(Toronto, Ontario, September 5, 2019) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report final assay results from drill hole BL19-21 at the Jubilee Zone (Figure 1), and first drill hole results from the recent Richard Zone discovery since the resumption of drilling (Figure 2) there. The newly discovered Richard Zone was first reported in January, 2019 and lies between the Jubilee Zone and the Company’s first discovery, the George Murphy Zone (initially reported in December, 2017).
Jubilee Zone Highlights
- BL19-21: 1.9 grams per tonne (g/t) Au over 43.3 metres (m) (35.7m true width (TW)) (including 21.2 g/t Au over 2.35m), starting at a vertical depth of 36m below surface
- BL19-43: 2.3 g/t Au over 10.0m (8.0m TW) (including 32.9 g/t Au over 0.5m, and 4.3 g/t Au over 0.65m), plus 1.2 g/t Au over 16.4m (13.2m TW) (including 4.1 g/t Au over 0.65m, 3.9 g/t Au over 1.1m, 3.0 g/t Au over 0.5m, and 3.0 g/t Au over 0.5m) starting at vertical depths of 87 m and 61m below surface
- BL19-46: 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m), starting at a vertical depth of 96 m below surface
Richard Zone Highlights
- 19BL-28: 3.5 g/t Au over 5.3m (including 12.5 g/t Au over 0.9m), plus 2.3 g/t Au over 7.2m, and plus 5.7 g/t Au over 0.85m starting at vertical depths of 116m, 84m, and 39m below surface
- 19BL-30: 2.1 g/t Au over 12.8m (including 14.4 g/t Au over 1.1m), plus 1.5 g/t Au over 16.0m, and plus 4.0 g/t Au over 0.7m starting at vertical depths of 34 m, 74m, and 104m below surface
- 19BL-35: 1.1 g/t Au over 21.25m (including4 g/t Au over 1.45m), plus 1.1 g/t Au over 10.3m (including 6.2 g/t Au over 0.5m), and plus 4.6 g/t Au over 0.5m starting at vertical depths of 76m, 145m, and 184m. below surface
- 19BL-39: 0.7 g/t Au over 14.4m (including 2.6 g/t Au over 0.65 m), plus 7.2 g/t Au over 0.5m, and plus 3.25 g/t Au over 0.5m with VG starting at vertical depths of 26m, 45m, and 14m below surface
Robert Hinchcliffe, President and CEO of Galway Metals, said, “We are pleased to report on activities at Clarence Stream, an emerging new gold district in eastern Canada. The 43.3 metres at Jubilee is our widest and best intersection in that deposit to date. The multiple mineralized intersects in several of the Richard Zone holes bodes well for the mineralization there to become important. We think all 3 zones that are not in resource, the George Murphy, Richard and Jubilee, which cover 2 km of strike length, are part of the same system, and as such we will postpone the resource update until further drilling can bulk up the discoveries we’ve made. Given that all 5 zones are are open in every direction, and to make new discoveries at Clarence Stream, Galway has added a third rig and increased the 2019 drill program to 17,000 metres, up from 12,000 metres.”
Jubilee Zone has wide, near-surface intersects
At Jubilee, Galway continues to add gold mineralization to the deposit. Additional results were received from hole 21 since the last press release. Two holes had extended the zone to the SW by 130m and 90m, respectively, from Galway’s previous best intersections (from the Company’s first two holes drilled at Jubilee in 2017). Those holes extending the zone to the SW contain intersections of 1.9 grams per tonne (g/t) Au over 43.3 metres (m) (35.7m TW), including 21.2 g/t Au over 2.35m in hole BL19-21 (partially previously released) and 1.2 g/t Au over 20.5m (19.3m TW) in hole 19-20A (previously released). Follow-up holes in the west end of Jubilee returned 2.3 g/t Au over 10.0m (8.0m TW) (including 32.9 g/t Au over 0.5m), plus 1.2 g/t Au over 16.4m (13.2m TW) in hole 19-43, and 0.5 g/t Au over 11.95m (11.95m TW) in hole 19-46. Jubilee was also extended to the NE by 175 metres previously with an intersection of 2.1 g/t Au over 7.0m (6.9m TW) in hole BL19-17 such that a resource on Jubilee would extend approximately 465 metres (365m between intersections). Since resumption of drilling in mid July, 1,819 m in 8 holes have been drilled in Jubilee (including 6 pending all assays).
