(Toronto, Ontario, December 7, 2021) – Galway Metals Inc. (TSX-V: GWM, OTCQB: GAYMF) (the “Company” or “Galway”) is pleased to report drill results that expand the Adrian Zone in multiple directions, and the George Murphy Zone where the Company recently reported a 50% strike length expansion. Significant potential exists to be able to combine the GMZ with the Adrian and Richard Zones at its Clarence Stream property in southwest New Brunswick, Canada.
Adrian Zone Highlights:
- The wide vein within the Adrian Zone was previously expanded by 44 metres (m) to the northeast with an intersect that now returns 5.8 g/t Au over 55.5m in hole CL-122 (originally reported as 38.6 g/t Au over 7.5m with assays pending; assays are still pending) from a previously-released intersect that returned 1.1 g/t Au over 78.5m in hole CL-52
- This vein has now been expanded 192m northeast with 2.2 g/t Au over 10.7m in hole 136 from the intersect in hole CL-52
- A deeper vein in the Adrian Zone was expanded 207m south with an intersect that returned 97.7g/t Au over 1.0m in hole CL-139 from several previously-released intersects such as 22.7 g/t Au over 3.5m (hole CL-92), 5.7 g/t Au over 25.0m (hole CL-103), and 12.9 g/t Au over 2.0m (hole CL-116)
George Murphy Zone Highlights:
- Drilling in the George Murphy Zone (GMZ) has intersected 8.1 g/t Au over 17.5m in hole CL-136. This intersection is located 108m southwest of a previously-reported intersect in hole 109 that returned 1.7 g/t Au over 10.0m
- These GMZ intersects are located within the 400m gap between the previous northeastern edge of the GMZ and wildcat step-out hole CL-75 that returned 9.4 g/t Au over 0.5m, which represented a 50% expansion of the GMZ to more than 1.1km
- Most of these wide and high-grade intersections from both the GMZ and Adrian Zones are likely to fall within pit shells. For details, refer to Figure 1, Figure 2 and Figure 3
“Galway continues to receive wide and high-grade drill results that are expanding the GMZ and Adrian Zones and significantly improving the potential to combine these two pits into one. We see the same potential with the GMZ and Richard Zones where wide mineralized intersects were recently released and where additional assays are pending. We believe these pending results will contribute significantly to the ability to combine these zones, enhance the economics of the project and benefit the resource update. As a result, the resource update will be released in the first quarter rather than this month,” cites Robert Hinchcliffe, President and CEO of Galway Metals, “We are pleased to see many of the holes drilled have wide intersects in both the GMZ and Adrian Zones. There are pending assays in both zones and mineralization appears to continue past the intersects being released.”
- Hole CL-122 intersected 5.8 g/t Au over 55.5m (previously reported as 38.5 g/t Au over 7.5m), which includes 151.0 g/t Au over 0.5m, 144.0 g/t Au over 0.55m, 110.0 g/t Au over 0.5m, 41.6 g/t Au over 0.5m, 21.2 g/t Au over 0.5m, 23.7 g/t Au over 0.5m, and 35.4 g/t Au over 0.5m, plus 34.0 g/t Au over 0.5m, starting at vertical depths of 176m and 226m
- Hole CL-120 intersected 3.9 g/t Au over 17.0m (previously reported as 10.2 g/t Au Over 6.0m), including 91.2 g/t Au over 0.5m, plus 0.9g/t Au over 52.5m, including 4.0 g/t Au over 3.0m, 4.3 g/t Au over 1.0m, and 7.6 g/t Au over 0.5m, starting at vertical depths of 115m, and 169m
- Hole CL-136 intersected 8.1 g/t Au over 17.5m, including 89.2 g/t Au over 0.5m and 88.8 g/t Au over 0.65m, plus 2.2 g/t Au over 10.7m, including 16.9 g/t Au over 0.5m, and 20.4 g/t Au over 0.5m, plus 1.0 g/t Au over 13.0m, including 7.1 g/t Au over 1.0m, starting at vertical depths of 85m, 201m, and 175m
