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Galway Metals Inc (2)
Symbol GWM
Shares Issued 128,802,184
Close 2020-02-13 C$ 0.34
Recent Sedar Documents

Galway Metals drills 30 m of 6.3 g/t Au at Clarence

2020-02-13 08:21 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS 6.3 G/T AU OVER 30.0 METRES, HITS VG IN A 230M STEPOUT, AND DISCOVERS A NEW ZONE WITH VG, ALL AT THE GMZ AT CLARENCE STREAM

Galway Metals Inc. has provided significant new drill results from its George Murphy zone (GMZ) at the Clarence Stream gold project in southwestern New Brunswick.

  • 6.3 grams per tonne (g/t) Au over 30.0 metres (m) and 3.5 g/t Au over 23.3 m, and visible gold where assays are pending in a third drill hole along one structure, and 6.5 g/t Au over 7.35 m along another structure, all at the GMZ;
  • Exploration drilling intersected visible gold (VG), where assays are pending in three separate locations in one drill hole, located up to 230 m west of the prior westernmost GMZ drilling. This appears to extend the GMZ toward the Richard zone, which is approximately 800 m along strike to the west before this hole -- now 570 m. Discovery of a new vein at the GMZ, located about 75 metres north of the northernmost structure of the GMZ, where visible gold is present. Assays are pending.

"Galway is rapidly expanding the George Murphy zone in both vertical and horizontal dimensions. The structure containing 6.3 g/t Au over 30.0 m was drilled up plunge of known mineralization, towards surface, to enable it to become part of a pit-constrained resource estimate. The new discovery to the north contains strong quartz veining. New drilling to the west is intended to shrink what was an 800 m gap between the Richard and GMZ. Galway is demonstrating that its interpretation that the Jubilee, Richard and George Murphy zones, which cover 2.5 km of strike length, are part of the same system. These three zones are not included in the existing Clarence Stream resource, as two of them, the GMZ and Richard, were discovered by Galway after the last resource estimate was released in September, 2017. These results, and those that precede them, demonstrate that Clarence Stream is an emerging new gold district in North America," cites Robert Hinchcliffe, president and chief executive officer of Galway Metals.

Assay highlights

  • CL19-37: 6.3 grams per tonne (g/t) Au over 30.0 metres (m), including 20.3 g/t Au over 6.0 m, and 43.3 g/t Au over 1.0 m, at a vertical depth of 89 m below surface;
  • CL20-42: 3.5 g/t Au over 23.3 m, including 64.9 g/t Au over 0.5 m, 20.1 g/t Au over 0.5 m, 16.7 g/t Au over 0.75 m, and 8.7 g/t Au over 0.7 m, at a vertical depth of 164 m below surface;
  • CL19-44A: 6.5 g/t Au over 7.35 m, including nine g/t Au over 0.6 m, at a vertical depth of 34 m below surface.

New discoveries with assays pending

Drilling has intersected three areas of visible gold in hole GWM20BL-88, located up to 230 metres west of the previous known limit of the GMZ. The gold was seen in mineralized zones that are located at 201 m to 228 m, 339.0 to 346.0 m, and at 468.4 to 473.6 m. Assays are pending.

Two new structures have also been discovered 75 metres and 135 metres north of the George Murphy zone. Hole GWM20CL-58 intersected mineralization at 178.0 m to 193.5 m, and at 257.9 m to 263.0 m. Visible gold is present in one of the structures, which also contains 15 to 30 per cent remobilized quartz veining with 1 per cent arsenopyrite and 5 per cent pyrite. Assays are pending.

The George Murphy zone is filling in and expanding.

Northernmost structure expanding toward surface

Galway's George Murphy zone discovery was initially reported in December, 2017, but drilling stopped a year later in mid-November, 2018, following the discovery of the Richard zone, which was first reported in January, 2019. Drilling at the GMZ resumed a year later (three months ago) in mid-November, 2019. At the GMZ, 2,926 m have been drilled since then in 10 holes, with partial results returned from six of them. Hole 37 returned 6.3 g/t Au over 30.0 m, including 20.3 g/t Au over 6.0 m, and 43.3 g/t Au over 1.0 m, along the northernmost of several subparallel known structures (excludes the two new discoveries farther north). Drilling was undertaken in order to see if this structure, which had only been intersected at depth, could also be intersected toward surface where it might more likely be included in a pit-constrained resource estimate. This intersection is located 161 metres and 87 metres up plunge, respectively, from previously drilled holes that returned 2.0 g/t Au over 23.3 m, and 0.7 g/t Au over 26.9 m. In hole 58, Galway intersected VG an additional 75 m up plunge from the hole 37 intersect in a mineralized zone from 39 to 71.5 m. Assays are pending. The plunge of all zones to date in the Jubilee, Richard, and GMZ are thought to be to the west (further suggesting that all three are part of the same 2.5 km long system). Other results in the northernmost structure of the GMZ include holes 42 and 38. Hole 42 returned 3.5 g/t Au over 23.3 m, including 64.9 g/t Au over 0.5 m, 20.1 g/t Au over 0.5 m, 16.7 g/t Au over 0.75 m and 8.7 g/t Au over 0.7 m. This intersection is 83 metres below the 6.3 g/t Au over 30.0 m. Hole 38 returned 2.3 g/t Au over 2.4 m and 0.8 over 5.0 m.

