(Toronto, Ontario, November 18, 2021) – Galway Metals Inc. (TSX-V: GWM; OTCQB: GAYMF) (the “Company” or “Galway”) is pleased to report full and partial assay results from numerous drill holes in the center of, and along either side of, the remaining 400m gap between the Richard and George Murphy Zones (GMZ) at the Company’s Clarence Stream gold project in southwest New Brunswick, Canada (Figure 1 and Figure 2).
Highlights in the Centre of the 400m Gap Include:
- Hole 189: 1.3 grams per tonne (g/t) Au over 41.15 metres (m), including 9.3 g/t Au over 1.0m, 3.9 g/t Au over 1.0m, 3.9 g/t Au over 1.0m, and 4.0 g/t Au over 0.85m, starting at a vertical depth of 199m
- Hole 185: 1.4 g/t Au over 13.5m, including 8.5 g/t Au over 1.0m, and 6.4 g/t Au over 1.0m, plus 1.2 g/t Au over 9.0m, including 7.0 g/t Au over 1.0m, plus 0.8 g/t Au over 13.0m, including 4.8 g/t Au over 1.0m, plus 1.3 g/t Au over 5.0m, including 4.4 g/t Au over 0.5m, plus 1.0 g/t Au over 5.0m, starting at vertical depths of 227m, 85m, 192m, 29m and 170m, respectively
“Galway has now essentially connected a total of 3 kilometers of mineralization comprising the Adrian, GMZ, Richard and Jubilee Zones. These zones, as well as the South and North Zones, remain open for expansion, have great grade and continuity and will be included in the upcoming resource estimate update slated for December 2021.” says Robert Hinchcliffe, President and CEO of Galway Metals, “With the Gold markets seemingly gaining traction, we look forward to an exciting 2022 where our drilling program will be focused on making new discoveries, following up on recent discoveries and expanding existing zones. In short, we remain optimistic as results continue to demonstrate that Clarence Stream is an important new gold district in North America.”
Highlights Along the West Edge of the Gap Include:
- Hole 186: 18.8 g/t Au over 6.0m, including 85.3 g/t Au over 1.0m, plus 1.5 g/t Au over 8.5m, including 3.3 g/t Au over 1.5m, starting at vertical depths of 49m and 73m, respectively
- Hole 171: 2.0 g/t Au over 17.6m, including 10.3 g/t Au over 1.0m, 8.9 g/t Au over 1.0m, and 5.4 g/t Au over 1.0m, plus 1.7 g/t Au over 10.0m, including 21.7 g/t Au over 0.5m starting at vertical depths of 68m and 40m, respectively
- Hole 168: 14.8 g/t Au over 2.1m, including 50.4 g/t Au over 0.6m plus 2.8 g/t Au over 4.25m, including 9.9 g/t Au over 1.0m, starting at vertical depths of 414m and 372m, respectively
- Hole 160: 0.9 g/t Au over 19.0m, including2.6 g/t Au over 1.0m, starting at a vertical depth of 124m
- Hole 149: 1.5 g/t Au over 7.7m, including9.5 g/t Au over 0.5m, starting at a vertical depth of 72m
- Hole 145A: 8.0 g/t Au over 2.3m, including 18.4 g/t Au over 0.8m, plus 3.8 g/t Au over 2.9m, including 7.8 g/t Au over 0.65m, starting at vertical depths of 373m and 381m, respectively
- Hole 142: 70.6 g/t Au over 1.0m, starting at a vertical depth of 162m
- Hole 89: 3.2 g/t Au over 6.0m,including 12.4 g/t Au over 1.0m, starting at a vertical depth of 53m
Highlights Along the East Edge of the Gap Include:
- Hole 104: 12.2 g/t Au over 2.2m,including 27.4 g/t Au over 0.9m, starting at a vertical depth of 44m
An additional 6 holes with assays pending were drilled in the 400m gap between the GMZ and Richard Zones. All veins appear to be sub-parallel to the granite to the north and mimics its dip at ~60-65 degrees. In general, the better results to date are from steeper holes.
Intersects Show Excellent Continuity
The 1.3 g/t Au over 41.15 metres in the 400m gap is thought to correlate with several other intersections, as follows:
- a new intersection of 1.4 g/t Au over 13.5m (hole 185) located 120m to the west,
- a previously-reported intersection of 10.0 g/t Au over 3.0m (hole 133) located 282m to the west, and
- and a new intersection of 12.2 g/t Au over 2.2m (hole 104) located 125m to the east.
- Two other new intersections may also correlate – the 14.8 g/t Au over 2.1m, including 50.4 g/t Au over 0.6m (hole 168), and the 8.0 g/t Au over 2.3m, including 18.4 g/t Au over 0.8m (hole 145A), located at 344m and 357m, respectively, along strike (horizontally) to the west of the 1.3 g/t Au over 41.15 metres.
The 2.0 g/t Au over 17.6m (hole 171) and the 18.8 g/t Au over 6.0m, including 85.3 g/t Au over 1.0m (hole 186) are new intersections located 34m and 68m east, respectively, of a previously-released intersection of 2.2 g/t Au over 15.5m (hole 133).
Table 1. Assay Results
|GWM19BL-40||no significant assays|
** previously reported; * intersection used 0.42 g/t Au for the bottom cut-off as per pit constrained resources but is at likely too much depth. Shown to indicate scope of mineralization; (TW=True Widths, which are calculated – sectional measuring may give slightly different numbers); True widths are unknown if not noted; VG=Visible Gold; 0.42 g/t Au was used for the bottom cut-off.
Table 2: Drill Hole Coordinates
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
Clarence Stream deposits can be characterized as intrusion-related, quartz-vein hosted gold deposits. They contain elevated levels of bismuth and arsenopyrite in multiple quartz veins, with significant antimony in the South and North Zones and tungsten in the vicinity. The Zones contain 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 in sericite altered sediments. The South and North Zones also contain stibnite. Locally there is up to 10% sphalerite and semi-massive galena veinlets. The 3.0 km trend that hosts the GMZ, Richard and Jubilee Zones is associated with a mineralized mafic intrusive locally – similar to the South Zone, which currently hosts most of the property’s last reported gold resources (September 2017). 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, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs 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 projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade, gold-rich VMS polymetallic 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.
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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.