- Hole CL-139 intersected 97.7 g/t Au over 1.0m, including 193.0 g/t Au over 0.5m, plus 2.0 g/t Au over 7.0m, including 17.9 g/t Au over 0.5m, plus 1.0 g/t Au over 8.5m, including 2.7 g/t Au over 1.5m, starting at vertical depths of 222m, 235m, and 147m
- Hole CL-126 intersected 1.1 g/t Au over 37.3m, including 3.6 g/t Au over 1.0m, 3.4 g/t Au over 1.0m, and 3.2 g/t Au over 1.0m, starting at a vertical depth of 150m
- Hole CL-94 intersected 1.2 g/t Au over 34.0m, including 16.0 g/t Au over 1.0m, starting at a vertical depth of 155m
- Hole CL-117 intersected 1.3 g/t Au over 19.5m, including 9.5 g/t Au over 1.0m, 3.3 g/t Au over 1.0m, and 3.6 g/t Au over 0.5m, starting at a vertical depth of 80m
- Hole CL-123 intersected 11.2 g/t Au over 4.25m, including 77.7 g/t Au over 0.6, starting at a vertical depth of 133m
- Hole CL-134 intersected 5.5 g/t Au over 4.7m, including 23.8 g/t Au over 0.5m, and 16.5 g/t Au over 0.7m, starting at a vertical depth of 179m
- Hole CL-102 intersected 1.0 g/t Au over 24.0m, including 3.6 g/t Au over 2.5m, and 5.3 g/t Au over 1.5m, starting at a vertical depth of 139m
- Hole CL-105 intersected 6.5 g/t Au over 3.5m, including 14.8 g/t Au over 0.5m, plus 3.9 g/t Au over 4.0m, including 12.6 g/t Au over 1.0m, plus 0.5 g/t Au over 11.5m, starting at vertical depths of 166m, 191m, and 206m
- Hole CL-103 intersected 2.4 g/t Au over 6.0m, plus previously-released 5.7 g/t Au over 25.0m, including 20.5 g/t Au over 5.95m, starting at vertical depths of 229m and 286m
- Hole CL-107 intersected 3.4 g/t Au over 7.0m, including 12.3 g/t Au over 1.0m, starting at a vertical depth of 297m
- Hole CL-98 intersected 1.1 g/t Au over 11.5m, including 6.4 g/t Au over 0.5m, and 3.8 g/t Au over 1.5m, starting at a vertical depth of 165m
- Hole CL-91 intersected 0.7 g/t Au over 21.0m, including 2.1 g/t Au over 1.5m, starting at a vertical depth of 84m
- Hole CL-125 intersected 0.6 g/t Au over 19.0m, including 2.0 g/t Au over 1.0m, starting at a vertical depth of 172m
- Hole CL-121 intersected 1.6 g/t Au over 10.2m, starting at a vertical depth of 185m
- Hole CL-93 intersected 0.8 g/t Au over 15.2m, including 2.9 g/t Au over 1.0m, plus 0.5 g/t Au over 19.0m, starting at vertical depths of 190m, and 162m
- Hole CL-101 intersected 1.0 g/t Au over 5.5m, including 3.3 g/t Au over 1.0m starting at a vertical depth of 260m
- Hole CL-82 intersected 1.5 g/t Au over 5.05m, plus previously released 1.5 g/t Au over 14.6m, including 8.7 g/t Au over 1.05m, and 4.2 g/t Au over 0.6m, starting at vertical depths of 295m and 68m
Most of the new intersections are located down-dip from the original Adrian discovery holes where the zone appears to flatten and thicken considerably before intersecting the steeper GMZ. The 5.8 g/t Au over 55.5m intersection in hole 122 is preceded by 20%-55% quartz for 60 metres with pending assays. It is located 44m northeast of another wide intersection from hole CL-52 which returned 1.1 g/t Au over 78.5m. Going northeast from these holes, the closest intersections are 1.1 g/t Au over 37.3m in hole 126, located 78m away, but that is at a higher elevation – assays are pending for mineralized core further down where the main part of the zone should be. Hole 136 appears to have intersected the same zone, returning 2.2 g/t Au over 10.7m, located 192m northeast of the intersect in hole 52. Holes 125, 126, 144, 147, 150, 152 are pending most or all assays for this zone.
