Lundin says hold Galway, pending more Vetas assays Lundin says hold Galway, pending more Vetas assays
2012-05-01 16:41 ET - In the News
Brien Lundin, in the April, 2012, edition of the Gold Newsletter, says hold Galway Resources Ltd., recently $1.55. Mr. Lundin said buy six times between August, 2006, and December, 2011, at prices ranging from 55 cents to $1.29. Assuming a $1,000 investment for each buy, the $6,000 position is now worth a satisfying $10,002. Galway has drilled 1.16 metres of 679.6 g/t gold and 164 g/t silver at its Vetas project in Colombia. It has also drilled 0.91 m of 1,034.3 g/t Au and 1.25 m of 203.4 g/t Au. These assays come from holes drilled under the project's El Volcan mine. Galway hopes to extend the El Volcan mineralization beyond the current depth of 700 metres. As well as underground drilling, the company is also conducting surface drilling at Vetas. The surface program aims to determine whether mineralization at the neighbouring CB Gold Inc. property extends onto Vetas. In October, 2011, CB Gold drilled 114.98 metres of 7.57 g/t gold at its property. Galway's first assays from surface drilling include 40.8 m of 17.17 g/t Au and 30.35 m of 5.36 g/t Au. Mr. Lundin says the grades are high, but the results are inconclusive at this point. He says hold the stock and wait for more surface drilling updates.