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Galway Metals Inc (2)
Symbol GWM
Shares Issued 178,662,597
Close 2021-03-29 C$ 0.94
Recent Sedar Documents

Galway drills three m of 78.4 g/t Au at Clarence

2021-03-30 07:21 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS REPORTS 78.4 G/T AU OVER 3.0M, 9.0 G/T AU OVER 7.4M, 3.0 G/T AU OVER 30.5M AND A NEW VEIN DISCOVERY OF 70.3 G/T AU OVER 1.5M AT CLARENCE STREAM

Galway Metals Inc. has released new drill results from the northern veins of the George Murphy zone (GMZ) and from the nearby Adrian zone at the Clarence Stream gold project in southwestern New Brunswick. The main takeaways from drill results are as follows:

  • The northern GMZ veins appear to be connecting to the Adrian zone to give a combined horizontal strike length of 450 metres to date. Hole CL20-84, for which visible gold (VG) was previously reported but no assays were received, returned 64.6 grams per tonne gold over 0.5 m within a broader intersection of 3.0 g/t Au over 15.5 m, located 35 m east of previously reported hole CL20-50 (4.8 g/t Au over 34.0 m, including 20.2 g/t Au over 7.0 m). New hole CL21-51 returned 9.0 g/t Au over 7.4 m, including 20.3 g/t Au over 1.5 m and 19.9 g/t Au over 1.5 m, located 79 m west of hole CL20-50. New hole CL21-53 returned 3.0 g/t Au over 30.5 m, including 26.5 g/t Au over 3.0 m. Other new intersections between the veins to the north of the GMZ and the Adrian zone include 1.3 g/t Au over 41.5 m, 2.1 g/t Au over 7.5 m, 2.9 g/t Au over 7.75 m, 2.2 g/t Au over 9.0 m and 1.7 g/t Au over 13.8 m.
  • Two new veins were also discovered in hole CL21-51, returning 70.3 g/t Au over 1.5 m, including 104.2 g/t Au over 1.0 m, plus 7.2 g/t Au over 1.5 m, located 115 m north of the 9.0 g/t Au over 7.4 m intersect discussed above and 290 m west of the westernmost intersection of the Adrian zone. These two new veins are near the interpreted location of the Sawyer Brook fault and extends the depth of the GMZ/Adrian zones by 50 m to 385 m. The previous deepest significant intersects were in hole BL20-88, which extended mineralization on the west side of the GMZ to 321 m and 335 m with 6.5 g/t Au over 14.05 m and 4.9 g/t Au over 2.35 m, respectively.
  • High grades continue to be returned from the new Adrian zone, with hole CL21-89 returning 78.4 g/t Au over 3.0 m, including 313.0 g/t Au over 0.5 m, and 147.0 g/t Au over 0.5 m. This intersect is located seven m above the 24.3 g/t Au over 6.55 m (previously released as 33.7 g/t over 4.7 m) in hole CL20-81 and 28 m northeast of the discovery hole intersect in hole CL20-65 that returned 13.4 g/t Au over 12.95 m.
  • Abundant VG in hole CL21-92 extended the Adrian zone 16 m east of the same zone in hole CL-20-82, which returned 1.5 g/t Au over 14.6 m (previously reported as 1.5 g/t Au over 13.9 m).

"The new northern GMZ veins and Adrian zone discoveries continue to expand and are open in every direction; all zones at Clarence Stream remain open for expansion in all directions. The Adrian zone now looks to be 450 m in strike length, which represents a substantial increase from 102 m before the current drill results connected it with the GMZ north veins. The width of the zone remains at 266 m, excluding the new GMZ/Adrian veins to the north. These new veins are starting to be drilled with very nice 104.2 g/t, 313.0 g/t and 147.0 g/t gold assays received. The four highest-grade gold assays received from drilling at Clarence Stream, and nine of the top 12 have been returned from the three new zones discovered by Galway -- the Adrian, GMZ and Richard," said Robert Hinchcliffe, president and chief executive officer of Galway Metals.

