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Galway Metals Inc (2)
Symbol C : GWM
Shares Issued 119,883,716
Close 2019-09-05 C$ 0.355
Recent Sedar Documents

Galway Metals drills 43.3 m of 1.9 g/t Au at Jubilee

2019-09-05 08:57 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS ADDS 3RD DRILL RIG: INTERSECTS 1.9 G/T AU OVER 43.3M AT WEST END OF JUBILEE; RICHARD ZONE RETURNS 3.5 G/T AU OVER 5.3M, 2.1 G/T AU OVER 12.8M, AND 1.5 G/T AU OVER 16.0M

Galway Metals Inc. has provided final assay results from drill hole BL19-21 at the Jubilee zone and first drill hole results from the recent Richard zone discovery since the resumption of drilling 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) (35.7 m true width (TW)) (including 21.2 g/t Au over 2.35 m), starting at a vertical depth of 36 m below surface;
  • BL19-43: three g/t Au over 10.0 m (8.0 m TW) (including 32.9 g/t Au over 0.5 m, and 4.3 g/t Au over 0.65 m), plus 1.2 g/t Au over 16.4 m (13.2 m TW) (including 4.1 g/t Au over 0.65 m, 3.9 g/t Au over 1.1 m, 3.0 g/t Au over 0.5 m and 3.0 g/t Au over 0.5 m) starting at vertical depths of 87 m and 61 m below surface;
  • BL19-46: 0.5 g/t Au over 11.95 m (11.95 m TW) (including 1.7 g/t Au over 0.5 m), starting at a vertical depth of 96 m below surface.

Richard zone highlights

  • 19BL-28: five g/t Au over 5.3 m (including 12.5 g/t Au over 0.9 m), plus 2.3 g/t Au over 7.2 m and plus 5.7 g/t Au over 0.85 m starting at vertical depths of 116 m, 84 m and 39 m below surface;
  • 19BL-30: one g/t Au over 12.8 m (including 14.4 g/t Au over 1.1 m), plus 1.5 g/t Au over 16.0 m and plus 4.0 g/t Au over 0.7 m starting at vertical depths of 34 m, 74 m and 104 m below surface;
  • 19BL-35: 1.1 g/t Au over 21.25 m (including four g/t Au over 1.45 m), plus 1.1 g/t Au over 10.3 m (including 6.2 g/t Au over 0.5 m) and plus 4.6 g/t Au over 0.5 m starting at vertical depths of 76 m, 145 m and 184 m below surface;
  • 19BL-39: seven g/t Au over 14.4 m (including 2.6 g/t Au over 0.65 m), plus 7.2 g/t Au over 0.5 m and plus 3.25 g/t Au over 0.5 m with visible gold starting at vertical depths of 26 m, 45 m and 14 m below surface.

Robert Hinchcliffe, president and chief executive officer 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 three zones that are not in resource, the George Murphy, Richard and Jubilee, which cover two 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 five zones 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 southwest by 130 m and 90 m, 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) (35.7 m TW), including 21.2 g/t Au over 2.35 m in hole BL19-21 (partially previously released) and 1.2 g/t Au over 20.5 m (19.3 m TW) in hole 19-20A (previously released). Follow-up holes in the west end of Jubilee returned 2.3 g/t Au over 10.0 m (8.0 m TW) (including 32.9 g/t Au over 0.5 m), plus 1.2 g/t Au over 16.4 m (13.2 m TW) in hole 19-43, and 0.5 g/t Au over 11.95 m (11.95 m 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 7.0 m (6.9 m TW) in hole BL19-17 such that a resource on Jubilee would extend approximately 465 metres (365 m between intersections). Since resumption of drilling in mid-July, 1,819 m in eight holes have been drilled in Jubilee (including six 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 degrees and south dips of minus 52 degrees. The George Murphy zone, located two km away from Jubilee, is interpreted to have a similar horizontal trend (strike) but is steeper dipping. The newly discovered Richard zone is halfway between. The intersection in hole 46 (0.5 g/t Au over 11.95 m) is located 97 m east and above the 1.9/43.3 m intersection in hole 21. Hole 19-43 intersected 2.3 g/t Au over 10.0 m (8.0 m TW) (including 32.9 g/t Au over 0.5 m), plus 1.2 g/t Au over 16.4m (13.2 m TW), with these being 20 and 28 m below the closest previous intersections in hole 18 (7.7 g/t Au over 3.65 m (3.3 m TW) (including 24.6 g/t Au over 1.0 m), plus 1.1 g/t Au over 7.65 m (8.7 m TW)).

