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Galway Metals Inc (2)
Symbol GWM
Shares Issued 178,662,597
Close 2021-06-08 C$ 1.00
Recent Sedar Documents

Galway Metals drills 18.5 m of 15.3 g/t Au at Clarence

2021-06-09 07:40 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS 15.3 G/T AU OVER 18.5M, 2.0 G/T AU OVER 54.0M & 22.7 G/T AU OVER 3.5M AT CLARENCE STREAM

Galway Metals Inc. has released new and updated drill results from holes in the George Murphy zone (GMZ) and western and northern extensions of it at the Clarence Stream gold project in southwestern New Brunswick; the easternmost intersection at the Adrian zone that was previously reported to host abundant visible gold (VG) in hole CL21-92 has also been returned.

High grades continue to be returned from the new Adrian zone. The Adrian zone was initially discovered in August, 2020, by drill hole CL20-65, which returned 13.4 grams per tonne gold over 12.95 metres, and was followed up with previously released results such as 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 (CL21-89), and 24.3 g/t Au over 6.55 m (CL20-81). New hole CL21-92 has now returned 22.7 g/t Au over 3.5 m, including 98.7 g/t Au over 0.5 m. This appears to be a different vein from the original discovery and represents the farthest northeast intersection to date.

Follow-up drilling has been carried out in a higher-grade portion of the GMZ where there are previously reported intersections of 241.5 g/t Au over 4.2 m, including 807.0 g/t Au over 1.25 m, 13.0 g/t Au over 8.7 m, including 201.0 g/t Au over 0.5 m, 6.5 g/t Au over 7.5 m, including 31.9 g/t Au over 0.6 m, and 3.4 g/t Au over 17.0 m, including 40.0 g/t Au over 0.5 m and 24.3 g/t Au over 1.0 m. New intersections include 2.0 g/t Au over 54.0 m, including 29.7 g/t Au over 0.5 m and 10 assays greater than 5.0 g/t Au, 3.6 g/t Au over 17.0 m, including 15.6 g/t Au over 3.0 m, and 1.1 g/t Au over 25.5 m.

Results to the west follow up on previously released drill hole 88 that extended the zone 230 m to the west and that returned three areas of visible gold with intersections of 6.5 g/t Au over 14.05 m, 9.7 g/t Au over 2.0 m and 1.2 g/t Au over 11.0 m. The previously released intersection of 23.0 g/t Au over 7.4 m in hole CL-47 that was open with assays pending is now 15.3 g/t Au over 18.5 m, including 65.2 g/t Au over 4.0 m (including 205.0 g/t Au over 0.5 m).

New results in the northern GMZ veins appear to be connecting to the Adrian zone to give a combined horizontal strike length of 450 m to date and include multiple wide zones in hole 84 returning 1.5 to 3.0 g/t over 30.5 m, 21.5 m and 15.5 m, plus additional assays received in hole 52 nearly doubled its intersection to 1.1 g/t Au over 78.5 m from 1.3 g/t Au over 41.5 m previously.

"The results continue to come in with robust widths and grades. This is seen in the George Murphy zone and in the northern GMZ as it connects with the new Adrian zone. These results should bode well for our upcoming resource estimate scheduled for the third quarter," said Robert Hinchcliffe, president and chief executive officer of Galway Metals.

New Adrian zone assay highlights:

  • Abundant VG (visible gold) in hole CL21-92 (see photos on the company's website) extended the Adrian zone 16 m northeast and returned 22.7 g/t Au over 3.5 m, including 98.7 g/t Au over 0.5 m at 301 m below surface; it also intersected 24.6 g/t Au over 3.0 m, including 67.0 g/t Au over 1.0 m at 80.5 m below surface, and 11.3 g/t Au over 0.5 m at 180 m below surface.

New GMZ North vein assay highlights:

  • CL21-52: previously reported 1.3 g/t Au over 41.5 m; now grades 1.1 g/t Au over 78.5 m, including 4.7 g/t Au over 6.0 m, 5.9 g/t Au over 1.5 m, 5.7 g/t Au over 0.5 m, 3.2 g/t Au over 1.5 m, 2.4 g/t Au over 0.5 m, 2.3 g/t Au over 1.5 m, 2.3 g/t Au over 0.5 m and 2.3 g/t Au over 0.5 m, starting at 141 m below surface;
  • CL21-84: 2.1 g/t Au over 30.5 m, including 15.1 g/t Au over 1.5 m and 9.1 g/t Au over 1.5 m, plus 1.5 g/t Au over 21.5 m, including 6.1 g/t Au over 1.5 m and 5.9 g/t Au over 1.5 m, plus previously reported 3.0 g/t Au over 15.5 m, including 64.6 g/t Au over 0.5 m (VG) starting at vertical depths of 151 m, 102 m and 188 m below surface; located 35 m east of hole CL20-50 (4.8 g/t Au over 34.0 m);
  • CL21-49: 2.5 g/t Au over 10.5 m, including 10.0 g/t Au over 1.5 m, plus 2.8 g/t Au over 7.15 m, including 10.6 g/t Au over 0.75 m, plus 1.1 g/t Au over 5.5 m, plus 1.5 g/t Au over 4.0 m, plus 0.6 g/t Au over 6.0 m, plus previously reported 2.1 g/t Au over 7.5 m starting at vertical depths of 43 m, 221 m, 66 m, 178 m, 26 m and 198 m below surface.

