13 Nov

Galway Metals Intersects 20.7 g/t Au Over 9.5m plus 14.2 g/t Au Over 7.5m in one hole, and 5.5 g/t Au Over 16.7m in another, extending Clarence Stream’s Richard Zone

Released: November 13, 2019

(Toronto, Ontario, November 13, 2019) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report assay results from drilling at the recent Richard Zone discovery, the Jubilee Zone, and some exploratory wildcat holes. The Richard Zone was first reported in January, 2019, and lies midway between the Jubilee Zone and the Company’s first discovery, the George Murphy Zone (initially reported in December, 2017). It is thought that all 3 zones (the George Murphy, Richard and Jubilee), which cover 2.5 km of strike length, are part of the same system. None of these zones are in the resource. (Figure 1)

Robert Hinchcliffe, President and CEO of Galway Metals, said, “The Richard Zone discovery hole returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m, and the latest drilling has returned high grades over multiple wide zones. Galway Metals will continue to drill our new discoveries in order to maximize the resource that will be undertaken in early 2020. The new intersections represent step-outs of 54m to 91m to the west at Richard. Galway Metals believes that Clarence Strem, is an emerging new gold district in eastern Canada.”

 Richard Zone Highlights

  • 19BL-72: 20.7 grams per tonne (g/t) Au over 9.5 metres (m) (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m and 23.5 g/t Au over 1.1m) plus 14.2 g/t Au over 7.5m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, and 17.5 g/t Au over 0.75m) starting at vertical depths of 185 m, and 151 m below surface
  • 19BL-69: 5.5 g/t Au over 16.7m (including 50.7 g/t Au over 0.5m, 9.5 g/t Au over 0.5m, 8.4 g/t Au over 0.6m, 32.4 g/t Au over 0.5, 43.2 g/t Au over 0.6m, and 11.7 g/t Au over 0.6m) starting at a vertical depth of 142 m below surface

 The Richard Zone continues to return high grade gold over significant widths

At the new Richard Zone discovery, RUSH assays have been returned for parts of two drill holes that have Visible Gold in multiple spots. Hole 72 intersected 20.7 g/t Au over 9.5m (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m and 23.5 g/t Au over 1.1m) plus 14.2 g/t Au over 7.5m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, and 17.5 g/t Au over 0.75m) (Figure 2). The 20.7/9.5m and 14.2/7.5m are thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 91m and 66m west of it respectively. The two intersections are separated by 25.7m of 0.32 g/t.

Hole 69 intersected 5.5 g/t Au over 16.7m (including 50.7 g/t Au over 0.5m, 9.5 g/t Au over 0.5m, 8.4 g/t Au over 0.6m, 32.4 g/t Au over 0.5, 43.2 g/t Au over 0.6m, and 11.7 g/t Au over 0.6m.) The 5.5/16.7m is thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 54m west of it. The intersections in holes 72 and 69 are 181m, 153m, and 140m respectively from the discovery hole intersection.

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. 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, 2,438m in 12 holes have been drilled (all are pending assays, including non-RUSH assays from the holes reported herein), with multiple gold-bearing structures intersected in multiple drill holes (Figure 2).

With the interpretation of the horizontal trend (strike) for the Richard Zone as being 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 dipping south, the new intersections appear to line up with the middle of 3 vein zones at Richard.

Jubilee Zone Highlights

  • BL19-48: 2.2 g/t Au over 2.2m (1.4m True Width (TW)), plus 0.9 g/t Au over 4.5m (3.0m TW), plus 1.9 g/t Au over 2.4m (1.6m TW) starting at vertical depths of 79m, 128m, and 166m below surface
  • BL19-46: 0.7 g/t Au over 10.45m (10.3m TW) (including 3.3 g/t Au over 1.3m), plus (previously reported) 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m), plus several narrow low-grade zones, starting at vertical depths of 75m and 43m below surface
  • BL19-47: 1.0 g/t Au over 5.3m (3.5m TW) (including 5.6 g/t Au over 0.6m), plus 0.7 g/t Au over 5.0m (3.4m TW), plus 3.5 g/t Au over 0.7m (0.5m TW), plus 0.5 g/t Au over 4.8m (3.2m TW), plus 4.1 g/t Au over 0.5m (0.3m TW), starting at vertical depths of 122m, 99m, 173m, 182m, and 158m below surface

Jubilee Zone has wide, near-surface intersects

At Jubilee, Galway continues to add gold mineralization to the deposit. Pending assays were received from hole 46 since the last press release. Multiple intersections have been received from holes 47 and 48.

Hole 46 contains 5 intersections, with the best being 0.7 g/t Au over 10.45m (10.3m TW) (including 3.3 g/t Au over 1.3m), plus (previously reported) 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m). These are located 81-92 m from the 1.9 g/t Au over 43.3 m (35.7m TW), including 21.2 g/t Au over 2.35m in hole BL19-21 (previously released).

