Galway Gold Provides Corporate Update
Galway Gold Inc. (GLW.V) announced that it is well capitalized with $16.3 million in cash at March 31, 2013. The company began trading on January 21, 2013, after the successful spinout to existing shareholders of Galway Resources following the completion of the $340 million sale of that company, which closed in December 2012. It also provided a Corporate Update.
At the end of April the Company completed Phase 1 drilling which comprised 89 drill holes and over 46,000 meters. The drills will remain on site and at the optimum time, drilling can be recommenced at will. In the near term, the Company will be analyzing all relevant data in an effort to maximize efficiency for the Phase 2 drilling program. Additional drilling will be undertaken once the new information is interpreted and incorporated into a revised model of the zones. Future drilling will focus on delineating the resource by expanding it into areas identified by the new interpretation as being priority, and extending the various veins beyond defined limits.
The El Volcan mine is a high grade, narrow vein mine with over 2,000 meters of accessible underground workings. El Volcan, which has been in operation for over 400 years and is still operating today, is the largest mine in the Vetas-California-Surata region of Colombia. The Phase 1 geological data and assay results confirm the company's belief that there exists potential for a high grade commercial discovery.
Galway Resources began drilling the Vetas Project in April 2011, with the focus to test for a continuation of mineralization below the El Volcan mine, strike and lateral extensions to the mine, as well as to evaluate 7 surface geochemical/geophysical anomalies that have been identified. Results from over 40,000 meters, or 76 diamond drill holes have been released, 60 of which were drilled from underground targeting the El Volcan structure, while the balance were surface holes targeting the intrusive exhibiting stockwork veining along its western border with CB Gold Inc.
The number of veins has now doubled to 16 from the 8 previously established veins as reported on March 21, 2013. The Company has also more than doubled the depth at which gold mineralization was originally identified below the main (Reina de Oro) level to 710 meters, or 900 meters below surface. All 16 veins at El Volcan are open in every direction. In the 60 underground drill holes reported to date, Galway has intersected 5 g/t Au or more 266 times, 20 g/t Au or more 82 times, 50 g/t Au or more 35 times, 100 g/t Au or more 16 times and 1,000 g/t or more two times.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.