Galway Resources Ltd. (TSX: V.GWY, Stock Forum) doubled the depth at which gold mineralization has been identified below the lowest level at its Vetas gold-silver project in Colombia.
The Vetas project, located in the Vetas-California-Surata gold region, hosts the El Volcan mine which has been in operation for over 400 years.
According to the press release, the focus of Galway's exploration efforts at Vetas is to test for a continuation of mineralization below the El Volcan mine, strike and lateral extensions to the mine as well as to test the six surface anomalies that have been identified.
The company has already more than doubled the depth at which gold mineralization has been identified below the lowest level of the mine to nearly 700 meters, or 860 meters below surface. .
Highlights from the drill program include over 4.15 metres grading 157.4 grams per tonne gold and the discovery of new vein containing over 1.29 metres grading 19.5 grams per tonne gold, which is located 100 metres west of the mine.
Galway is a mineral exploration company primarily focused in northeast Colombia, with gold exploration occurring at the California and Vetas gold projects.
On Friday, Galway’s stock was up 1.5% and was trading at $1.32 a share. The company has a market cap of $165.8 million, based on 125.6 million shares outstanding. The 52-week high and low was $1.87 and $0.84 respectively.