Shares of Galway Resources (GWY-V) are creeping up on heavy trading volume this week without significant news. On Aug. 16 Galway closed 10.32% or 13¢ higher at $1.39 with 1.8 million shares trading hands, and today Galway added another 7¢ or 5.04% to close at $1.46 on a volume of 1.6 million shares.
Galway’s primary assets are its California and Vetas gold projects in northeastern Colombia. Three drill rigs are currently operating at California and drilling at Vetas began in the second quarter, with two rigs operating at the high-grade El Volcan gold-silver mine, 8 km southeast of the California project.
The California property is adjacent to and along strike with the La Bodega/La Mascota deposit, which was previously owned by Ventana Gold Corp. until that company was acquired in mid-March by AUX Canada, a subsidiary of Brazilian billionaire Eike Batista’s EBX Group.
Galway also owns a 360-metre-long fractional land position that it says “appears to be directly within the La Mascota mineralized structure.”
On July 21, Galway released its best-ever gold intersect from the California project with hold GWY-115 returning 26 metres of 129 grams gold per tonne and 21.5 metres of 8.5 grams gold. Another hole, GWY-116, cut 92.5 metres grading 2.9 grams gold, including 6 metres of 19.6 grams gold and 114 metres of 1.1 grams gold including 2 metres of 25.4 grams gold.
Galway’s president and chief executive, Robert Hinchcliffe, noted in a press release at the time that not only had the company “identified high-grade gold from surface to a depth of 380 metres,” but that the mineralization “remained open to depth as well as along strike.
The company also pointed out in July that the results from hole GWY-115 were particularly significant because the hole is just 95 metres to the northeast and 110 metres to the southwest of previous holes GWY-54 and GWY-76, which both returned strong results. GWY-54 cut 19.5 metres grading 11 grams gold including 1.5 metres of 108 grams gold; 4.5 metres grading 11.1 grams gold and 19.5 metres grading 1.2 grams gold.
Hole GWY-76 returned 16.5 metres of 8.1 grams gold including 1.5 metres of 80 grams gold and 1.5 metres grading 4.8 grams gold.
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