Middle structure contains the highest grades

The highest-grade structure at GMZ, located in the middle structure, was the target for three drill holes. Two previously drilled holes returned 241.5 g/t Au over 4.2 m, including 807.0 g/t Au over 1.25 m at a vertical depth of 73 m in hole 26, and 13.0 g/t Au over 8.7 m, including 201.0 g/t Au over 0.5 m at a vertical depth of 36 m in hole 36. All three of the new holes intersected the structure, with the best result returned from hole CL19-44A, which intersected 6.5 g/t Au over 7.35 m, including 31.9 g/t Au over 0.6 m. Holes 39 and 41 returned 2.1 g/t Au over 4.5 m, including 10.5 g/t Au over 0.5 m (VG), and 2.4 g/t Au over 3.6 m, including 8.2 g/t Au over 0.5 m. The new holes are at 30 to 40 m centres from previous holes.

The gold-bearing structures at the GMZ have been drilled to a maximum depth of 265 m vertical, although most drilling is from near surface to only 130 m. The GMZ is 500 m long (without hole 88, which contains VG in three places that would extend the zone up to 230 m west), with multiple structures over 160 m horizontal thickness, and with all zones open in every direction.

Come and see the company at the PDAC.

Galway management will be attending this year's PDAC Conference in Toronto. Core of VG from Clarence Stream and core from Estrades/Newiska will be on display at Galway's PDAC booth No. 2623A on Sunday and Monday, March 1, and March 2. Management will also be participating in the PDAC one-on-one meeting program on March 3 and March 4.

                              ASSAY RESULTS 

Hole ID        From (m)    To (m)      Int. (m)  Int. (m) TW   Au (g/t)
GMZ North trend
GWM19CL-37           0    103.45                               pending
                104.45    134.45         30.00         16.00       6.3 VG
incl.           105.45    111.45          6.00          3.20      20.3 VG
incl.           122.45    123.45          1.00          0.50      43.3 VG
                153.65    171.00                               pending
                201.00    249.00                               pending
GWM19CL-38           0    197.00                               pending
                198.95    201.35          2.40          0.70       2.3
                211.50    224.00                               pending
                225.00    230.00          5.00          1.50       0.8
                232.00    411.00                               pending
GWM20CL-42           0     69.90                               pending
                 78.10    209.70                               pending
                210.70    234.00         23.30         10.80       3.5 VG
incl.           217.30    219.50          2.20          1.00      23.2 VG
incl.           218.00    218.50          0.50          0.20      64.9 VG
                231.10    231.85         00.75          0.30      16.7
                241.40    399.00                               pending
GMZ Middle trend
GWM19CL-39           0     76.00                               pending
                113.95    116.00          2.05          1.00       1.4
                130.90    135.40          4.50          2.10       2.1
incl.           134.10    134.60          0.50          0.20      10.5 VG
                138.00    225.00                               pending
GWM19CL-41       20.70     24.25          3.55          1.90       2.4
incl.            22.65     23.15          0.50          0.30       8.2
                26.500     60.00                               pending
                  65.0     66.00          1.00          0.50       7.2
                 72.00     76.50                               pending
                 77.50     81.00          3.50          1.80       1.9
incl.            77.50     78.50          1.00          0.50       4.9
GWM19CL-44A      18.00     33.00         15.00          8.80       1.0
                 18.90     19.60          0.70          0.40       7.1
                 49.00     56.35          7.35          4.30       6.5 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
                 56.35    147.00                               pending

VG: visible gold. 0.42 g/t Au was used for the bottom cut-off; true widths 
are unknown if not noted; the interval from 51.4 to 51.9 m in hole 44A is 
calculated using the average of two metallic screen tests (one-half and 
one-quarter core) that ran 2.2 g/t and 77.4 g/t.

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. 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. 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 km 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 at 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. 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.

For results of all holes that Galway has drilled at Clarence Stream, go to Galway's website.

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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