New Adrian zone assay highlights:

  • CL21-89: 78.4 grams per tonne Au over 3.0 metres, including 313.0 g/t Au over 0.5 m, and 147.0 g/t Au over 0.5 m, at a vertical depth of 164 m below surface;
  • CL21-92: significant VG present at 301 m below surface; this represents the farthest northeast intersection to date.

New GMZ North veins assay highlights:

  • CL21-84: 3.0 g/t Au over 15.5 m, including 64.6 g/t Au over 0.5 m (VG) at 188 m below surface, located 35 m east of hole CL20-50 (4.8 g/t Au over 34.0 m);
  • CL21-51: 9.0 g/t Au over 7.4 m, including 20.3 g/t Au over 1.5 m, and 19.9 g/t Au over 1.5 m, located 79 m west of hole CL20-50 (4.8 g/t Au over 34.0 m), plus 70.3 g/t Au over 1.5 m, including 104.2 g/t Au over 1.0 m, plus 7.2 g/t Au over 1.5 m (new veins), starting at respective vertical depths of 165 m, 372 m and 385 m below surface;
  • CL21-52: 1.3 g/t Au over 41.5 m, including 4.7 g/t Au over 6.0 m, and 5.7 g/t Au over 0.5 m, starting at 193 m below surface;
  • CL21-53: 3.0 g/t Au over 30.5 m, including 26.5 g/t Au over 3.0 m, plus 0.8 g/t Au over 17.0 m, starting at respective vertical depths of 50 m, and 115 m below surface;
  • CL21-55: 2.2 g/t Au over 9.0 m, including 5.3 g/t Au over 1.15 m, starting at a vertical depth of 71 m, below surface;
  • CL21-49: 2.1 g/t Au over 7.5 m, starting at 198 m below surface;
  • CL21-63: 2.9 g/t Au over 7.75 m, including 7.9 g/t Au over 1.0 m, and 8.0 g/t Au over 1.0 m, plus 1.6 g/t Au over 12.0 m, including 7.1 g/t Au over 1.5 m, starting at respective vertical depths of 127 m, and 43 m below surface;
  • CL21-64: 1.7 g/t Au over 13.8 m, including 14.6 g/t Au over 0.85 m, plus 29.9 g/t Au over 0.85 m, plus 1.1 g/t Au over 10.7 m, starting at respective vertical depths of 150 m, 175 m and 182 m below surface;
  • Hole CL-81 (1): 24.3 g/t Au over 6.55 m (previously reported 33.7 g/t Au over 4.7 m), including 60.7 g/t Au over 2.15 m, which includes 89.6 g/t Au over 0.5 m, starting at a vertical depth of 169 m;
  • Hole CL-79 (1): 1.1 g/t Au over 13.4 m (previously reported 1.2 g/t Au over 3.4 m), including 6.8 g/t Au over 1.0 m, starting at a vertical depth of 154 m;
  • Hole CL-82 (1): 1.5 g/t Au over 14.6 m (previously reported 1.5 g/t Au over 13.9 m), including 8.7 g/t Au over 1.05 m and 4.2 g/t Au over 0.6 m, starting at a vertical depth of 68 m.

(1) Additional assays received.

The GMZ North veins and Adrian zone is connected; the system is now 2.8 kilometres.

The Adrian, GMZ, Richard and Jubilee zones have been discovered (or drilled) by Galway after the last resource estimate was released in September, 2017. They are successfully being connected; only small gaps remain to be drilled. The new intersections between the veins to the north of the GMZ and the Adrian zone appear to be connecting the two into one with a horizontal strike length of 450 metres. The northern portion appears to be complicated. While the new intersection of 78.4 g/t Au over 3.0 m in hole CL21-89 is located north of and at a higher elevation than the previously reported 33.7 g/t Au over 4.7 m (now 24.3 g/t Au over 6.55 m) from the same vein (giving a south dip like all the other veins in the system), the discovery hole intersect on the same vein of 13.4 g/t Au over 12.95 m is located 21 m south of the 24.3 g/t Au over 6.55 m and at a higher elevation, giving a north dip. Another hole with what is thought to be the same vein intersected 1.5 g/t Au over 34.3 m (including 25.9 g/t Au over 0.75 m -- VG), is located at a much higher elevation and is farther southeast, also giving a north dip. Folding is thought to be responsible for differing dips.

