Dream on, CBJLand consolidation plans do not include Galway - CB Gold
No Kidding, Sherlock
CB Gold is on the move in the Vetas mining district, saying it is‘aggressively' pursuing land consolidation. But such plans do notinvolve Galway it says.
Author: Kip Keen
Posted:Saturday,26 Nov 2011
HALIFAX, NS -
Without naming any specific targets in outliningconsolidation plans in Colombia CB Gold (TSX-V: CBJ) appeared to openthe door to the possibility it might be eyeing properties held byneighbours such as Galway Resources (TSX: GWY).
CB Gold said in a quarterly update that on top of sewing upproperties governed by exclusivity contracts it was "aggressively" goingafter the "potential acquisition of new ones in order to consolidatethe Vetas mining district."
That, given CB Gold's recent drilling results on its Vetas project,raised the question: Would that consolidation involve Galway, which ownsimportant properties next door on its identically named Vetas project?
In October CB Gold announced it had drilled an auspicious gold mineralized interceptin drillhole 46 on its Vetas property with as much as 115 metres @ 7.57g/t Au that, it turned out, was from a drillhole collared near aproperty line with Galway. Galway, in response to CB Gold's intercept,then said it would drill targets a stone's throw from CB Gold's Vetas project.
This exploration logic followed as Galway said the stockwork zonethat yielded CB Gold's impressive drilling result continued onto itsVetas project, where it has been concentrating on outliningmineralization at the nearby El Volcan past-producing mine.
Meantime, after it announced the gold-laden intercept, CB Gold'sshareprice sky-rocketed and it sealed a private placement with LuminaCapital, founded by renowned explorationist Ross Beaty, for C$11 millionat C$1.10 per share.
But, close as the exciting newmineralized zone is to its neighbour, CB Gold President and CEO FabioCapponi threw cold water on the suggestion it was looking to Galway.
"No, the company was not referring to a transaction involving CB Gold and Galway," Capponi told Mineweb in an email Friday, adding, "There isn't any conversation with Galway regarding a possible transaction."
If not Galway's, however, which land CB Gold is looking toconsolidate is not clear. Orin Baranowsky, CB Gold's manager of investorrelations, was mum on where CB Gold was looking. "I can't provide anyadditional details," he said in a telephone interview Friday.
As for the new gold mineralized zone around drillhole 46 - the onethat caught investors eyes back in October - Baranowsky said more nearbydrilling results would be out in coming weeks.