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Junior Miner Intersects 9.2 g/t Gold Along 130 Meters Among Other Impressive Results
By: AllPennyStocks.com News
August 11, 2009
Experts from all corners insist the recession is starting to lift, but most of us see an economy experiencing the shakes. Until more tangible signs are seen of a full-on recovery, gold prices are likely to remain high, above the $900 U.S. mark, all the more reason to focus on the gold sector as at least a temporary parking spot for one’s investment dollars.
On that note, exciting news was posted by Elko, Nevada-based Galway Resources Ltd. (TSX-Venture:GWY) in the second week of August, of new finds in the California district of northeast Colombia. The company, with offices in Toronto, provided analytical results of the Phase I sampling program from its newly-acquired properties, 1,100 metres southwest of, and on strike with, the La Bodega property operated by Ventana Gold Corporation (TSX-Venture:VEN). Galway's gold team has taken a total of 1,500 samples (including 952 assayed), and historic data has been compiled.
High-grade gold/silver mineralization, up to six meters of 63 grams gold/tonne and 451 grams silver/tonne, have been sampled. On the El Dorado portion of the property, Galway sampling has returned an average of 9.21 g/t gold from 68 chip samples over 130 metres of tunnel walls, along multiple stacked mineralized zones. On the Machuca property, Galway's 43 underground chip samples have returned an average of 3.85 g/t gold over 87 metres of tunnel walls, along a single grey siliceous vein with an approximate average true width of four-10ths of a metre.
Lastly, on the Pie de Gallo portion of the property, a 300 metre-long pit, mined in ancient times by the Spaniards, and much later, in the mid-1940s, by Anaconda Mining,. Galway's surface chip sampling has returned 14.2 g/t gold over two metres, included in a 33.50-metre SW-NE continuous line of samples that gave 2.84 g/t of gold and 11.74 g/t of silver.
The company seeks to create value for shareholders by being creative with a focus on New Mexico with the Victorio project, and in Colombia with highly prospective gold and coal projects. In the U.S., it says, spending has been curtailed so that a joint-venture partner can be brought in order to advance its molybdenum tungsten project.
What puts a special urgency on investigation of this stock as a possible purchase is the 52-week peak the price achieved upon release of the above news. GWY scaled the heights at 64 cents, a far cry from the previous high of 53 cents set earlier in the week, and leaps and bounds beyond the three-cent basement in which the stock found itself late in December. With things still iffy on the economic front, and with gold shining as bright as ever, this is a stock not to be ignored.
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