Pinnacle Activity Ticker
Another Puzzle Piece
Interesting little piece of info released by Galway in their NR yesterday:
"Mineralization in the Pie de Gallo, Machuca, and Santa Catalina zones remain open in all directions. Drilling has been curtailed in California pending an analysis of the work that has been completed to date. The upcoming resource will identify a number of drill targets. As this analysis progresses, we will be better able to determine where future drilling should occur".
Curtailing drilling while the deposit is open in all directions????? Numerous other targets have been identified? HMMMMMMMMM
The NR that was reported yesterday came after 4 months of silence from that property with 3 drills drilling step-out holes. In that time they drilled 43 holes. What's equally interesting is that their Vetas property has 4 drills turning and they've gone near 6 months without reporting any drill results from that property (that's likely at least 60 holes). So how are they allowed to hold on to material drill results?
This latest NR comes after a prime plus a half (3.5%) 10 million dollar loan from BMO which is unheard of for a Venture company to get.....Especially when they had $0 cash and don't even have a 43-101 yet. Galway just used that money to buy the full percentage of the California property.
Just my humble opinion here, but with that NR yesterday, I do believe the deck has been cleared for their maiden 43-101 on their California property for Monday morning. Their AGM is on September 20th, so it definitely won't come after that. The key question is will we get an offer for the California property by then (Eike Batista), or will the whole company be sold? Volume and price increase also say something is up!
The key bargaining piece with Eike for Galway is this:
The California property is located adjacent to and on strike with the La Bodega/La Mascota deposit (acquired for $1.5-billion in cash by AUX Canada). Galway's property is at the lowest elevation among the major deposits identified along the California gold trend. Galway also owns a 360-metre-long fractional land position that appears to be directly within AUX's La Mascota mineralized structure.