Richard zone may link with both Jubilee and GMZ -- drilling will continue along this two km trend

At the new Richard zone discovery, the discovery hole, BL18-12, returned 7.3 g/t Au over 36.7 m, including 38.1 g/t Au over 6.5 m (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 11.0 m, including 20.9 g/t Au over 2.55 m (previously released), plus 1.4 g/t Au over 9.0 m, and plus 1.5 g/t Au over 7.5 m. This hole intersected visible gold (VG) twice, approximately 50 metres northwest of and 97 metres vertically below the VG seen in BL18-12. The original drilling consisted of 1,222 m in four 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, 2,147 m in seven 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 5.3 m, including 12.5 g/t Au over 0.9 m, plus 2.3 g/t Au over 7.2 m, and plus 5.7 g/t Au over 0.85 m in hole 28, and 2.1 g/t Au over 12.8 m, including 14.4 g/t Au over 1.1 m, plus 1.5 g/t Au over 16.0 m, and plus 4.0 g/t Au over 0.7 m in hole 30.

The intersections in holes 28, 30 and 35 are located approximately 53 to 118 metres south and west of the 7.3 g/t Au over 36.7 m. They are up to 109 metres vertically below that intersection. Drilling has been undertaken to date using a northwest horizontal (strike) interpretation, but the 7.3/36.7 m can be lined up with the VG in hole 39 (3.25 g/t over 0.5 m), as well as other parallel structures such as 2.1/12.8 m (including 14.4/1.1 m), 3.5/5.3 m (including 12.5/0.9) and 1.1/10.3 m (including 6.2/0.5 m). With this interpretation, the horizontal trend (strike) is identical to the northeastern trends of the Jubilee and George Murphy zones (generally following the granite contact to the northwest that might be the source of the gold-bearing fluids), and the dip would be halfway between the dips at the other two zones at about 70 degrees. 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

Wildcat drilling was undertaken west of the Jubilee zone (but not so far west as to test the over four km anomaly with 11 soils returning between 100 and 681 parts per billion Au along that trend), targeting the Jubilee extension since resumption of drilling in mid-May. To date, 2,465 m in 11 holes have been drilled; they did not return anything significant other than an intersection of 4.4 g/t Au over 1.0 m in hole 32 that also contained 4050 parts per million bismuth and 344 ppm tungsten, with the intersection subparallel to the core axis. 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 to 40 per cent quartz veining (18 and 22 m) and 2 per cent arsenopyrite, plus 5 per cent pyrite, plus 5 per cent pyrrhotite and one zone being a mineralized gabbro dike (similar to the South zone) that returned up to 0.5 g/t Au over 1.15 m. 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. A previous drill hole (GWM17CL-09) located midway between this hole and the South zone (2.4 km from each) had intersected a similar 14.15 m wide mineralized structure consisting of 10 to 20 per cent quartz veining with up to 0.4 g/t Au over 0.65 m. 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.

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.

                                         ASSAY RESULTS

                                                             Intercept
                                                                (m) TW
Hole ID              From (m)        To (m) Intercept (m) if not noted)      Au (g/t)

