ELKO, NV, June 12 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased
to announce that it has entered into an agreement with Connors Drilling to
drill 25,000 feet (15 holes). Galway has just completed its second hole at
Lone Mountain with another drilling company, with the assay results expected
later this summer. The Lone Mountain property is a high grade copper zinc
project that has just under 63,000 feet of historical drilling from 34 holes,
and is located in a major copper porphyry district in Grant County, New
The emphasis on the initial drilling program at Lone Mountain (10 holes
or 20,000 feet of drilling) will be to test the shallower mineralized
sediments where seven widely-spaced holes drilled northeast of the intrusion
contained interesting mineralization. Most notably, one of the historical
intercepts was 26.3 feet averaging 1.63% Cu, 13.73% Zn, 2.54% Pb, 0.04 oz
Au/ton and 3.38 oz Ag/ton. Upon completion of this first drilling program, the
drill rig will then be moved to the Victorio molybdenum tungsten project for
the second drilling campaign.
"Unlike previous owners of the Lone Mountain project, whose focus was on
the larger lower grade copper system, the management of Galway has taken a
different approach and is targeting the high grade skarn-type copper-zinc
mineralization with substantial silver, gold, and lead credits. We think that
there is significant potential to expand on the known areas of high-grade
mineralization," cites Marshall Himes, COO of Galway Resources.
About the Company
Management is focused on developing three U.S. based exploration projects
that are favorably located and have over 300,000 feet of historical drilling.
We have established a solid technical team that has compiled all the
historical data and we are now advancing these projects in an aggressive but
cost effective manner. Management believes that its strategic portfolio of
properties offers investors an interesting exposure to a unique blend of
commodities (molybdenum, tungsten, copper, zinc, and silver).
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this news release.
Forward Looking Statements:
Some statements in this news release contain forward-looking information.
These statements include, but are not limited to, statements with respect to
the completion of transactions, the timing and amount of payments and share
issuances, the completion of financings, the use of proceeds, future
exploration, development and production activities and future expenditures.
These statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the
statements. Such factors include, among others, the ability to complete
contemplated transactions, payments, share issuances and financings, the use
of proceeds, the time and success of future exploration, development and
production activities and the timing and amount of expenditures.
For further information:
For further information: Galway Resources Ltd., Robert Hinchcliffe,
President and Director, 1-800-475-2412, www.galwayresources.com