Galway Resources has 4 projects in various stages of development. Those projects include:
California - Gold
Vetas - Gold
GALCA - Coal
Victorio - Molybdenum and Tungsten
The California project was the sole focus of exploration in 2010. Galway was hopeful that the project would have been an attractive buy target for Ventana or AUX. Ventana was recently purchased by AUX and there has been little to no news since. Regardless Galway has drilled a significant number of holes and have clearly shown that the California project is capable of house a multi-million ounce resource. They have not yet published a 43-101 resource estimate.
The Vetas project is the one in which I was most eagerly awaiting results. This is a gold project in the well known Vetas gold district. Galway has possession of the El Volcan mine which has been in operation since the 1590's. he current drill program will be the first ever modern exploration activities conduced on that property. If you check the last new release you will notice this headline "Galway Intersects 21.9 g/t Gold Over 6.7m, 82.4 g/t Gold Over 2.7m And 9.7 g/t Gold Over 9.4m At Vetas Project In Colombia". These results are from the first 2 drill holes and they have already discovered new gold bearing veins. I have no doubts that this project will surpass the potential of the California property.
The GALCA property is a coal project which is in process of being explored and hopefully acquired by Xstrata and Prodeco. Under the terms of that deal Galway will eventually receive up to $70 million from mining activities. That's about 62.5 cents a share.
The Victorio project is a very advanced stage Molybdenum-Tungsten project which is 100% owned by Galway. This project is located in New Mexico. The short version of this story is that Galway is looking for a buyer/investor to take the project into development. The net asset value of the project is approximately $700 million or an astounding $6.25 a share. The stock trades today at 85 cents per share.
I think that investors would be very hard pressed to find a stock with this much value trading at such a low price.
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January 19, 2011
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Galway Intercepts 22.5 Meters of 7.8 g/t, 10.0 Meters of 10.0 g/t, 6.0 Meters of 32.8 g/t, and 59.0 Meters of 1.7 g/t Gold
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February 09, 2011
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Galway Hits 16.5 m Of 8.1 g/t Gold, Bridging the Gap Between the Pie De Gallo tnd NE Zones, and Hits 4.0 m Of 176.2 g/t Gold
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March 01, 2011
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Galway Intersects 15.7 m Of 8.0 g/t Gold and Thick Intervals in the Gap Between the Pie De Gallo And Northeast Zones
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April 26, 2011
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Galway Intersects 36.0 m of 8.9 g/t Gold in Wider Interval of 125.0 m of 3.8 g/t Gold
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April 13, 2011
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Galway Intersects 76.0 Meters of 3.3 Grams per Tonne Gold and Provides an Update on Progress to Date
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April 08, 2011
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Galway Resources Announces Start of Drilling and Exploration Update at its Vetas Gold Project in Colombia
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May 19, 2011
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Galway Hits 50.0 M of 8.3 g/t, Including 29.0 M of 13.6 g/t Gold
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May 05, 2011
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Galway Hits Five Separate Gold Bearing Intervals in the Second Hole Ever Drilled at its Vetas Project in Colombia
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June 22, 2011
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Galway Intersects 21.9 g/t Gold Over 6.7m, 82.4 g/t Gold Over 2.7m And 9.7 g/t Gold Over 9.4m At Vetas Project In Colombia
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