15:58:55 EST Fri 17 Jan 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Galway Metals Inc (2)
Symbol GWM
Shares Issued 125,102,251
Close 2020-01-09 C$ 0.325
Recent Sedar Documents

Galway drills 4.75 m of 20.9 g/t Au at Clarence

2020-01-09 07:16 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS 20.9 G/T AU OVER 4.75M PLUS 2.7 G/T AU OVER 14.1M IN GAP BETWEEN RICHARD AND JUBILEE AT CLARENCE STREAM

Galway Metals Inc. has released assay results from drilling at the Richard and Jubilee zones, and from the gap between the two at the company's Clarence Stream project in southwestern New Brunswick, Canada. The latest drilling continues to fill in the gap between the Richard and Jubilee zones with high-grade intersects such that the gap is now 425 metres, down from one kilometres when the Richard zone discovery was first announced in January, 2019. Given results in this gap area to date, Galway is demonstrating that its interpretation that the Jubilee, Richard and the George Murphy zones, which cover 2.5 km of strike length, are part of the same system. None of these three zones are in the existing resource, which will be updated to incorporate them around midyear 2020.

Highlights of the latest drill results include hole 78, which intersected 20.9 grams per tonne gold over 4.75 m (including 54.5 g/t Au over 0.9 m and 64.6 g/t Au over 0.6 m), plus 2.7 g/t Au over 14.1 m (including 15.7 g/t Au over 1.15 m and 12.6 g/t Au over 0.65 m). These intersections are open toward each other, with assays pending. These intersections are also 122 metres and 116 metres, respectively, southwest of (and at higher elevations) hole 72 at Richard, which was recently reported with intersections of 20.7 g/t Au over 9.5 m (including 92.0 g/t Au 0.75 m, 51.9 g/t Au over 0.9 m and 23.5 g/t Au over 1.1 m) plus 14.2 g/t Au over 7.5 m (including 63.6 g/t Au over 0.8 m, 49.1 g/t Au over 0.5 m and 17.5 g/t Au over 0.75 m). Additional assays received have changed the intersection of 14.2 g/t Au over 7.5 m to 4.6 g/t Au over 29.65 m (with an additional new including of 20.2 g/t Au over 1.0 m). Note that, at the time when hole 72 was reported on Nov. 13, 2019, it had extended the Richard zone up to 91 m to the southwest, with the new drilling extending it a further 122 m.

Robert Hinchcliffe, president and chief executive officer of Galway Metals, said: "The Richard and Jubilee zones are expanding towards each other, which is what we thought would happen, but at higher grades than expected. Given the strong exploration results and the company's successful equity financing, Galway has increased its 2020 drilling budget at Clarence Stream to 25,000 metres, up from 15,000 metres previously. Galway Metals believes that Clarence Stream is an emerging new gold district in Eastern Canada."

Highlights:

  • 19BL-78: 20.9 grams per tonne (g/t) Au over 4.75 metres (m) (including 54.5 g/t Au over 0.9 m and 64.6 g/t Au over 0.6 m), plus 2.7 g/t Au over 14.1 m (including 15.7 g/t Au over 1.15 m and 12.6 g/t Au over 0.65 m) starting at vertical depths of 124 m and 95 m below surface; note -- area between the two zones is pending;
  • 19BL-77: 1.2 g/t Au over 31.1 m (including 7.3 g/t Au over 0.95 m and 4.9 g/t Au over 1.2 m), plus 1.7 g/t Au over 11.7 m (including 6.0 g/t Au over 0.9 m) starting at vertical depths of 116 m and 189 m below surface; note -- area between the two zones is pending;
  • 19BL-74: 1.5 g/t Au over 9.3 m (including 11.2 g/t Au over 0.55 m), plus 1.3 g/t Au over 7.0 m (including 3.4 g/t Au over 0.75 m and 3.2 g/t Au over 0.5 m), plus 3.7 g/t Au over 0.85 m starting at vertical depths of 126 m, 172 m and 122 m below surface;
  • 19BL-72 revised: 20.7 g/t Au over 9.5 m (including zero g/t Au over 0.75 m, 51.9 g/t Au over 0.9 m and 23.5 g/t Au over 1.1 m) plus 4.6 g/t Au over 29.65 m (including 63.6 g/t Au over 0.8 m, 49.1 g/t Au over 0.5 m, 17.5 g/t Au over 0.75 m and 20.2 g/t Au over 1.0 m) (revised from 14.2 g/t Au over 7.5 m, which did not have 20.2 g/t Au over 1.0 m) starting at vertical depths of 185 m and 151 m below surface;
  • 19BL-69 (1): 5.5 g/t Au over 16.7 m (including 50.7 g/t Au over 0.5 m, 9.5 g/t Au over 0.5 m, 8.4 g/t Au over 0.6 m, 32.4 g/t Au over 0.5 m, 43.2 g/t Au over 0.6 m and 11.7 g/t Au over 0.6 m) starting at a vertical depth of 142 m below surface;
  • 19BL-68 (1): 3.0 g/t Au over 12.0 m (including 13.3 g/t Au over 1.1 m and 8.3 g/t Au over 1.0 m) starting at a vertical depth of 112 m below surface.

(1) Previously released.

The intersection of 20.9 g/t Au over 4.75 m in hole 78 is located 122 metres southwest of and is interpreted to correlate with the previously reported intersection of 20.7 g/t Au over 9.5 m (including 92.0 g/t Au over 0.75 m, 51.9 g/t Au over 0.9 m and 23.5 g/t Au over 1.1 m) in hole 72. The intersection of 2.7 g/t over 14.1 m, also in hole 78, is located 116 metres southwest of and is interpreted to correlate with the previously reported intersection of 14.2 g/t Au over 7.5 m in hole 72. New assays have revised this intersection in hole 72 to 4.6 g/t Au over 29.65 m (including 63.6 g/t Au over 0.8 m, 49.1 g/t Au over 0.5 m, 17.5 g/t Au over 0.75 m and 20.2 g/t Au over 1.0 m).

There remains a 425-metre gap between the intersections in hole 78 and the intersection reported on Dec. 2, 2019, of 3.0 g/t Au over 12.0 m (including 13.3 g/t Au over 1.1 m and 8.3 g/t Au over 1.0 m), which is the current northeastern extent of the Jubilee zone. The intersections in hole 78 are 209 m and 200 m, respectively, southwest of the previously released discovery hole intersection at Richard in BL18-12, which returned 7.3 g/t Au over 36.7 m, including 38.1 g/t Au over 6.5 m in multiple quartz veins containing abundant visible gold, starting only 51 metres downhole and 36 metres vertical. These are thought to be separate veins.

The intersection of 1.2 g/t Au over 31.1m in hole 77 is located 44 metres below, and is interpreted to correlate with the intersection of 2.7 g/t Au over 14.1 m in hole 78. The intersection of 1.7 g/t Au over 11.7 m (including 6.0 g/t Au over 0.9 m), also in hole 77, is interpreted to correlate with either the intersection of 20.9 g/t over 4.75 m in hole 78, which is located 72 metres above, or to correlate with the intersection of 5.4 g/t Au over 11.0 m in previously released hole BL19-15 (including 20.9 g/t Au over 2.55 m), which is located 211 metres to the northeast. It should be noted that new assays received for this press release represent only those portions of the drill holes that have had the assays rushed from the assay lab; the rest are pending. The area between the two zones in holes 77 and 78 are pending.

The intersection of 1.5 g/t Au over 9.3 m in hole 74 is located 34 metres northeast of and is interpreted to correlate with the intersection of 2.7 g/t over 14.1 m in hole 78. The intersection of 1.3 g/t Au over 7.0 m, also in hole 74, is interpreted to correlate with either the intersection of 20.9 g/t over 4.75 m in hole 78, which is located 40 metres to the southwest, or to correlate with the intersection of 5.4 g/t Au over 11.0 m in previously released hole BL19-15 (including 20.9 g/t Au over 2.55 m), located 145 metres to the northeast.