New GMZ assay highlights:

  • CL20-47: previously reported 23.0 g/t Au over 7.4 m; now grades 15.3 g/t Au over 18.5 m, including 65.2 g/t Au over 4.0 m (including 205.0 g/t Au over 0.5 m), starting at a vertical depth of 167 m below surface;
  • CL21-97: 2.0 g/t Au over 54.0 m, including 29.7 g/t Au over 0.5 m, 11.5 g/t Au over 0.5 m, 10.6 g/t Au over 0.5 m, 9.9 g/t Au over 0.5 m, 6.1 g/t Au over 1.5 m, 7.5 g/t Au over 0.5 m, 6.1 g/t Au over 0.5 m and 5.9 g/t Au over 0.5 m, starting at a vertical depth of 102 m below surface;
  • CL21-56: 3.6 g/t Au over 17.0 m, including 15.6 g/t Au over 3.0 m starting at a vertical depth of 52.0 m below surface;
  • CL19-44A: previously reported 6.5 g/t Au over 7.35 m; now grades 3.3 g/t Au over 16.85 m, including 39.8 g/t Au over 0.5 m and 31.9 g/t Au over 0.6 m, plus 0.9 g/t Au over 21.3 m, including 6.5 g/t Au over 0.75 m, plus 1.0 g/t Au over 15.0 m, including 3.8 g/t Au over 0.5 m, starting at vertical depths of 44 m, 54 m and 12.7 m below surface;
  • CL21-85: 1.0 g/t Au over 17.5 m, including 9.2 g/t Au over 0.5 m starting at a vertical depth of 32.5 m below surface.

GMZ/Adrian expanding and becoming more robust with internal holes

Galway's recently discovered Adrian zone has expanded northeast and to depth with hole 92, which intersected 22.7 g/t Au over 3.5 m and 24.6 g/t Au over 3.0 m. The abundant quartz veining in previously released hole 77 that returned 1.3 g/t Au over 35.3 m appears to be flat lying -- correlating with the shallow intersection in hole 92.

The northern GMZ veins appear to be connecting to the Adrian zone to give a combined horizontal strike length of 450 m to date. New results include multiple zones in hole 84 returning 1.5 to 3.0 g/t over 30.5 m, 21.5 m and 15.5 m, plus additional assays received in hole 52 nearly doubled its intersection to 1.1 g/t Au over 78.5 m from 1.3 g/t Au over 41.5 m previously. Previously reported intersections in this northern GMZ area include 4.8 g/t Au over 34.0 m, including 20.2 g/t Au over 7.0 m (hole 50), 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 (hole 51), 3.0 g/t Au over 30.5 m, including 26.5 g/t Au over 3.0 m (hole 53). Holes 84 and 52 are drilled on the same section, with the intersections 71 m apart, and 35 m and 73 m, respectively, away to the east from the hole 50 intersection. The 2.8 g/t Au over 7.15 m in hole 49 is 102 m west of the hole 50 intersection. Holes 87A and 83 appear to be low-grade areas.

Follow-up drilling has been carried out in a higher-grade portion of the GMZ. The intersections of 2.0 g/t Au over 54.0 m, 3.6 g/t Au over 17.0 m, 1.0 g/t Au over 17.5 and 1.1 g/t Au over 25.5 m are located relative to the central intersection of 241.5 g/t Au over 4.2 m at 60 m below and east, 37 m west, 91 m west, and 46 m below and west, respectively.

GMZ, Richard and Jubilee part of the same 2.8 km long system

Galway's George Murphy zone discovery was initially reported in December, 2017, but drilling stopped a year later following the discovery of the Richard zone, which was first reported in January, 2019. Drilling at the GMZ resumed in mid-November, 2019. The plunge of all zones to date in the Jubilee, Richard and GMZ are thought to be to the west and, with the recently added Adrian zone, are part of the same 2.8 km long system. The GMZ is 765 m long to date, with multiple structures over 310 m wide, and with all zones at Clarence Stream open in every direction.

The Adrian, GMZ, Richard and Jubilee zones have been discovered (or drilled) by Galway after the last resource estimate was released in September, 2017, and will be included in the coming resource estimate scheduled for the third quarter. The discovery of these zones, and their subsequent expansions, demonstrates that Clarence Stream is an emerging new gold district in North America.

