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Galway Metals Inc (2)
Symbol GWM
Shares Issued 178,662,597
Close 2021-07-26 C$ 0.73
Recent Sedar Documents

Galway drills 25 m of 5.7 g/t Au at Clarence Stream

2021-07-26 07:15 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS NEW DISCOVERY EXPANDS WITH 4.1 G/T AU OVER 10.25M; 5.7 G/T AU OVER 25.0M FROM ADRIAN ZONE; GMZ EAST GAP RETURNS 1.7 G/T AU OVER 10.0M

Galway Metals Inc. has made expansions in three areas at its Clarence Stream property in southwestern New Brunswick, Canada, as follows:

  • New discovery area: follow-up to discovery hole CL-72 that intersected 4.8 grams per tonne gold over 3.1 metres with new hole CL-111, which returned 4.1 g/t Au over 10.25 m; this area is located 900 m northwest of the Adrian zone;
  • George Murphy zone (GMZ): expanded by 50 per cent along strike to over 1.1 km with 1.7 g/t Au over 10.0 m in hole CL-109; this hole was drilled between the previous eastern limit of the GMZ and 400 m stepout hole CL-75, which returned 9.4 g/t Au over 0.5 m;
  • Adrian zone: expanded by 49 m to the southeast with visible gold (VG) in hole CL-116 (assays pending), plus hole CL-103 intersected 5.7 g/t Au over 25.0 m, located 61 m northwest of the hole 116 intersection, and 16.4 m west of 22.7 g/t Au over 3.5 m in previously reported hole CL-92.

"You've got to love the constant new discoveries and subsequent expansions -- just like we predicted, based on geologic evidence. We feel comfortable to predict that there's more to come. The upcoming resource will potentially have plenty of room to grow," said Robert Hinchcliffe, president and chief executive officer of Galway Metals.

New discovery 900 m northwest of Adrian: confirmed with additional mineralization in follow-up drilling

Follow-up drilling was undertaken around discovery hole CL-72 that intersected 4.8 g/t Au over 3.1 m in sediments between two intrusions (20 m away from one) and that was controlled by a fault. Follow-up hole CL-111 intersected 4.1 g/t Au over 10.25 m in what is likely another vein. This hole intersected five separate veins. The area is located 900 m northwest and likely along a different trend than the Adrian zone, which was discovered in July, 2020, and returned 13.4 grams per tonne (g/t) Au over 12.95 metres (m) in discovery hole CL-65.

GMZ zone: extended by 50 per cent to more than 1.1 kilometres

Drilling was undertaken to follow up on hole CL-75, a 400 m stepout east of the eastern limit and along strike of the GMZ, which returned 9.4 g/t Au over 0.5 m that hosted visible gold (VG). The intervening 400 m is the continuation of the same soil anomaly that originally led to the discovery of the GMZ in December, 2017, and had not yet been drilled. At about midway between the previous eastern limit of the GMZ and the 9.4 g/t Au over 0.5 m intersect, hole CL-109 returned 1.7 g/t Au over 10.0 m in a massive quartz vein. With these two intersects, the GMZ has been expanded by 50 per cent to more than 1.1 km from 765 m.

Adrian zone: extended 49 m southeast with visible gold, plus continues to return other strong intersects

At the Adrian zone, follow-up drilling was undertaken on the previously reported intersection in hole CL-92 that returned 22.7 g/t Au over 3.5 m, including 98.7 g/t Au over 0.5 m. Follow-up hole CL-103 intersected 5.7 g/t Au over 25.0 m, including 20.5 g/t Au over 5.95 m, located 61 m northwest of the VG intersected in hole 116, and 16.4 m west of the intersection in hole 92. The VG in hole CL-116 is hosted in 10.5 metres of 50-per-cent smoky quartz veining with 3 to 5 per cent sulphides, located 49 m southeast of the previous edge of the Adrian zone and 75 m southeast of the new intersection in hole 103. These intersections in holes 92, 103 and 116 are all near the same elevation, and it is thought that, like the rest of Adrian, this could represent a folded, locally, flat-dipping vein. Hole 116 represents the farthest mineralization to the east intersected to date in the Adrian zone -- none of the new zones, which cover a strike length of 3.1 km, are yet in resource. Hole 116 also represents an eastern extension along strike to the Adrian zone, which is now 462 m long, up from 450 m previously.

With the new interpretation of the Adrian zone as a folded, locally, flat-dipping vein, the previously reported intersection from CL20-52, which grades 1.1 g/t Au over 78.5 m, now has a true width of 77.4 m versus the 59.1 m previously reported.

New discovery:

  • Hole CL-111 intersected 4.1 g/t Au over 10.25 m, including 33.5 g/t Au over 1.1 m, plus 2.6 g/t Au over 2.5 m, starting at vertical depths of 16.5 m and 108 m, respectively.
  • Hole CL-72 (1) intersected 4.8 g/t Au over 3.1 m, starting at a vertical depth of 95 m.
  • Hole CL-110 intersected 0.9 g/t Au over 3.65 m, starting at a vertical depth of 64.5 m.
  • Hole CL-104 intersected 4.0 g/t Au over 1.6 m, starting at a vertical depth of 53.8 m.

GMZ east extension (400 m):

  • Hole CL-109 intersected 1.7 g/t Au over 10.0 m, starting at a vertical depth of 155 m.
  • Hole CL-75 (1) intersected 9.4 g/t Au over 0.5 m, starting at a vertical depth of 204 m.

Adrian zone east extension:

  • Hole CL-103 intersected 5.7 g/t Au over 25.0 m, including 20.5 g/t Au over 5.95 m, starting at a vertical depth of 286 m.
  • Hole CL-116 intersected visible gold (VG) in 50-per-cent smoky quartz veining with 3 to 5 per cent sulphides, starting at a vertical depth of 295.5 m.
  • Hole CL21-92 (1) intersected 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.

