(Toronto, Ontario, March 2, 2021) – Galway Metals Inc. (TSX-V: GWM, OTCQB: GAYMF) (the “Company” or “Galway”) is pleased to report drill results that expand the George Murphy Zone (GMZ) in multiple directions, and the connecting of the GMZ to the Adrian Zone (to the north) and the GMZ to the Richard Zone (to the southwest), which was previously connected to the Jubilee Zone (to the southwest). As such, all four zones that Galway has focused its drilling on during the past four years at the Company’s Clarence Stream gold project in southwest New Brunswick, Canada, have now been connected along 3.1km of strike length (Figure 1 and Figure 2). Highlights include:
- Galway has eliminated the 400-metre gap between the GMZ and Richard Zones – the Zones are now connected. Previously-released 1.3 g/t Au over 41.2m (now 42.0m) in hole 189 and 1.4 g/t Au over 13.5m, plus 1.2 g/t Au over 9.0m, plus 0.8 g/t Au over 13.0m, plus 1.3 g/t Au over 5.0m, plus 1.0 g/t Au over 5.0m in hole 185 were located in the gap. New results in the gap include 1.4 g/t Au over 34.5m in hole 188 and 1.3 g/t Au over 42.0m in hole 189, among others. Also in this previous gap area is a new intersection in hole 186 of 0.8 g/t Au over 25.5m, which is in addition to that hole’s previously-released intersect of 18.8 g/t Au over 6.0m
- The GMZ East Area has been extended deeper below several previously released intersections, including 40m deeper by hole 152, which intersected 4.0 grams per tonne (g/t) over 41.2 m and 75m deeper by hole 150, which intersected 4.7 g/t Au over 11.7 metres, (Figure 3)
- The GMZ and Adrian Zones were connected through previous drilling, but the new intersection of 7.3 g/t Au over 13.5m in hole 152 is the closest to where the two zones join together. This intersect is within the Adrian Zone but only 12m from the wireframed GMZ Zone. The previously released intersection of 5.8 g/t Au over 55.5m (hole 122) is located 143m away from the 7.3 g/t Au over 13.5m (Figure 4 and Figure 5)
- The GMZ has bulked up with an intersection of 4.4 g/t Au over 21.4m, plus 0.8 g/t Au over 35.9m in hole 100, located in the former centre of the zone. They are located 47m and 30m from an intersection of 1.9 g/t Au over 95.5m (previously 2.0 g/t Au over 54.0m in hole 97
“We are delighted to not only be releasing these wide and high-grade drill results but to finally prove our belief that these four new mineralized zones are connected, with a total strike length of 3.1 kilometers. This continuity should also enhance the economics of the project. We are looking to have a new resource estimate out by the end of March 2022, which will be the maiden resource estimate for this new area, in addition to an updated resource for the legacy North and the South zones, which have an additional 4.4km of strike,” cites Robert Hinchcliffe, President and CEO of Galway Metals,
“Galway entered into the project in 2016 with a vision of a new emerging gold district in Canada, with 65 kilometers of under-explored strike length, coupled with favorable infrastructure, and our consistent good results continue to demonstrate that vision. Moreover, with intercepts starting right from surface we are looking at open pit potential as well as underground for the deeper mineralization. Following the resource estimate, our drilling program will be focused on making new discoveries, following up on recent discoveries and expanding existing zones.”