Jubilee zone
GWM-19BL-21           101.00        144.25         43.25          35.7           1.9
incl.                 134.45        136.80          2.35           1.9          21.2** VG
incl.                 136.80        138.20          1.40           1.2           4.7
                      153.70        154.65          0.95           0.8           3.5
                      158.80        161.90          3.10           2.6           0.4
GWM-19BL-20A           93.00        113.50         20.50          19.3           1.2**
incl.                  94.85         95.85          1.00           0.9           9.5**
                      135.80        139.20          3.40           3.2           0.9
                      150.50        151.05          0.55           0.5           1.1
GWM-19BL-22            58.25          59.0          0.75           0.6           0.4
                       59.75         63.65          3.90           3.1           0.4
                       80.30         82.00          1.70           1.3           0.9
                       94.75         96.00          1.25           1.0           0.5
                      123.00        124.00          1.00           0.8           0.4
                      157.55        158.50          0.95           0.8           3.7
                      184.90        185.40          0.50           0.4           1.8
GWM-19BL-43            64.00         65.00          1.00           0.8           0.4
                       66.00         82.40          16.4          13.2           1.2
incl.                  67.85         68.50          0.65           0.5           4.1
incl.                  72.90         73.40          0.50           0.4           3.0
incl.                  73.90         74.40          0.50           0.4           3.0
incl.                  80.80         81.88          1.08           0.9           3.9
                       84.00         85.00          1.00           0.8           0.6
                       96.00        106.00         10.00           8.0           2.3
incl.                  96.00         96.65          0.65           0.5           4.3
incl.                 104.35        104.85          0.50           0.4          32.9
                      115.45        116.00          0.55           0.4           0.6
                      143.00        216.00                         0.0       pending
GWM-19BL-46            55.90         67.85         11.95         11.95           0.5
incl.                  67.35         67.85          0.50          0.50           1.7
                       70.00         71.00          1.00          1.00           0.9
                       72.95         73.75          0.80          0.80           0.4
                       86.00        177.00                                   pending
Richard zone
GWM-19BL-28            41.25         42.10          0.85                         5.7
                       75.00         75.80          0.80                         1.2
                       86.90         94.10          7.20                         2.3
incl.                  89.50         90.80          1.30                         6.8
                       103.0        105.65          2.65                         0.7
                      125.40        130.70          5.30                         3.5
incl.                 127.70        128.60          0.90                        12.5
                      145.30        146.00          0.70                         1.0
                      173.80        175.20          1.40                         1.6 VG
GWM-19BL-30            36.65         37.35          0.70                         4.0
                       71.20         84.00         12.80                         2.1
incl.                  81.90         83.00          1.10                        14.4
                       87.25         88.75          1.50                         0.5
                      107.50        108.40          0.90                         0.5
                      113.10        129.10         16.00                         1.5
                      133.80        134.90          1.15                         0.5
                      135.95        136.60          0.65                         0.5
                      138.25        139.00          0.75                         0.5
                      202.85        203.85          1.00                         0.5
GWM-19BL-33            41.50         42.10          0.60                         1.2
                       46.00         47.00          1.00                         1.2
                       77.30         79.50          2.20                         1.3
                      121.65        122.60          0.95                         0.9
GWM-19BL-35            84.00        105.25         21.25                         1.1
incl.                  88.85         90.30          1.45                         5.4
                      119.15        119.80          0.65                         2.3
                      133.40        134.55          1.15                         0.4
                      147.00        147.80          0.80                         0.7
                      160.90        161.55          0.65                         0.5
                      162.45        172.75         10.30                         1.1
incl.                 172.25        172.75          0.50                         6.2
                      206.00        206.50          0.50                         4.6
                      240.75        243.00          2.25                         0.6
GWM-19BL-37           190.50        191.30          0.80                         0.4
GWM-19BL-39            20.00         21.50          1.50                         1.4
incl.                  20.50         21.00          0.50                        3.25 VG
                       24.00         25.00          1.00                         1.0
                       26.75         27.35          0.60                         0.6
                       36.43         37.10          0.70                         0.6
                       37.81         52.17         14.40                         0.7
incl.                  42.35         43.00          0.65                         2.6
                       62.80         63.83          1.00                         4.0
incl.                  63.30         63.83          0.50                         7.2
                       72.40         73.58          1.18                         1.0
                       78.75         79.25          0.50                         0.8
                       89.17         89.93          0.76                         0.5
                      102.80        103.30          0.50                         3.2
                      113.25        114.25          1.00                         0.6
Wildcat 4.8 km west of South zone
GWM-19BL-44           305.00        306.15          1.15                         0.5
                      308.30        308.90          0.60                         0.4
                      377.45        435.00                                   pending
                      462.70        470.00                                   pending
Wildcat west of Jubilee zone
GWM-19BL-32            42.00         43.00          1.00                         4.4

** previously reported

VG: visible gold 

Zero point forty-two 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 4,050 parts per million bismuth and 344 ppm tungsten (done by 
AA which does not give an accurate value).

New Brunswick junior mining assistance program

Galway would like to acknowledge financial support from the New Brunswick junior mining assistance program, which partially financed 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 sulphides and sericite alteration. In general, mineralization at Clarence Stream consists of 10 to 70 per cent quartz stockworks and veins with 1 to 5 per cent 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 the company's website.

Review by qualified person, quality control and reports

Michael Sutton, PGeo, is the qualified person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, 41 Bittern St., Ancaster, Ont., 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 quality assurance/quality control 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 5 per cent 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 per cent.

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 (volcanogenic massive sulphide) mine in Quebec. The company began trading on Jan. 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the $340-million (U.S.) 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.

We seek Safe Harbor.

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