(1) These results were previously released.

New discovery is in a similar setting to all other intrusion-related gold deposits at Clarence Stream

The new discovery intersections are located in sediments between two intrusions and is controlled by fault structures. It was originally drilled to test a 61-part-per-billion soil anomaly that coincided with a strong linear magnetic low, and is in quartz veining with associated 1 to 3 per cent pyrite, pyrrhotite and arsenopyrite. It is located close to the contact with a granite and appears to parallel the contact with multiple veins, at 15 degrees along strike (horizontally -- almost north-south) -- following a line of soil anomalies, and dipping 40 degrees east. There is also evidence that a second set of veins is in a different orientation, running east-west along magnetic lows with corresponding soil anomalies.

This is a similar setting and with similar geochemical/geophysical signatures as all the other intrusion-related gold deposits and discoveries at Clarence Stream. The latest hole reported, CL-111, which intersected five separate veins with the highlight being 4.1 g/t Au over 10.25 m, is likely a different vein than the discovery intersection that returned 4.8 g/t Au over 3.1 m in hole CL-72.

The original soil that led to the discovery of the GMZ continues to deliver -- the GMZ is now over 1.1 km long

The 9.4 g/t Au over 0.5 m intersection with VG in hole CL-75 was a 400 m stepout from the previous eastern limit of the George Murphy zone (GMZ). It is hosted in 1.1 m of 10 per cent quartz stringers with 2 per cent pyrite plus pyrrhotite in sediments. The 1.7 g/t Au over 10.0 m intersect in a massive quartz vein in hole CL-109 was drilled midway between the previous eastern limit of the GMZ and the intersect in hole 75. None of this intervening ground had been previously drilled. Galway drilled this area because it is the continuation of the same soil anomaly that originally led to the discovery of the GMZ in December, 2017. These two drill intersects extend the GMZ by 50 per cent to more than 1.1 km along strike. Galway plans to conduct additional drilling in this, and in all areas covered in this press release, plus at other wildcat targets in search of other new discoveries.

The GMZ is currently more than 1.1 km long with multiple structures over 310 m horizontal thickness (width), and with all veins open in every direction. Soil anomalies, in conjunction with glacial till and stream sediment anomalies, led to the discovery of all six known gold deposits at Clarence Stream, and the property hosts many other as-of-yet-untested gold anomalies. The Adrian zone is located to the northeast of the GMZ, with the southern limb of the Adrian zone fold linking up with the northern veins of the GMZ.

Adrian -- expanding to the southeast and at depth

Hole CL-103 intersected 5.7 g/t Au over 25.0 m, including 20.5 g/t Au over 5.95 m, and the VG in hole CL-116 is hosted in 10.5 m of 50-per-cent smoky quartz veining with 3 to 5 per cent sulphides, located 75 m southeast of the intersect in hole 103. These, and the intersect in hole 92, which 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 (this hole 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), are all near the same elevation, and it is thought that, like the rest of Adrian, this could represent a folded, locally, flat-dipping vein. Hole 116 represents a 49 m extension of the Adrian zone to the southeast, which is now 462 m long. This intersection and the other two (holes 103 and 92) are the deepest intersections in the Adrian zone.

As Galway continues to make new discoveries, it is becoming apparent that Clarence Stream is an important new gold district in North America.

   
                                  ASSAY RESULTS

Hole ID                 From              To       Intercept                   Au
                         (m)             (m)             (m)                (g/t)
Adrian zone
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-103           120.10          204.00                              pending
                      319.50           398.0                              pending
                       400.0          425.00            25.0                  5.7
incl.                 408.05          414.00            5.95                 20.5
                       427.5           465.0                              pending
GWM21CL-116           300.50          311.00                       50% quartz, VG
George Murphy zone
GWM20CL-75            283.00          283.50            0.50             9.4 VG**
                      313.50          316.50            3.00                  1.5
GWM21CL-109           179.00          189.00           10.00                  1.7
incl.                 187.00          188.00            1.00                  8.0
                      196.00          197.00            1.00                  1.5
                      200.00          660.70                              pending
new discovery 
GWM20CL-72            128.90          132.00            3.10                4.8**
incl.                 128.90          130.10            1.20                6.7**
incl.                 130.10          131.00            0.90                7.0**
incl.                 131.00          132.00            1.00                0.6**
GWM21CL-104            71.55           72.65            1.10                  1.0
                       76.65           78.95            1.60                  4.0
                       82.10           83.10            1.00                  0.4
                       89.00           90.00            1.00                  1.2
GWM21CL-110            15.00           24.00                              pending
                       27.90           28.40            0.50                  1.7
                       42.00           49.50                              pending
                       68.30           69.80            0.50                 0.44
                       69.80           72.80                              pending
                       76.70           80.35            3.65                  0.9
incl.                  76.70           77.20            0.50                  3.5
                       91.50           98.00                              pending
                      103.80          126.70                              pending
GWM21CL-111            14.00           16.85                              pending
                       16.85           27.10           10.25                  4.1
incl.                  16.85           17.95            1.10                 33.5
                       70.40           70.90            0.50                  0.8
                       77.80           90.80                              pending
                       91.80           92.70            0.90                  0.5
                      104.10          106.65                              pending
                      110.20          112.70            2.50                  2.6
incl.                 110.20          111.20            1.00                  4.7
                      119.55          123.60                              pending
                      123.60          124.55            0.95                  0.4
                      128.50          143.40                              pending
   
** These results were previously released. 
VG means visible gold. 
A value of 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. 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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