                                   ASSAY RESULTS
                                                              Intercept TW
Hole ID            From          To     Intercept   (unknown if not noted)          Au
                    (m)         (m)           (m)                      (m)       (g/t)
Richard zone
GWM-19BL-78           0       93.80                                            pending
                  93.80      109.80         14.10                     9.60         2.7
incl.             95.70       96.85          1.15                     0.80        15.7
incl.            108.55      109.20          0.65                     0.40        12.6
                  109.8      126.55                                            pending
                 128.75      133.50          4.75                     3.20        20.9
incl.            130.85      131.45          0.60                     0.40        64.6
incl.            131.45      133.50          0.90                     0.60        54.5
                 143.55      203.00                                            pending
GWM-19BL-77           0      116.05                                            pending
                 128.50      159.60         31.10                     16.0         1.2
incl.            147.30      148.25          0.95                     0.50         7.3
incl.            154.70      155.90          1.20                     0.60         4.9
                 162.70      188.10                                            pending
                 189.10      200.80         11.70                                  1.7
incl.            198.80      199.70          0.90                                  6.0
                 205.60      278.00                                            pending
GWM-19BL-74      127.15      136.45          9.30                     5.00         1.5
incl.            127.15      128.00          0.85                     0.50         3.7
incl.            132.10      132.65          0.55                     0.30        11.2
                 175.65      186.40          7.00                                  1.3
incl.            179.40      180.15          0.75                                  3.4
incl.            181.60      182.10          0.50                                  3.2
                 188.00      189.00          1.00                                  0.4
                 192.75      193.75          1.00                                  0.5
GWM-19BL-72           0       89.95                                            pending
                 107.00      128.35                                            pending
                 128.35      158.00         29.65                    15.50         4.6
incl.            142.00      143.00          1.00                     0.50        20.2
incl.            151.20      154.85          3.65                     1.90        40.5
incl.            151.20      152.00          0.80                     0.40      63.6**
incl.            152.00      152.50          0.50                     0.30      49.1**
incl.            154.10      154.85          0.75                     0.40      17.5**
                 158.00      183.70         25.70                    13.40      0.32**
incl.            162.35      171.70          9.35                     4.90      0.43**
incl.            177.20      178.25          1.05                     0.50       0.5**
                 183.70      193.15          9.45                     4.90      20.7**
incl.            184.40      185.15          0.75                     0.40      92.0**
incl.            187.05      188.15          1.10                     0.60      23.5**
incl.            188.15      189.05          0.90                     0.50      51.9**
                 197.35      280.00                                            pending
GWM-19BL-69           0      133.00                                            pending
                 137.60      138.10          0.50                     0.30         1.2
                 141.30      158.00         16.70                    10.20         5.5
                 142.60      143.10          0.50                     0.30        50.7
                 143.60      144.10          0.50                     0.30         9.5
                 151.40      152.00          0.60                     0.40         8.4
                 152.50      153.00          0.50                     0.30        32.4
                 153.00      153.60          0.60                     0.40        43.2
                 155.75      156.35          0.60                     0.40        11.7
                 164.00      263.00                                            pending
GWM-19BL-68       54.00       76.00                                            pending
                 153.00      165.00          12.0                                  3.0
incl.            158.00      159.00          1.00                                  8.3
incl.            163.00     164.100          1.10                                 13.3
                 226.00      226.95          0.95                                  3.9

TW: true widths; true widths are unknown if not noted; 
** Previously reported.

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, 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 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. A more complete description of Clarence Stream's geology and mineralization can be found on the company's 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 (inductively coupled plasma). The company's quality assurance/quality control (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 VMS (volcanic 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.

© 2020 Canjex Publishing Ltd. All rights reserved.