04:33:50 EDT Sun 09 Aug 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Galway Metals Inc (2)
Symbol GWM
Shares Issued 166,532,609
Close 2020-07-28 C$ 1.17
Recent Sedar Documents

Galway Metals drills 3.8 m of 4.3 g/t Au at Clarence

2020-07-29 07:18 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS NEW WIDE VEIN WITH SIGNIFICANT VISIBLE GOLD 320 METRES NE OF GMZ'S NEW VEINING AT CLARENCE STREAM

Galway Metals Inc. has released drill results from its Clarence Stream project. Hole CL20-65 contains abundant visible gold (VG) in a new massive quartz vein that is 14.4 metres (m) in core length, located 320 metres northeast of a previously reported new vein intersection of 11.4 grams per tonne gold over 2.0 m, including 43.5 g/t Au over 0.5 m in hole CL20-58. The intersection in hole 58 had been discovered 75 metres north of the George Murphy zone (GMZ) at the Clarence Stream gold project in southwestern New Brunswick.

Numerous other intersections reported here are follow-up to the two new veins discovered 75 metres and 150 metres north of the George Murphy zone (April 29, 2020, press release). Additional intersections reported here are new veins discovered north and south of the GMZ, and stepouts to known veins. The latest results are highlighted by:

  • Hole CL-65 intersected a new massive quartz vein that is 14.4 m core length from 242.1 to 256.5 m that contains 29 visible gold (VG) splashes located 246.5 to 246.8 m, 248.2 m, 252.4 to 253.2 m and 255.1 to 255.2 m downhole starting at a vertical depth of 171 m below surface. The new vein appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property -- the Sawyer Brook fault;
  • 4.3 grams per tonne (g/t) Au over 3.8 metres (m), 1.9 g/t Au over 13.15 m, 1.7 g/t Au over 4.7 m and 1.0 g/t Au over 5.4 m, and many more intersections in at least four new veins at the GMZ, located north of the previous northern limit;
  • 2.8 g/t Au over 8.4 m, 1.3 g/t Au over 6.0 m, 1.3 g/t Au over 5.2 m and 0.7 g/t Au over 5.9 m, and many more intersections in at least three new veins at the GMZ, located south of previously identified veins;
  • 4.5 g/t Au over 8.45 m, 0.8 g/t Au over 21.25 m, 1.6 g/t Au over 19.9 m and 1.1 g/t Au over 9.8 m in known veins at the GMZ.

"Galway has made tremendous progress during the past month. The company raised $17-million to top up its treasury to $22-million. In doing so, we more than doubled the number of institutional shareholders to approximately 30 and fully financed our 75,000-metre, 200-hole Clarence Stream drill program through the end of 2021. We also made two new discoveries -- one approximately 1.0 km southwest and along strike of the Jubilee zone, Clarence Stream's westernmost known deposit by intersecting 186.5 g/t Au over 0.6 m, and we made another new discovery 3.7 km to the northeast with 14.4 metres of massive quartz veining hosting 29 splashes of visible gold reported here. We also bought back two NSR royalties, of which most payments can be made with Galway shares over a five-year period. With five rigs turning, Galway is looking forward to following up to expand both new discoveries and the known deposits within and beyond the 3.7 km long mineralized system," said Robert Hinchcliffe, president and chief executive officer of Galway Metals.

Assay highlights:

  • CL20-60: 1.7 g/t Au over 4.7 m, plus 1.0 g/t Au over 5.4 m, including 2.8 g/t Au over 1.0 m, plus 2.1 g/t Au over 1.05 m, at vertical depths of 217 m, 56 m and 28 m below surface, respectively;
  • CL20-59: 4.5 g/t Au over 8.45 m, including 35.3 g/t Au over 0.7 m, plus 2.8 g/t Au over 8.4 m, plus 1.3 g/t Au over 6.0 m, plus 6.7 g/t Au over 0.8 m at vertical depths of 97 m, 156 m, 177 m and 140 m below surface, respectively;
  • CL20-57: 1.9 g/t Au over 13.15 m, including 7.8 g/t Au over 1.0 m and 4.4 g/t Au over 0.75 m, plus 0.8 g/t Au over 21.25 m, including 2.1 g/t Au over 1.0 m and 2.2 g/t Au over 0.85 m, plus 0.7 g/t Au over 5.05 m, plus 0.7 g/t Au over 4.55 m, plus 0.8 g/t Au over 3.25 m at vertical depths of 164 m, 6.0 m, 131 m, 191 m and 197 m below surface, respectively;
  • CL19-44A: 1.3 g/t Au over 5.15 m, including 4.2 g/t Au over 0.75 m, plus previously reported 6.5 g/t Au over 7.35 m, including 31.9 g/t Au over 0.6 m, at vertical depths of 65 m and 34 m below surface, respectively;
  • CL19-43: 4.3 g/t Au over 3.8 m, including 8.4 g/t Au over 1.0 m, at a vertical depth of 43 m below surface;
  • CL19-40: 1.1 g/t Au over 9.8 m, including 4.1 g/t Au over 0.85 m, plus 1.2 g/t Au over 3.65 m, plus 0.7 g/t Au over 5.9 m, including 2.5 g/t Au over 0.75 m, at vertical depths of 54 m, 69 m, and 135 m below surface, respectively;
  • CL19-38: previously reported 0.8 g/t Au over 5.0 m is now 1.6 g/t Au over 19.9 m including 24.2 g/t Au over 0.5 m at a vertical depth of 214 m below surface.