Hole 47 contains 9 intersections, with the best being 1.0 g/t Au over 5.3m (3.5m TW) (including 5.6 g/t Au over 0.6m), plus 0.7 g/t Au over 5.0m (3.4m TW), plus 3.5 g/t Au over 0.7m (0.5m TW), plus 0.5 g/t Au over 4.8m (3.2m TW), plus 4.1 g/t Au over 0.5m (0.3m TW). These are located 42-82m from the 1.9 g/t Au over 43.3 m.

Hole 48 contains 4 intersections, with the best being 2.2 g/t Au over 2.2m (1.4m TW), plus 0.9 g/t Au over 4.5m (3.0m TW), plus 1.9 g/t Au over 2.4m (1.6m TW). These are located 69-85m down-dip and east from the 1.9 g/t Au over 43.3 m.

Other intersections of note in the west end of Jubilee (previously released) include 1.2 g/t Au over 20.5m (19.3m TW) in hole 19-20A, and 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. 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, 2,765 m in 11 holes have been drilled in Jubilee on the west side (most pending all assays). To the east, wildcat drilling for Jubilee is 1,740m in 6 holes to date.

The Jubilee Zone horizons appear to trend northeast, 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 northeast of Jubilee, is interpreted to have a similar horizontal trend (strike) but is steeper dipping. The newly-discovered Richard Zone is half way between. (Figure 1 and Figure 3).

Wildcat Drilling Highlights

  • SW19-01: 0.4 g/t Au over 1.0m (unknown TW), starting at a vertical depth of 138m below surface
  • SW19-03: 1.8 g/t Au over 1.0m (unknown TW), starting at a vertical depth of 19m below surface
  • SW19-05: 0.6 g/t Au over 0.75m (unknown TW), starting at a vertical depth of 277m below surface

Wildcat Drilling intersected what appears to be extensions of the South Zone

Wildcat drilling was undertaken using the newly ordered third drill in two locations west of the resources from the South Zone. The two locations are 4.8 km and 1.5 km to the west and are interpreted to be extensions of the South Zone. The target at 4.8 km away trends parallel to high soil anomalies of greater than 300 ppb Au, and is located where boulders returned up to 56.2 g/t Au with visible gold. The target at 1.5 km away features soil, till, and geophysical anomalies and where a boulder was found that returned 35.5 g/t Au (Figure 3).

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. 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. Assays are pending from other holes. 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. The drilling 1.5 km west of the South Zone also intersected quartz veining and altered gabbros. The best assay returned to date is 1.8 g/t over 1.0m in an altered gabbro. A strongly mineralized arsenopyrite-bearing quartz vein in hole SW-05 returned 0.6 g/t over 0.75m.

Table 1. Assay Results

Hole ID From
(m)
To
(m)
Intercept
(m)
Intercept
(m) TW

(Unknown if not noted)

Au
g/t

RICHARD ZONE

GWM-19BL-72 0 146.8     PENDING
  150.5 158.0 7.5   14.2
incl. 151.2 152.0 0.8   63.6
incl. 152.0 152.5 0.5   49.1
incl. 154.1 154.85 0.75   17.5
  158.0 183.7 25.7   0.32
  162.35 171.7 9.35   0.43
  177.2 178.25 1.05   0.5
  183.7 193.15 9.45   20.7
incl. 184.4 185.15 0.75   92.0
incl. 187.05 188.15 1.1   23.5
incl. 188.15 189.05 0.9   51.9
  197.35 280.0     PENDING
GWM-19BL-69 0 133.0     PENDING
  137.6 138.1 0.5   1.2
  141.3 158.0 16.7   5.5
  142.6 143.1 0.5   50.7
  143.6 144.1 0.5   9.5
  151.4 152.0 0.6   8.4
  152.5 153.0 0.5   32.4
  153.0 153.6 0.6   43.2
  155.75 156.35 0.6   11.7
  164.0 263.0     PENDING
GWM-19BL-62 107.0 108.0 1.0   3.0

JUBILEE ZONE

GWM-19BL-43 64.0 65.0 1.0 0.8 0.4*
  66.0 82.4 16.4 13.2 1.2*
incl. 67.85 68.5 0.65 0.5 4.1*
incl. 72.9 73.4 0.5 0.4 3.0*
incl. 73.9 74.4 0.5 0.4 3.0*
incl. 80.8 81.88 1.08 0.9 3.9*
  84.0 85.0 1.0 0.8 0.6*
  96.0 106.0 10.0 8.0 2.3*
incl. 96.0 96.65 0.65 0.5 4.3*
incl. 104.35 104.85 0.5 0.4 32.9*
  115.45 116.0 0.55 0.4 0.6*
  164.4 165.0 0.55 0.4 0.6
GWM-19BL-46 55.9 67.85 11.95 11.95 0.5*
incl. 67.35 67.85 0.5 0.5 1.7*
  70.0 71.0 1.0 1.0 0.9*
  72.95 73.75 0.8 0.8 0.4*
  90.0 91.0 1.0 1.0 0.9
  103.15 113.6 10.45 10.3 0.7
incl. 107.7 109.0 1.3 1.3 3.3
GWM-19BL-47 99.0 104.0 5.0  3.4 0.7
  113.0 111.25 1.75 1.2 0.5
  120.0 120.65 0.65 0.4 0.7
  123.6 128.25 5.25 3.5 1.0
  123.6 124.15 0.55  0.40.4 5.6
  161.25 161.75 0.5  0.0.3 4.1
  167.25 167.8 0.55 0.4 1.5
  176.3 177.0 0.7  0.5 3.5
  190.45 195.25 4.8  3.2 0.5
  186.6 187.25 1.25 0.8 1.4
GWM-19BL-48 77.35 79.5 2.15  1.4 2.15
  122.55 123.15 0.6 0.4 0.5
  126.5 130.0 4.5  3.0 0.9
  165.3 167.65 2.35 1.5 1.9
GWM-19BL-53 123.7 124.5 0.8 0.7 0.5