                                    ASSAY RESULTS

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

GWM19CL-44A     18.00       33.00        15.00              8.80                  1.0**
incl.           18.90       19.60         0.70              0.40                  7.1**
                49.00       56.35         7.35              4.30               6.5 VG**
                49.00       65.85        16.85              9.90                 3.3 VG
incl.           51.40       51.90         0.50              0.30              39.8 VG**
incl.           52.65       53.70         1.05              0.60              31.9 VG**
                77.85       99.15        21.30             12.50                    0.9
incl.           89.60       90.35         0.75              0.40                    6.5
incl.           94.00       94.75         0.75              0.40                  4.2**
               110.85      111.85         1.00              0.60                    0.7
GWM20CL-47     249.50      268.00         18.5              6.00                   15.3
incl.          258.60      266.00         7.40              2.40                 23.0**
incl.          258.60      262.60         4.00              1.30                   65.2
incl.          260.60      261.10         0.50              0.20                  205.0
               290.00      291.00         1.00              0.30                    0.8
               297.15      303.00         5.85              1.90                    0.6
incl.          297.15      297.80         0.65              0.20                    1.8
               356.00      357.00         1.00              0.30                    1.7
GWM21CL-49      30.00       36.00         6.00              4.50                    0.6
                45.00       55.50        10.50              7.90                    2.5
incl.           46.50       48.00         1.50              1.10                   10.0
                68.00       73.50         5.50              4.10                    1.1
               183.00      187.00         4.00              3.20                    1.5
               207.00      214.50         7.50              5.90                    2.1
               226.50      233.65         7.15              5.70                    2.8
incl.          231.80      232.55         0.75              0.60                   10.6
GWM21CL-52     100.50      102.00         1.50              1.10                  1.6**
               148.00      149.50         1.50              1.10                    1.2
               173.00      174.50         1.50              1.10                    5.9
               177.50      179.00         1.50              1.10                    2.3
               189.50      231.00        41.50             31.20                  1.3**
               152.50      231.00        78.50             59.10                    1.1
incl.          191.00      197.00         6.00              4.50                  4.7**
incl.          204.00      204.50         0.50              0.40                    2.3
incl.          226.00      226.50         0.50              0.40                  5.7**
incl.          227.50      228.00         0.50              0.40                    2.4
incl.          230.50      231.00         0.50              0.40                    2.3
               251.00      371.50                                               pending
GWM21CL-54          0       69.00                                               pending
                80.50      106.00        25.50             12.90                    1.1
incl.           93.00       93.50         0.50              0.30                    3.9
incl.           95.00       96.00         1.00              0.50                    3.0
incl.          103.00      104.00         1.00              0.50                    3.6
GWM21CL-56      10.50       11.00         0.50              0.40                    7.9
                29.00       30.50         1.50              1.10                    0.7
                67.00       84.00        17.00             12.10                    3.6
incl.           81.00       84.00         3.00              2.10                   15.6
                85.00       89.00         4.00              2.80                    0.4
GWM21CL-83     176.00      179.00         3.00                                      1.0
GWM21CL-84     124.50      146.00        21.50             19.70                    1.5
incl.          126.00      127.50         1.50              1.40                    6.1
incl.          136.50      138.00         1.50              1.40                    5.9
               184.50      215.00        30.50             28.00                    2.1
incl.          192.00      193.50         1.50              1.40                   15.1
incl.          195.00      196.50         1.50              1.40                    9.1
               232.00      247.50        15.50             14.20                  3.0**
incl.          235.50      236.00         0.50              0.50                 64.6**
               159.00      162.00         3.00              2.90                    2.8
                           162.00                                           end of hole
GWM21CL-85      21.00       22.50         1.50              1.10                    0.9
GWM21CL-87     151.50      153.00         1.50              1.50                    0.7
GWM21CL-87A    156.00      157.00         1.00              1.00                    0.4
               165.00      167.25         2.25              2.20                    0.5
               168.00      169.50         1.50              1.50                    0.4
               175.00      176.00         1.00              1.00                    1.1
               235.50      237.00         1.50              1.50                    0.7
               261.00      264.00         3.00              3.00                    0.6
                25.50       27.00         1.50              1.10                    0.6
                46.50       64.00        17.50             13.30                    1.0
incl.           63.00       63.50         0.50              0.40                    9.2
                74.50       75.00         0.50              0.40                    0.8
GWM21CL-92      80.50       83.50         3.00                                     24.6
incl.           80.50       81.50         1.00                                     67.0
               180.00      180.50         0.50                                     11.3
               301.00      304.50         3.50                                     22.7
incl.          301.00      301.50         0.50                                     98.7
GWM21CL-97      29.00       97.50                                               pending
               105.00      159.00        54.00             17.70                    2.0
incl.          107.00      107.50         0.50              0.20                    5.9
incl.          107.50      108.00         0.50              0.20                   11.5
incl.          109.00      109.50         0.50              0.20                   10.6
incl.          114.00      114.50         0.50              0.20                   29.7
incl.          116.50      118.00         1.50              0.50                    6.1
incl.          119.00      119.50         0.50              0.20                    7.5
incl.          119.50      120.00         0.50              0.20                    9.9
incl.          121.00      122.00         0.50              0.20                    6.1
incl.          135.00      136.00         0.50              0.20                    4.7
               159.00      200.50                                               pending

** This indicates previously released; VG equals visible gold. A value 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; pending assays in holes 46, 59, 66, 
66A, 76A and 82 did not return significant intersections; initial results did 
contain significant assays. Hole 87 was lost short of target.

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. 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.

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