On June 24, Galway announced a different new discovery that returned 186.5 g/t Au over 0.6 m, located 950 m southwest and along strike of the westernmost intersection of the Jubilee zone. That Jubilee intersection had returned 1.9 g/t Au over 43.3 m (35.7 m true width (TW)), including 21.2 g/t Au over 2.35 m, starting at a vertical depth of 36 m below surface (Sept. 5, 2019). Another similar vein to the discovery is located 13 m farther downhole and returned 2.2 g/t Au over 0.7 m. Galway plans on following up on this discovery in coming days.

The GMZ is 730 m long to date (excludes the new discovery), with multiple structures over 310 m horizontal thickness (width), and with all veins open in every direction. The new 14.4-metre quartz vein in hole 65 appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property -- the Sawyer Brook fault. It directly underlies a soil anomaly that gave a grade of 19 parts per billion. The anomaly is present on the next line 100 m to the east that gives it a strike along the magnetic low. It also lines up nicely with another soil anomaly located an additional 320 m east that grades 53 ppb. The anomalies extend for another 1.6 km east beyond that. They also extend 1.0 km southwest of the vein. Soil anomalies, in conjunction with glacial till and stream sediment anomalies led to the discovery of all five known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies. 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       Intercept TW            Au
                     (m)         (m)              (m)                (m)         (g/t)
GMZ North
trend
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
                  137.45      145.60                                           pending
                  148.00      150.00             2.00                              0.6
                  243.10      255.30                                           pending
                  255.30      260.00             4.70                              1.7
GWM20CL-59        123.15      124.05             0.90               0.50           0.7
                  134.40      135.40             1.00               0.60           0.6
                  141.30      149.75             8.45               5.10           4.5
incl.             141.30      142.00             0.70               0.40          35.3
                  152.05      152.80             0.75               0.50           0.4
                  153.55      155.80             2.25               1.40           0.5
                  192.70      197.40             4.70               2.80           0.7
incl.             192.70      193.30             0.60               0.40           2.0
                  204.75      205.55             0.80               0.50           6.7
                  228.65      237.05             8.40               5.10           2.8
                  237.05      249.00                                           pending
                  258.00      264.00             6.00               3.60           1.3
GWM20CL-57          8.15       29.40            21.25              14.90           0.8
incl.              10.00       11.00             1.00               0.70           2.1
incl.              28.55       29.40             0.85               0.60           2.2
                   33.25       34.00             0.75               0.50           1.7
                   39.80       41.65             1.85               1.30           1.6
                   61.75       62.50             0.75                              0.6
                  170.65      171.45             0.80                              0.4
                  177.35      178.15             0.80                              1.3
                  191.25      196.30             5.05                              0.7
                   216.0      217.50             1.50                              3.0
                  226.05      226.85             0.80                              1.1
                  232.40      233.20             0.80                              0.5
                  234.90      235.65             0.75                              0.6
                  239.60      252.75            13.15                              1.9
incl.             240.50      241.50             1.00                              7.8
incl.             249.75      250.50             0.75                              4.4
                  281.90      286.45             4.55                              0.7
                  292.80      296.05             3.25                              0.8
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            1.050               0.60     31.9 VG**
                   56.35       92.00                                         pending**
                   94.00       99.15             5.15               3.00           1.3
incl.              94.00       94.75             0.75               0.40           4.2
                  110.85      111.85             1.00               0.60           0.7
                  127.60      133.25                                         pending**
GWM20CL-43         44.00       55.20                                         pending**
                    55.2       59.00             3.80                              4.3
incl.              55.20       56.20             1.00                              8.4
                   84.35       85.35             1.00               0.50           1.2
                  186.45      187.20             0.75               0.40           0.6
                  188.80      190.90             2.10               1.00           1.1
incl.             190.25      190.00             0.65               0.30           2.4
                  223.35      224.35             1.00               0.50           0.4
                  247.20      248.00             0.80               0.40           0.9
                  280.65      281.30             0.65               0.30           1.2
GWM20CL-40             0       49.95                                         pending**
                   73.25       83.05             9.80               5.10           1.1
incl.              75.70       76.55             0.85               0.40           4.1
                   85.60       86.60             1.00               0.50           0.6
                   92.85       96.50             3.65               1.90           1.2
                  117.00      169.15                                         pending**
                  180.40      188.90             5.90               3.10           0.7
incl.             185.25      186.00             0.75               0.40           2.5
                  197.00      197.95             0.95               0.50           0.6
GWM19CL-39        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**
                  143.00      144.00             1.00               0.50           2.0
GWM19CL-38             0      174.00                                         pending**
                  193.00      194.00             1.00               0.30           0.8
                  198.95      201.35             2.40               0.70        2.3 **
                  211.50      219.00                                0.00     pending**
was               225.00      230.00             5.00               1.50         0.8**
now               223.50      243.40            19.90               5.80           1.6
incl.             237.20      237.70             0.50               0.10          24.2
                  251.00      251.80             0.80               0.20           1.6
                  259.95      411.00                                         pending**
                                                              
** Previously released. 
VG: visible gold; 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 zone and Richard zone.

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 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 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 zone and Jubilee zone 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 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 (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.

© 2020 Canjex Publishing Ltd. All rights reserved.