Hole 139 intersected 193.0 g/t Au over 0.5m plus 2.0 g/t Au over 7.0m, which appear to line up with a high-grade zone that has previously-reported intersections of 22.7 g/t Au over 3.5m, including 98.7 g/t Au over 0.5m (hole 92), 5.7 g/t Au over 25.0m, including 20.5 g/t Au over 5.95m (hole 103), and 12.9 g/t Au over 2.0m, including 48.2 g/t Au over 0.5m (hole 116). These intersections are located 207m to the northeast of hole 139 with numerous holes between pending assays. Hole 107 has intersected this high-grade zone, returning 3.4 g/t Au over 7.0m, located 42m southwest of hole 116.
Hole 98 intersected 1.1 g/t Au over 11.5m, which represents the furthest northeastern intersection in Adrian, located 35m east of the 12.9 g/t Au over 2.0m in hole 116 – but not in the same zone.
The intersections in holes 91 and 82 appear to line up with previously-released hole 77 (1.3 g/t Au over 35.3m, plus 0.9 g/t Au over 14.8m) and likely represent where the folded Adrian Zone comes towards surface.
The GMZ has been intersected in hole 136, returning 8.1 g/t Au over 17.5m. This intersection is located within the previous 400m gap between the northeastern edge of the GMZ and wildcat step-out hole 75 that returned 9.4 g/t Au over 0.5m, which represented a 50% expansion of the GMZ to more than 1.1km. The intersection in hole 136 is located 108m to the southwest of previously-reported hole CL-109 that returned 1.7 g/t Au over 10.0m. Hole 117, which returned 1.3 g/t Au over 19.5m, intersected the same zone 64m below the 1.7 g/t Au over 10.0m. Holes 121, 122, 123, 125, 126, 130, 139, and 144 are pending most assays for this zone.
The GMZ/Adrian Zones are currently more than 1.1km long with multiple structures over 388m horizontal thickness (width), and with all veins open in every direction. The Adrian Zone is north of the GMZ and is part of the same overall system that Galway has been drilling during the past 4 years that stretches 3.1km from Adrian to the GMZ, Richard and Jubilee Zones (Adrian is flat dipping whereas the latter three are steeply dipping to the south). Soil anomalies, in conjunction with glacial till and stream sediment anomalies along magnetic lows led to the discovery of all 7 known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies.
Resource will be released in the first quarter of 2022
The Clarence Stream resource update targeted for this month is now scheduled for the first quarter. Galway has in excess of 8,000 samples pending assay results at the labs. There is generally an 8-12 week delay in receiving results, and the Company would like to incorporate key pending assays into the update. A recent previously-reported intersection of 1.3 g/t Au over 41.15 metres in the 400m gap between the Richard and the GMZ came from an area with numerous holes pending all assays. This area too is key to the resource because it could combine two pits into one. Galway plans on incorporating all zones discussed in this press release, Adrian, GMZ, Richard and Jubilee, which cover a strike length of 3.1km, as well as the existing South and North Zones, into the resource update.
Table 1: Drill Result Highlights
** previously released; VG = visible gold. 0.42 g/t Au was used for the bottom cut-off; True widths are unknown if not noted.
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 discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, in multiple quartz veins, 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. The 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. The Jubilee mineralization consists of 2%-5% disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite, and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10% sphalerite and semi-massive galena veinlets. The 2.5 km trend that hosts the GMZ, Richard and Jubilee Zones contains 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%.
Table 2: Drill Hole Coordinates
For results of all holes that Galway has drilled at Clarence Stream, go to Galway’s website at www.galwaymetalsinc.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, 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.