for oxides and 0.45 gram gold for sulfides.

The strong drill results sent Galway’s shares up 5¢ or 5.1% to close at $1.03 per share. The junior explorer has a 52-week trading range of 8¢-$1.87 per share and has 73.1million shares outstanding.