George Murphy Zone East Highlights:
- Hole 152: 4.0 g/t Au over 41.2m, including 16.2 g/t Au over 2.9m, 34.9 g/t Au over 1.5m, 12.1 g/t Au over 0.5m, 9.1 g/t Au over 1.0m, 8.5 g/t Au over 0.5m, and 14.0 g/t Au over 0.5m, plus 7.3 g/t Au over 13.5m (located in the Adrian Zone), including 175.0 g/t Au over 0.5m, starting at vertical depths of 138m and 189m
- Hole 150: intersected 4.7 g/t Au over 11.7m, including 45.0 g/t Au over 0.5m and 36.8 g/t Au over 0.5m, starting at a vertical depth of 240m
- Hole 130: intersected 1.4 g/t Au over 6.1m, including 4.5 g/t Au over 0.8m, plus 0.9 g/t Au over 9.0m, including 2.2 g/t Au over 1.5m, plus 0.9 g/t Au over 3.0m, starting at vertical depths of 133m, 149m, and 175m
- Hole CL-126 intersected 1.1 g/t Au over 37.7m**, 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, plus 1.9 g/t Au over 4.0m, including 4.8 g/t Au over 1.0m, plus 1.8 g/t Au over 2.5m, starting at vertical depths of 150m, 185m, and 214m
- Hole 119: intersected 0.8 g/t Au over 35.7m, including 4.6 g/t Au over 1.0m, 2.4 g/t Au over 0.6m, 1.7 g/t Au over 0.5m, 2.1 g/t Au over 1.0m, and 2.1 g/t Au over 1.0m, plus 1.3 g/t Au over 8.2m, including 3.1 g/t Au over 1.0m, plus 2.7 g/t Au over 5.0m including 10.9 g/t Au over 0.5m, and 8.8 g/t Au over 0.5m, starting at vertical depths of 168m, 215m, and 273m
- Hole 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, plus 1.6 g/t Au over 3.0m, plus 2.5 g/t Au over 2.0m starting at vertical depths of 222m, 235m, 147m, 37m, and 307m
- **Previously released. The GMZ intersects in the above bullets 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
GMZ-Richard Highlights that Closed the 400-Metre Gap Between the Two Zones:
- Hole 189: 1.3 g/t Au over 42.0 (previously released as 1.3 g/t over 41.2 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 0.9m, starting at a vertical depth of 199m
- Hole 186: 18.8 g/t Au over 6.0m**,including 85.3 g/t Au over 1.0m, plus 0.8 g/t Au over 25.5m (previously released as 1.5 g/t Au over 8.5m), including 3.3 g/t Au over 1.5m, 2.3 g/t Au over 1.5m, and 2.5 g/t Au over 1.0m, starting at vertical depths of 49m and 73m
- Hole 188: 1.4 g/t Au over 34.5 m, including 13.6 g/t Au over 1.5m, 4.6 g/t Au over 1.1m, and 3.7 g/t Au over 1.1m, plus 12.9 g/t Au over 0.5m, starting at vertical depths of 212m and 113m
- Hole 190: 1.8 g/t Au over 6.0 m, including 4.5 g/t Au over 1.5m, plus 1.4 g/t Au over 2.0m, plus 0.8 g/t Au over 3.0m, starting at vertical depths of 220m, 195m, and 270m
- Hole 187: 0.6 g/t Au over 10.5 m, plus 3.6 g/t Au over 1.0m, plus 1.2 g/t Au over 2.0m, starting at vertical depths of 53m, 215m, and 202m
George Murphy Zone Highlights (Original Part of the GMZ):
- Hole 100: 4.4 g/t Au over 21.4m, including 65.6 g/t Au over 1.0m, plus 0.8 g/t Au over 35.9m, including 3.7 g/t Au over 2.0m, 2.2 g/t Au over 0.5m, 2.7 g/t Au over 1.0m, and 2.6 g/t Au over 0.85m, plus 0.8 g/t Au over 3.0m, starting at vertical depths of 136m, 68m, and 54m
- Hole 97: 1.9 g/t Au over 95.5m (previously released as 2.0 g/t Au over 54.0m), including 29.7 g/t Au over 0.5m, 11.5 g/t Au over 0.5m, 10.6 g/t Au over 0.5m, 9.9 g/t Au over 0.5m, 6.1 g/t Au over 1.5m, 7.5 g/t Au over 0.5m, 6.1 g/t Au over 0.5m, 12.3 g/t Au over 1.5m, 16.3 g/t Au over 1.5m, 4.3 g/t Au over 1.5m, and 5.9 g/t Au over 0.5m, plus 2.4 g/t Au over 9.0m, including 7.0 g/t Au over 1.5m, plus 0.6 g/t Au over 3.0m, starting at vertical depths of 102m, 51m, and 44m below surface
Adrian Zone Highlights:
- Hole 152: 4.0 g/t Au over 41.2 m (located in the GMZ), including 16.2 g/t Au over 2.9m, 34.9 g/t Au over 1.5m, 12.1 g/t Au over 0.5m, 9.1 g/t Au over 1.0m, 8.5 g/t Au over 0.5m, and 14.0 g/t Au over 0.5m, plus 7.3 g/t Au over 13.5m (Adrian Zone), including 175.0 g/t Au over 0.5m starting at vertical depths of 138m and 189m
- Hole 118: 0.8 g/t Au over 12.0 m, including 3.7 g/t Au over 1.5m, plus 1.7 g/t Au over 2.5m including 6.4 g/t Au over 0.5m, plus 0.9 g/t Au over 9.0m, including 2.6 g/t Au over 0.5m, and 2.1 g/t Au over 0.5m starting, at vertical depths of 175m, 205m and 346m
- Hole CL-98 intersected 0.6 g/t Au over 47.0m (previously reported as 1.1 g/t Au over 11.5m), including 6.4 g/t Au over 0.5m, 6.6 g/t Au over 0.5m, 2.1 g/t Au over 0.5m, 1.8 g/t Au over 1.5m, and 3.8 g/t Au over 1.5m, plus 5.2 g/t Au over 1.0m, plus 9.0 g/t Au over 1.5m, starting at vertical depths of 132m, 64m, and 216m
- Hole CL21-92 intersected 22.7 g/t Au over 3.5m**, including 98.7 g/t Au over 0.5m, plus 24.6 g/t Au over 3.0m**, including 67.0 g/t Au over 1.0m, plus 11.3 g/t Au over 0.5m, plus 0.9 g/t Au over 7.5m, including 5.3 g/t Au over 0.5m, plus 0.9 g/t Au over 6.6m including 2.6 g/t Au over 0.5m, starting at vertical depths of 301m, 80.5m, 180m, 309m, and 143m below surface
Four Zones Joined into One!
The assays from drilling that Galway has been waiting for during the past several months have been returned with good intersections west, east, and north of the GMZ. These and other important holes have now connected all the four zones. The GMZ and the Richard Zones have been connected with intersections of 1.3 g/t Au over 42.0m (hole 189), 18.8 g/t Au over 6.0m plus 0.8 g/t Au over 25.5m (hole 186), and 1.4 g/t Au over 34.5 m (hole 188), and 1.4 g/t Au over 13.5m, plus 1.2 g/t Au over 9.0m, plus 0.8 g/t Au over 13.0m, plus 1.3 g/t Au over 5.0m, plus 1.0 g/t Au over 5.0m in hole 185. These holes are 50-165m apart from one another, and all with steep SE dips. The GMZ has been extended to depth to the NE with intersections such as 4.7 g/t Au over 11.7m, and 4.0 g/t Au over 41.2m.
Size of Adrian Zone Increases
The wide vein zone within the Adrian Zone is located down-dip from the original Adrian discovery holes where the zone appears to flatten and thicken considerably before intersecting the steeper GMZ. It was previously expanded by 44 metres (m) to the northeast with an intersect that returned 5.8 g/t Au over 55.5m in hole CL-122 from a previously-released intersect that returned 1.1 g/t Au over 78.5m in hole CL-52. There were assays pending up-hole from the intersection in hole 122 but only sporadic lower grades were returned despite strong quartz veining there. At only 12m from the wireframed GMZ Zone, the new intersection of 7.3 g/t Au over 13.5m in hole 152 is the closest to where the two zones join together.
Hole 98 intersected 0.6 g/t Au over 47.0m (previously reported as 1.1 g/t Au over 11.5m), which represents the furthest northeastern intersection in Adrian, located 51m east of 0.9 g/t Au over 14.8m in hole 77 in the same zone. The 0.9 g/t Au over 6.6m in hole 92 appears to be the same zone further west, while the 0.9 g/t Au over 7.5m and 22.7 g/t Au over 3.5m appear to be a splay and the continuing vein off of the 5.7 g/t Au over 25.0m in hole 103. The 0.9 g/t Au over 9.0m in hole 118 appears to be this same vein 103m from the 5.7 g/t Au over 25.0m.
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. * If below pit, then likely uneconomic
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.