WILDCAT 4.8 KM WEST OF SOUTH ZONE

GWM-19BL-44 305.0 306.15 1.15   0.5*
  308.3 308.9 0.6   0.4*
  381.0 381.6 0.6   0.5
  432.3 433.3 1.0   0.3
GWM-19BL-49 356.35 358.3 1.95   0.3
  509.75 510.5 0.75   0.3
  524.5 525.0 0.5   0.9
GWM-19BL-56 146.0 146.5 0.5   0.3
  148.0 148.5 0.5   0.5

WILDCAT 1.5 KM WEST OF SOUTH ZONE

GWM-19SW-01 183.0 184.0 1.0   0.4
GWM-19SW-03 28.9 29.9 1.0   1.8
  219.0 220.0 1.0   0.3
GWM-19SW-05 83.0 344.0     PENDING
  396.0 396.75 0.75   0.6
  409.6 498.0     PENDING

*previously reported; VG = visible gold. 0.42 g/t Au was used for the bottom cut-off for intersections except for Wildcat holes and the 0.32/25.7m in hole 72 (shown for information purposes); (TW=True Widths); True widths are unknown if not noted. Drill hole GWM-19BL-54, drilled west of the Jubilee Zone, and Wildcat holes GWM-19SW-02 and GWM-19SW-04, did not return significant assays.

 Table 2: Drill Hole Coordinates

Hole ID Azimuth Dip Easting Northing Total Depth (m) Zone
BL18-12 120 -45 653463 5021594 270 Richard
BL19-15 12 -45 65595 5021623 293 Richard
Bl19-17 330 -45 652897 5020955 228 South Zone Extn.
BL19-20A 300 -45 652648 5020799 186 Jubilee
BL19-30 353 -67 653473 5021490 422 Richard
BL19-43 5 -67 652645 5020812 216 Jubilee
BL19-44 320 -45 653231 5020697 626 South Zone Extn.
BL19-45 255 -45 652644 5020811 245 Jubilee
BL19-46 330 -45 652646 5020810 177 Jubilee
BL19-47 260 -80 652648 5020809 225 Jubilee
BL19-48 10 -85 652648 5020805 258 Jubilee
BL19-49 350 -45 653231 5020697 539 South Zone Extn.
BL19-50 180 -60 652648 5020807 357 Jubilee
BL19-51 220 -70 652,650 5020807 267 Jubilee
BL19-53 300 -65 652577 5020743 189 Jubilee
BL19-54 300 -80 652577 5020743 210 Jubilee
BL19-55 150 -70 652578 5020745 306 Jubilee
BL19-56 145 -45 653073 5020907 234 South Zone Extn.
BL19-57 210 -70 652578 5020745 315 Jubilee
BL19-58 300 -65 653462 5021486 257 Richard
BL19-59 310 -65 653503 5021513 80 Richard
BL19-60 325 -78 653535 5021544 257 Richard
BL19-61 290 -80 652227 5020541 114 Jubilee
BL19-62 330 -45 653544 5021550 152 Richard
BL19-63 320 -45 652799 5021123 84 Jubilee-Richard Trend
BL19-64 360 -45 653565 5021680 341 Richard
BL19-65 320 -80 652799 5021123 111 Jubilee-Richard Trend
BL19-66 320 -45 652882 5021030 171 Jubilee-Richard Trend
BL19-67 332 -75 653472 5021542 221 Richard
BL19-68 320 -45 653078 5021112 267 Jubilee-Richard Trend
BL19-69 310 -80 653467 5021486 263 Richard
BL19-70 320 -45 653001 5021104 237 Jubilee-Richard Trend
BL19-71 330 -63 653467 5021486 185 Richard
BL19-72 278 -85 653462 5021486 280 Richard
SW19-01 140 -45 656131 5022672 313 South Zone Extn.
SW19-02 350 -45 656190 5022639 228 South Zone Extn.
SW19-03 145 -45 656222 5022564 369 South Zone Extn.
SW19-04 200 -50 656138 5022673 313 South Zone Extn.
SW19-05 140 -50 656062 5022417 498 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., Director and VP of Exploration for Galway Metals, 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.

Figure 1 – Plan Map of the George Murphy, Richard and Jubilee Zones

Figure 2 – Plan Map of the Richard Zone

Figure 3 – Magnetic Map of the South, George Murphy, Richard and Jubilee Zones

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.

Robert Hinchcliffe

President & Chief Executive Officer

1-800-771-0680

www.galwaymetalsinc.com

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.

 

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