Galway Gold's Reina de Oro concession is unaffected by Colombia's
new natural park
TORONTO,
Jan. 22, 2013 /CNW/ - Galway Gold
Inc. (TSX-V: GLW) ("Galway Gold" or the "Company") is pleased
to announce that boundaries of the Parque Natural Regional Paramo
de Santurbán (the "Park"), which have been established by the
Corporación Autónoma Regional para la Defensa de la Meseta de
Bucaramanga ("CDMB"), do not impact Galway Gold's Reina de
Oro concession where all drill
results from the 68 holes released to date have occurred. Moreover,
Galway Gold is pleased that the Park does not adversely affect the
Company's planned 2013 drill program for the Vetas Project (defined
below).
As Figures 1 and Figure 2 show, the Park does,
however, affect Galway Gold's Coloro concession. The Company can
report that the areas of the concession that are affected by the
Park have seen only limited exploration efforts. This can be seen
in Figure 3, which shows the trace of previously released drill
holes (all of which are located on the Reina de Oro concession), results of Mobile Metal Ion
(MMI) soil geochemistry and Induced Polarization (IP) geophysical
surveys completed in the first quarter of 2011 that outlined eight
gold-rich anomalies, and localized Park boundaries.
The survey reveals that the Park encompasses the
weakest of the eight gold anomalies identified on the Vetas Project
(anomaly #8), but the strongest of the Coloro anomalies (anomaly
#7) remains open for further evaluation. In fact, Galway Gold
interprets that a strike slip fault that runs just north of
anomalies #1 and #2 may have displaced the northeastern extension
of the main El Volcan structure beyond the Alaska Tunnels (anomaly
#1) to anomaly #7 to the northwest on the Coloro concession. Now
that the boundaries have been established, the clarity provided
should enhance exploration of the 231 hectares of Coloro land
unaffected by the Park.
"We are very pleased that Park boundaries have
been established. They provide the clarity necessary to properly
plan and execute an exploration program throughout all of Galway
Gold's Vetas properties with the aim of adding to shareholder
value," cites Robert Hinchcliffe,
CEO of Galway Gold.
A MMI soil geochemistry map can be seen in the
Technical Report (as defined below) and in an April 8, 2011 press release from Galway Gold's
predecessor company Galway Resources. Both items can be found on
the Company's website at www.galwaygoldinc.com or at
www.sedar.com.
Supervision, Qualified Person and Quality
Control
The Vetas Project is under the supervision of Project Manager
Alex Cruz, of Quito Ecuador. In compliance with National
Instrument 43-101, Mr. Mike Sutton,
P.Geo. and Mr. Dale Schultz, P.Geo.
(Manitoba and Saskatchewan) of Buscore Consulting Limited
(www.buscore.net) are the Qualified Persons responsible for the
accuracy of this news release. Samples from the Vetas Project are
sent to the Acme Labs preparation facility in Medellin, Colombia, for processing and are
analyzed at Acme Labs laboratory in Vancouver, Canada. There is no relationship
between the assay laboratory and Galway Gold. Surface rock samples
are analyzed for Au by a 30g fire assay and AAS finish method (code
G601) plus a multi-element suite with an aqua regia digestion and
ICP-MS finish (code 1F04). Underground samples are analyzed by G601
and 1F04 methods and over limits of Ag >100ppm and Cu-Pb-Zn
>1% by an ore grade determination with an aqua regia digestion
and analysis by ICP-ES (Code 7AR2). If strong mineralization
or visible gold is observed, then a screen metallic assay for Au
(code G615) is used. Acme Labs is an ISO 9001:2008 qualified
assayer that performs and makes available internal assaying
controls. Quality control protocols by Galway Gold that are in
place consist of the insertion of one blank at least every 20
samples, a reject duplicate every 20 samples, and one of three
different certified reference standard material for every 20 rock
samples. Core recovery in the mineralized zones has averaged over
90%. Quarter coring of some select samples will take place. Assays
reported in this press release may have screen and quarter core
assays pending and will be updated in the table on the website as
needed.
MMI soil samples were sent to SGS Group (ISO
19011 certified) preparation facility in Medellin, Colombia, for processing and are
analyzed in SGS's laboratory in Lima,
Peru. There is no relationship between SGS and Galway
Gold.
A technical report on the Vetas Project is filed
on SEDAR (the "Technical Report"). The effective date of the
report is November 13, 2012 and the
Qualified Persons in charge were James G.
Lavigne, M.Sc., P.Geo and Elizabeth
Elder McMonnies, P. Geo., from RPA Consulting.
For further information concerning Galway Gold,
please refer to the Listing Application dated December 27, 2012. This document and other
information about the company and the Vetas Project are available
electronically under Galway Gold's profile at www.sedar.com.
About Galway Gold:
Galway Gold is a mineral exploration company
with its primary asset in Colombia. Through its wholly owned Colombian
subsidiary, Galway Gold holds an option to acquire a 100% interest
in the Vetas gold project in the Vetas gold district of
Colombia, comprised of the Reina
de Oro and Coloro concessions (the
"Vetas Project"). Galway Gold acquired the Vetas Project from its
former parent company, Galway Resources Ltd., pursuant to the terms
of a plan of arrangement which closed on December 20, 2012.
Neither the TSX-V nor its regulation
services provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this
release.
Forward Looking Statements:
Certain statements contained in this release
containing words like "believe", "intend", "may", "will", "expect",
"would" and other similar expressions, are forward-looking
statements that involve a number of risks and uncertainties.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. Galway Gold
does not assume the obligation to update any forward-looking
statement, except as required by law.
SOURCE Galway Gold Inc