Galway's discoveries and subsequent significant expansions of the Adrian (July 29, 2020), GMZ (Dec. 18, 2017) and Richard zones (Jan. 23, 2019), and the company's successful expansions of the Jubilee, North and South zones demonstrate that Clarence Stream is an emerging new gold district in North America.

              ASSAY RESULTS -- HOLES WERE NOT DRILLED IN NUMERICAL ORDER

Hole ID             From         To       Intercept       Intercept TW                Au
                     (m)        (m)             (m)                (m)             (g/t)

GWM21CL-92        290.45     293.50           3.050                       quartz veining
incl.             292.80     293.35            0.55                                   VG
GWM21CL-89         87.50      88.50            1.00                                  3.8
                  179.00     182.00            3.00                                 78.4
incl.             181.00     181.50            0.50                                313.0
incl.             181.50     182.00            0.50                                147.0
                  184.00     185.00            1.00                                  0.7
GWM21CL-84         93.00     232.00                                              pending
                  232.00     247.50           15.50                                  3.0
incl.             235.50     236.00            0.50                                 64.6
                  252.00     321.10                                              pending
GWM20CL-82         22.40      23.10            0.70                                  1.8
                   31.80      32.50            0.70                                  2.2
                   68.00      69.00            1.00                                  1.0
                   72.65      87.25           14.60                                  1.5
                   72.65      86.55           13.90                                1.5**
incl.              73.65      74.25            0.60                                4.2**
incl.              78.70      79.75            1.05                                8.7**
                  100.25     103.85            3.60                                  0.5
                  112.85     115.70            2.85                                  0.9
                  169.30     171.25            1.95                                  0.5
                  180.00     181.05            1.05                                  0.7
                  203.80     204.45            0.65                                  1.7
                  210.00     262.00                                              pending
                  311.05     316.10            5.05                                  1.5
incl.             313.30     313.80            0.50                                  3.3
                  332.65     333.20            0.55                                  0.7
                  337.00     339.00            2.00                                  0.6
GWM20CL-81        178.00     184.55            6.55                                 24.3
                  179.85     184.55            4.70                            33.7 VG**
incl.             180.35     182.50            2.15                            60.7 VG**
                  188.10     200.25                                              pending
                  200.25     201.00            0.75                                  0.6
                  213.00     268.50                                              pending
                  268.50     270.00            1.50                                  1.5
                  312.00     315.00            3.00                                  1.2
GWM20CL-80        189.00     190.50            1.50                                  3.4
                  214.50     215.00            0.50                                  0.6
                  228.00     229.00            1.00                                  0.9
                  249.00     250.00            1.00                                  1.2
GWM20CL-79        108.00     109.00            1.00                                  0.7
                  215.00     228.40           13.40                                  1.1
                  225.00     228.40            3.40                                1.2**
incl.             221.00     222.00            1.00                                  6.8
                  230.00     230.80            0.80                                0.6**
                  247.90     250.10            2.20                                  0.6
                  251.25     252.00            0.75                                  0.5
GWM20CL-78        320.00     321.00            1.00                                  2.9
GWM20CL-75        283.00     283.50            0.50                             9.4 VG**
                  313.50     316.50            3.00                                  1.5
                  322.90     324.00            1.10                                  0.5
GWM20CL-69        226.50     227.10            0.60                                  1.0
                  443.00     444.00            1.00                                  0.4
GWM20CL-64        143.45     144.00            0.55                                  1.3
                  154.00     154.60            0.60                                  2.1
                  162.00     163.20            1.20                                  1.2
                  165.00     166.00            1.00                                  0.5
                  169.70     170.20            0.50                                  0.8
                  172.00     172.75            0.75                                  0.4
                  213.70     227.50           13.80                                  1.7
incl.             220.65     221.50            0.85                                 14.6
                  246.80     247.65            0.85                                 29.9
                  257.60     268.30           10.70                                  1.1
incl.             259.90     260.50            0.60                                  4.3
incl.             261.00     261.50            0.50                                  5.6
                  304.65     305.15            0.50                                  0.7
GWM20CL-63         60.50      72.50           12.00                                  1.6
incl.              66.50       68.0            1.50                                  7.2
                   99.50     101.00            1.50                                  0.4
                  102.50     104.00            1.50                                  0.6
