Galway Resources Ltd. (TSX: V.GWY, Stock Forum) said assay results from 43 diamond drill holes at its California gold-silver property in Colombia has led to the expansion of the Machuca mineralization zone.
The California property, located northeast of Bucaramanga, is at the lowest elevation among the major deposits identified along the California gold trend.
According to the press release, Galway has drilled 253 holes for 82,890 meters to date in the California project area.
The intersection of 11.6 grams per tonne gold over 19.0 metres, including 120.0 grams per tonne gold over 1.0 metre and 66.7 grams per tonne gold over 1.0 metre in hole GWY-231 at 229.5 to 248.5 metres below surface extends mineralization 70 metres west and 130 metres below previously-released Machuca 1 results.
Additionally, the Santa Catalina zone has also expanded. The drill collared into a zone that returned 3.7 grams per tonne gold over 13.5 metres from surface in hole GWY-244, while a second hole returned 2.1 grams per tonne gold over 7.0 metres, including 11.8 grams per tonne gold over 1.0 metre in hole GWY-238 in a different zone.
"We are encouraged by the consistent success the company is having in the new Machuca and Santa Catalina Zones, which are expanding our overall California footprint significantly to the south,” said Robert Hinchcliffe, President and CEO.
Galway is primarily focused on the exploration of gold in northeast Colombia, with drill programs occurring at the California and Vetas gold projects.
On Thursday, Galway’s stock was up 14.5% and was trading at $1.34 a share. The company has a market cap of $168.3 million, based on 125.6 million shares outstanding. The 52-week high and low was $1.87 and $0.84 respectively.