roulston on GWYthis is the latest report from roulston in may.
Galway Resources
(GWY-TSXV)
Galway has expanded its land package
in the California gold district of Columbia
to 5.6 square kilometers and
now has a total of 19 square kilometers
of land within the combined California,
Vetas and Surata gold regions of Columbia.
The new properties were acquired
through agreements with local
land-holders. Some are located along
the borders of Ventana Gold’s properties.
All of the properties have evidence
of gold, by way of hosting the
favorable structure and/or surface samples
and old workings that generated
gold values.
The most notable of the new properties
is a small claim located within properties
held by Ventana that spans 360
meters of the mineralized structure. A
hole drilled by Ventana on the property
now held by Galway intercepted 41
meters of 6.02 grams per tonne gold.
Galway plans to begin a geochemical
program at the new San Marcos property
property
immediately. A geophysical survey
is also being planned for the California
and Vetas concessions with the
aim to identify new drill targets. Galway
continues to drill near its Pie de
Gallo pit where recent assays were up
to 89 meters of 3.2 grams per tonne
gold.
At the Vetas concession, a channel
sampling program is underway in the
old mine, along with detailed geological
mapping. Assays from channel
samples to date include a 70 meter
length of vein that carried 105 grams
per tonne gold over a width of 0.8 meters.
A drill program is expected to
commence within the next few
months.
A new Columbian mining law restricts
mining activity at elevations above
3,200 meters. The announcement of
that new measure impacted some of the
Colombian explorers. In particular,
Greystar Resource (GSL-TSX) saw its
shares fall 43% as its Angostura property
will be faced with new limitations.
The new law will not impact Galway
as its concessions lie below that elevation.
However, the general uncertainty
regarding the changes impacted the
share price.
Further progress on the Galway properties
and improving investor awareness
of Colombia and of Galway’s property
position should see the gains recouped
quickly with big upside potential on
favorable news.
Price May 26, 2010: C$1.05
Shares Outstanding: 78 million
Shares Fully Diluted: 91 million
Market Cap: C$81.9 million
Contact: Investor Relations
1-800-475-2412
www.galwayresources.com