                  107.25     108.00            0.75                                  0.5
                  108.85     109.45            0.60                                  0.6
                  125.70     126.60            0.90                                  0.4
                  177.80     185.55            7.75                                  2.9
incl.             179.00     180.00            1.00                                  7.9
incl.             183.00     184.00            1.00                                  8.0
                  186.95     188.00            1.05                                  0.5
GWM20CL-61         54.85      60.00            5.15                                  1.2
                  165.55     166.05            1.05                                  0.5
                  169.85     171.00            1.15                                  0.8
                  256.00     259.00            3.00                                  0.9
incl.             256.75     257.30            0.55                                  2.3
                  423.25     423.90            0.65                                  1.4
                  428.00     429.95            1.95                                  1.4
                  470.00     474.00            4.00                                  0.4
GWM20CL-60         32.60      33.65            1.05                                  2.1
                   65.80      71.20            5.40                                  1.0
incl.              66.85      67.85            1.00                                  2.8
                  148.00     150.00            2.00                                  0.6
                  253.60     260.00            6.40                                  1.5
                  255.30     260.00            4.70                                1.7**
GWM20CL-55         20.10      21.50            1.40                                  0.7
                   41.00      55.00            9.00                                  2.2
incl.              42.85      44.00            1.15                                  5.3
                   95.00      96.50            1.50                                  0.4
                  123.50     125.00            1.50                                  1.2
                  189.50     191.90            1.50                                  0.5
GWM20CL-53         70.50     101.00           30.50                                  3.0
incl.              98.00     101.00            3.00                                 26.5
                  138.50     144.50            7.50                                  0.6
                  154.50     156.00            1.50                                  0.9
                  162.00     179.00           17.00                                  0.8
incl.             177.50     179.00            1.50                                  3.4
GWM20CL-52        100.50     102.00            1.50                                  1.6
                  144.00     188.00                                              pending
                  189.50     231.00           41.50                                  1.3
incl.             191.00     197.00            6.00                                  4.7
incl.             195.50     197.00            1.50                                 10.9
incl.             226.00     226.50            0.50                                  5.7
                  251.00     371.50                                              pending
GWM20CL-51         25.50      42.00           16.50                                  0.5
incl.              27.00      28.50            1.50                                  1.6
incl.              40.50      42.00            1.50                                  1.4
                   48.00      49.50            1.50                                  1.2
                   61.75      63.00            1.25                                  1.1
                  105.00     181.00                                              pending
                  190.60     198.00            7.40                                  9.0
incl.             192.00     193.50            1.50                                 19.9
incl.             195.00     196.50            1.50                                 20.3
                  351.00     352.00            1.00                                  0.6
                  360.00     376.50                                              pending
                  428.50     430.00            1.50                                 70.3
incl.             429.00     430.00            1.00                                104.2
                  444.00     445.50            1.50                                  7.2
GWM20CL-49         30.00     195.00                                              pending
                  207.00     214.50            7.50                                  2.1
                  226.50     228.00            1.50                                  0.5
                  228.00     244.50                                              pending
                  249.00     250.50            1.50                                  0.7

VG means visible gold. A grade of 0.42 g/t Au was used for the bottom cut-off. True 
widths are unknown if not noted. All VG samples are done with metallic screen assays.
** These results were previously released.

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, 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. Richard zone contains multiple zones of quartz veining with sulphides and sericite alteration. In general, mineralization at Clarence Stream consists of 10 per cent to 70 per cent quartz stockworks and veins with 1 per cent to 5 per cent fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite-altered sediments. The Jubilee mineralization consists of 2 per cent to 5 per cent disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10 per cent sphalerite and semi-massive galena veinlets. The 2.5-kilometre 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 on the Galway Metals website.

Review by qualified person, quality control and reports

Michael Sutton, PGeo, director and vice-president 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. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, 41 Bittern St., Ancaster, Ont., Canada, which has 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 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 Galway Metals Inc.

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, 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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