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Galway Metals Inc (2)
Symbol GWM
Shares Issued 167,480,297
Close 2020-11-19 C$ 1.21
Recent Sedar Documents

Galway Metals drills 25.5 m of 5.3 g/t Au at Clarence

2020-11-19 07:03 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS 5.3 G/T AU OVER 25.5M AND 5.1 G/T AU OVER 10.2M EAST & WEST OF RICHARD

Galway Metals Inc. has released assay results that were pending from drilling on the east and west sides of the Richard zone at the company's Clarence Stream project in southwestern New Brunswick, Canada. The latest results are highlighted by:

  • Hole 128 intersected 5.3 grams per tonne (g/t) gold over 25.5 metres (m), including 54.6 g/t Au over 0.5 m, 20.9 g/t Au over 2.5 m, and 16.4 g/t Au over 1.5 m (previously released as visible gold in 19 m of quartz), starting at a vertical depth of 208 m below surface. It is 92 m below hole 125, but now interpreted to be a different vein. Hole 125 intersected 17.0 g/t Au over 5.5 m, including 163.0 g/t Au over 0.5 m with VG. The 5.3 g/t Au over 25.5 m appears to line up best with the northernmost vein that Galway intersected at the time of the discovery of the Richard zone, which returned 5.4 g/t Au over 11.0 m. These are the first results from multiple new holes (pending assays) located in the 660 m gap between the Richard zone and the George Murphy zone (GMZ), and is located 262 m east of the previous eastern Richard limit defined by the discovery hole intersection that returned 7.3 g/t Au over 36.7 m. This gap area between the GMZ and Richard zones has now been reduced to 400 m.
  • Hole 127 intersected 5.1 g/t Au over 10.2 m including 91.4 g/t Au over 0.5 m (previously released as VG in 13 m of quartz), starting at a vertical depth of 232 m below surface. It is located on a stepout section 168 m west of hole 118. Hole 118 intersected 9.7 g/t Au over 15.0 m, including 267.0 g/t Au over 0.5 m, which, at the time of its release on Oct. 26, 2020, was 90 m west of the previous western limit of the Richard zone. The 5.1 g/t Au over 10.2 m is located along the same section as previously drilled hole 68, which returned 3.0 g/t Au over 12.0 m, which was previously considered to be the easternmost extent of the Jubilee zone. Galway has now closed the previous one km gap between the Richard and Jubilee zones, but will undertake infill drilling in this area and toward Jubilee.
  • The intersections in holes 127 and 68 on the west side and 125 and 128 on the east side extend mineralization along the Richard zone to 926 m, more than double the previous 400 m.
  • These results further confirm that the Jubilee, Richard and George Murphy zones (GMZ) are part of the same mineralizing system that extends 2.5 km. If the recently reported new discovery of 186.5 g/t Au over 0.6 m were included, which is directly on trend approximately one km southwest of Jubilee, the strike length of this mineralizing system extends to 3.5 km.

Robert Hinchcliffe, president and chief executive officer of Galway Metals, said: "The strong, wide mineralization in hole 128 in the gap between the Richard and George Murphy zones plots by itself on the long section with lots of room to grow. This really beefs up the footprint of the gold system. With a strong balance sheet following Galway's $17-million June financing, the company's recently expanded five-rig, 75,000 m drill program is fully funded through the end of 2021. Galway's aim is to not only expand the existing zones, but to also continue making new discoveries to further demonstrate that Clarence Stream is an important new gold district in North America."

Eight of the highest-grade assays are from Galway's new discoveries

The three highest-grade individual assays from drilling on the entire Clarence Stream property are all from three of Galway's new discoveries, and now eight of the top 12 assays are also from those three new discoveries. In addition to the 267.0 g/t Au over 0.5 m and 163.0 g/t Au over 0.5 m noted above, the Richard zone also hosts 191.0 g/t Au over 0.5 m (from 54.7 g/t Au over 2.5 m), 373.0 g/t Au over 0.5 m (from 6.2 g/t Au over 38.5 m) and 495.0 g/t Au over 0.5 m (from 10.6 g/t Au over 47.0 m), while the nearby George Murphy zone (GMZ) has returned 807.0 g/t Au over 1.25 m (from 241.5 g/t Au over 4.2 m), and 201.0 g/t Au over 0.5 m (from 13.0 g/t Au over 8.7 m), plus the recently reported wildcat hole in the newest discovery intersected 186.5 g/t Au over 0.6 m (June 24, 2020, press release).

The 660-metre gap between the GMZ and Richard zones is a major focus of exploration

Holes 125 and 128 were drilled below mineralization in hole 86, which intersected 1.0 g/t Au over 6.3 m and 5.8 g/t Au over 0.55 m. These three holes were drilled in the 660 m gap between the Richard zone discovery hole intersection that returned 7.3 g/t Au over 36.7 m and the westernmost open good result at the GMZ that returned 12.2 g/t Au over 2.2 m in hole 104. This 660 m gap between the two zones is a major focus of exploration as Galway attempts to rapidly drill this gap area ahead of the resource update scheduled for the first quarter of 2021.

                                      ASSAY RESULTS

Hole ID             From          To  Intercept                 Intercept TW              Au
                     (m)         (m)        (m)   (m) (unknown if not noted)           (g/t)
Richard zone
GWM-20BL-128       57.00       61.00                                                 pending
                   64.00       77.00      13.00                                          0.5
                   64.00       65.00       1.00                                          1.9
                   77.00      208.00                                                 pending
                  208.00      233.50      25.50                                       5.3 VG
                  214.40      214.90       0.50                                         54.6
                  225.00      226.50       1.50                                         16.4
                  231.00      233.50       2.50                                         20.9
                  237.00      494.60                                                 pending
GWM-20BL-127       62.10       96.50                                                 pending
                  233.00      243.20      10.20                         5.90             5.1
                  234.50      235.00       0.50                         0.30         91.4 VG
                  246.00      415.15                                                 pending
GWM-20BL-125       60.00       61.00       1.00                                          0.7
                   64.00       67.15       3.15                                         0.44
                   70.00      147.00                                                 pending
                  150.00      155.50       5.50                                         17.0
incl.             154.00      154.50       0.50                                         10.8
incl.             154.50      155.00       0.50                                     163.0 VG
                  160.00      370.50                                                 pending
GWM-20BL-118       67.00      187.70                                                 pending
                  189.00      204.00      15.00                         9.40             9.7
incl.             199.65      200.15       0.50                         0.30        267.0 VG
                  208.00      335.80                                                 pending
                                                                                   

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.

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