The Jubilee Zone horizons appear to trend parallel to the granite intrusive located to the northwest. True widths for all drill holes to date at Jubilee have now been calculated, based on an interpreted horizontal trend (strike) of 50° and south dips of -52°. The George Murphy Zone, located 2 km away from Jubilee, is interpreted to have a similar horizontal trend (strike) but is steeper dipping. The newly-discovered Richard Zone is half way between. The intersection in hole 46 (0.5 g/t Au over 11.95m) is located 97m east and above the 1.9/43.3m intersection in hole 21. Hole 19-43 intersected 2.3 g/t Au over 10.0m (8.0m TW) (including 32.9 g/t Au over 0.5m), plus 1.2 g/t Au over 16.4m (13.2m TW), with these being 20 and 28m below the closest previous intersections in hole 18 (7.7 g/t Au over 3.65m (3.3m TW) (including 24.6 g/t Au over 1.0m), plus 1.1 g/t Au over 7.65m (8.7m TW)) (Figure 1 and Figure 3).
The Richard Zone may link with both Jubilee and GMZ – drilling will continue along this 2km trend …
At the new Richard Zone discovery, the discovery hole, BL18-12, returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m (previously released) in multiple quartz veins containing abundant visible gold, starting only 51 metres downhole and 36 metres vertical. Follow-up drilling in hole BL19-15 intersected 5.4 g/t Au over 11.0m, including 20.9 g/t Au over 2.55m (previously released), plus 1.4 g/t Au over 9.0m, and plus 1.5 g/t Au over 7.5m. This hole intersected visible gold (VG) twice, approximately 50 metres NW of and 97 metres vertically below the VG seen in BL18-12. The original drilling consisted of 1,222m in 4 holes. Drilling was stopped early 2019 due to the rapid snow melt and subsequent flooding in New Brunswick. Since resumption of drilling in early June, 2,147m in 7 holes have been drilled (including one pending all assays), with multiple gold-bearing structures intersected in multiple drill holes. Results include intersections of 3.5 g/t Au over 5.3m, including 12.5 g/t Au over 0.9m, plus 2.3 g/t Au over 7.2m, and plus 5.7 g/t Au over 0.85m in hole 28, and 2.1 g/t Au over 12.8m, including 14.4 g/t Au over 1.1m, plus 1.5 g/t Au over 16.0m, and plus 4.0 g/t Au over 0.7m in hole 30 (Figure 2).
The intersections in holes 28, 30, and 35 are located approximately 53-118 metres south and west of the 7.3 g/t Au over 36.7m. They are up to 109 metres vertically below that intersection. Drilling has been undertaken to date using a NW horizontal (strike) interpretation, but the 7.3/36.7m can be lined up with the VG in hole 39 (3.25 g/t over 0.5m), as well as other parallel structures such as 2.1/12.8m (incl. 14.4/1.1m), 3.5/5.3m (incl. 12.5/0.9), and 1.1/10.3m (incl. 6.2/0.5m). With this interpretation, the horizontal trend (strike) is identical to the NE trends of the Jubilee and George Murphy Zones (generally following the granite contact to the NW that might be the source of the gold-bearing fluids), and the dip would be half-way between the dips at the other 2 zones at ~70 degrees (Figure 4 and Figure 5). Another attempt will be made to use down-hole optical viewing before drilling resumes later in September in order to confirm the strike and dip of the Richard Zone.
