Galway Resources Ltd V.GWY

Big News!!! 50 M of 8.3 P/T

[nor_easter]

GALWAY HITS 50.0 M OF 8.3 G/T, INCLUDING 29.0 M OF 13.6 G/T GOLD

TORONTO, May 19 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from six additional drill holes from its diamond drill exploration program on the Company's California property in Colombia. Hole GWY-104 has returned 50.0 meters of 8.3 grams per tonne gold (g/t Au), including 29.0 m of 13.6 g/t Au, located 30 meters below an intersection of 36.0 m of 8.4 g/t Au (hole GWY-99) and 70.0 m along strike from 16.0 m of 10.9 g/t Au (hole GWY-103).
Galway's California property, which is not subject to development restrictions associated with Páramo legislation, 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 from and at lower elevations than Greystar's Angostura project. Galway also owns a previously-reported 360 meter-long fractional land position within Ventana's main La Mascota mineralized structure (refer to Galway'sDecember 15, 2010 press release for details). Ventana has been acquired by AUX Canada, a company owned by Mr. Eike Batista, for in excess of $1.5 billion in cash.
Hole GWY-104, which was drilled from the same collar and azimuth (direction), but at a steeper angle below GWY-99 (previously partially reported; complete results are presented below) intersected 50.0 meters grading 8.3 g/t Au beginning 42.0 meters downhole, including 29.0 meters of 13.6 g/t Au (which includes 1.0 meter of 177.8 g/t Au, 3.0 meters of 36.6 g/t Au, 1.0 meter of 59.3 g/t Au and 1.0 meter of 39.1 g/t Au). Seventy meters along strike to the west toward the San Celestino Zone, hole GWY-103 intersected 16.0 meters grading 10.9 g/t Au, including 1.0 meter of 12.4 g/t Au and 1.0 meter of 154.5 g/t Au. Three of the new holes, GWY-100, GWY-103 and GWY-104 were drilled from two different pads in the Pie de Gallo Zone, while the other three new holes, GWY-101, GWY-102 and GWY-106 were drilled from one pad in the Gap Area that bridges the NE Zone with the Pie de Gallo Zone.
"The California property is really shaping up as drill results continue to show improved grades and thicknesses. These strong results will aid Galway's goal of establishing a robust resource and is a testament to our team's hard work and dedication. Excellent-looking core from our other gold property in Vetas suggests that Galway may have two significant resources forthcoming." cites Robert Hinchcliffe, President and CEO of Galway Resources.
Source:https://www.tmxmoney.com/en/news/company_releases/news_full.html?file=201105190600CANADANWCANADAPR_C5969