(Toronto, Ontario, March 19, 2019) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) reports that, as a result of a review by the Ontario Securities Commission, this press release is being issued to clarify disclosure in the Company’s January 23, 2019 press release regarding the Clarence Stream NI 43-101 resource estimate, and to note that the Estrades NI 43-101 technical report has been amended to more clearly note metallurgical recoveries and cost assumptions to arrive at the C$140/tonne NSR cutoff value, and refiled on SEDAR. No changes to either the Clarence Stream or Estrades resource estimates have been made.
The January 23, 2019 press release on Clarence Stream disclosed gold resources as having ounces of gold and grade without also disclosing tonnage, contrary to NI 43-101 s. 2.2 (d) and 3.4 (b). Moreover, the linked resource statement did not form part of the document filed on SEDAR. The Company is also clearly defining the amount of antimony resources in the South and North Zones, as antimony exists as a subset within the gold resource in each zone. As a result, Galway is providing the following disclosure:
On September 26, 2017, Galway issued a resource update on the South and North Zones at Clarence Stream, prepared by SRK Consulting (U.S.) Inc., with total Measured and Indicated resources of 6.178 mm tonnes grading 2.0 g/t, representing 390,000 oz of gold and additional Inferred resources of 3.409 mm tonnes grading 2.5 g/t, representing 277,000 oz of gold, in addition to Inferred antimony resources of 2.736 mm tonnes grading 0.37%, representing 22.0 mm lbs of antimony. Antimony resources are fully contained within gold resources in the South Zone (1.583 mm tonnes grading 0.27%, representing 9.3 mm lbs) and the North Zone (1.153 mm tonnes grading 0.5%, representing 12.7 mm lbs), and are a subset of each zone. For complete details, refer to: “NI 43-101 Technical Report on Resources, Clarence Stream Gold Project, Charlotte County, New Brunswick, Canada” with an effective date of August 21, 2017, and “NI 43-101 Technical Report on the Mineral Resource Estimate for the Estrades Project, Northwestern Quebec, Canada” dated November 5, 2018 with an amended date of March 15, 2019, available on the Company’s website at www.galwaymetalsinc.com or SEDAR profile at www.sedar.com.
About the Company
Galway Metals is well capitalized with two projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.
Should you have any questions and for further information, please contact (toll free):
Galway Metals Inc.
President & Chief Executive Officer
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company’s objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company’s public disclosure documents filed on SEDAR. Although the Company believes that management’s assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management’s expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.