Wildcat drilling was undertaken west of the Jubilee Zone (but not so far west as to test the 4km+ anomaly with 11 soils returning between 100 and 681 ppb Au along that trend), targeting the Jubilee extension since resumption of drilling in mid-May. To date, 2,465m in 11 holes have been drilled; they did not return anything significant other than an intersection of 4.4 g/t Au over 1.0m in hole 32 that also contained 4050 ppm Bismuth and 344 ppm Tungsten, with the intersection sub-parallel to the core axis (Figure 1). Follow-up full tungsten assays are being undertaken (the AA assay is only an indication), and follow-up drilling will be conducted to determine whether this intersection represents a new discovery.
Current Drilling – Jubilee and South Zone Extension testing 35.5 g/t Au and 56.2 g/t Au boulders within strong soils
One drill rig returned to drilling the Jubilee Zone on the same set-up as hole 21 to drill around that wide intersection. The second drill was temporarily taken off the Richard Zone in order to drill an important target – the interpreted extension of the South Zone. This target trends parallel to high soil anomalies of greater than 300 ppb Au, is located where boulders returned up to 56.2 g/t Au with visible gold, and is 4.8 km southwest of the South Zone. Three zones of mineralization were returned from the first hole (BL19-44)—two with significant widths of 20-40% quartz veining (18 and 22m) and 2% arsenopyrite, plus 5% pyrite, plus 5% pyrrhotite, and one zone being a mineralized gabbro dyke (similar to the South Zone) that returned up to 0.5 g/t Au over 1.15m (Figure 1). The third and northern-most structure appears to be the down-dip extension of the Jubilee Zone, while the southern two structures are on-strike with the South Zone (Figure 3). A previous drill hole (GWM17CL-09) located midway between this hole and the South Zone (2.4 km from each) had intersected a similar 14.15m wide mineralized structure consisting of 10-20% quartz veining with up to 0.4 g/t Au over 0.65m. Additional drilling is being undertaken, because the quartz veining plus the other noted indicator minerals, which are similar to what was encountered in the South Zone, are encouraging. The third drill is undertaking wildcat drilling 1.5 km west of the South Zone to evaluate soil, till, and geophysical anomalies and where a boulder was found that returned 35.5 g/t Au (Figure 4).
Galway staked new claims that contain the highest grade glacial till ever discovered in southern New Brunswick
The New Brunswick government recently undertook follow-up glacial till sampling. As a result, the highest-grade gold-in-till anomaly ever recorded in southern New Brunswick at 211 ppb was staked by Galway. This new till sample is more than double Galway’s previous highest-grade till sample (Figure 6).
Table 1. Assay Results
(m) TW(Unknown if not noted)
|incl.||134.45||136.80||2.35||1.9||21.2 ** VG|
|WILDCAT 4.8 KM WEST OF SOUTH ZONE|
|WILDCAT WEST OF JUBILEE ZONE|
**previously reported; VG = visible gold. 0.42 g/t Au was used for the bottom cut-off; True widths are unknown if not noted. VG in holes 39, and 28 was assayed by metallic screens method (g/t Au by gravimetric). Drill holes GWM-19BL-23-27, 29, 31, and 34 were wildcat holes drilled west of the Jubilee Zone and did not return significant assays; the intersection in hole BL-32 also contains 4050 ppm Bismuth and 344 ppm Tungsten (done by AA which does not give an accurate value).
Table 2: Drill Hole Coordinates
|Hole ID||Azimuth||Dip||Easting||Northing||Total Depth (m)||Zone|
|BL19-44||320||-45||653,231||5,020,697||626||South Zone Extn.|
|BL19-49||350||-45||653,231||5,020,697||In Progress||South Zone Extn.|
New Brunswick Junior Mining Assistance Program
Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the GMZ, Jubilee, and Richard Zones.
Geology and Mineralization
The recent discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. Richard Zone contains multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. A more complete description of Clarence Stream’s geology and mineralization can be found at www.galwaymetalsinc.com.
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%.
About the Company
Galway Metals is well capitalized with two gold 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 the 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.
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Galway Metals Inc.
President & Chief Executive Officer
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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.