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Galway Metals Inc (2)
Symbol GWM
Shares Issued 167,480,297
Close 2021-01-06 C$ 1.12
Recent Sedar Documents

Galway Metals drills 3.1 m of 4.8 g/t Au at Clarence

2021-01-06 17:21 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS MAKES ANOTHER NEW DISCOVERY - 4.8 G/T AU OVER 3.1M, 900M NW OF THE NEW ADRIAN ZONE, PLUS MINERALIZATION RETURNED 400M EAST OF GMZ AT CLARENCE STREAM

Galway Metals Inc. has released assay results from a new discovery from wildcat exploration drilling at the company's Clarence Stream project in southwest New Brunswick, Canada. This hole, the first in the area, is located 900 metres northwest and likely along a different trend than the discovery hole in the previously reported new discovery (now named the Adrian zone) of 13.4 grams per tonne (g/t) Au over 12.95 metres (m). The new discovery intersected 4.8 g/t Au over 3.1 m in sediments between two intrusions (20 m away from one) and is controlled by a fault.

In the other hole being reported, an intersection of 9.4 g/t Au over 0.5 m with visible gold (VG) was returned from a step-out hole located 400 m east of the previous eastern limit and along strike of the GMZ. The intervening 400 m is the continuation of the soil anomaly that led to the discovery of the GMZ in December, 2017, and has not yet been drilled. Results from this hole cover a core length of six m that were rushed out of the 391.5 m total; the balance of this hole remains pending.

Galway is increasing its drill count to seven rigs from five at Clarence Stream

Given the three new discoveries Galway has made in recent months (13.4 g/t Au over 12.95 m, 186.5 g/t Au over 0.6 m and 4.8 g/t Au over 3.1 m), which are now targeted for follow-up drilling, plus the highly prospective claims recently acquired that the company plans to drill (Aug. 25, 2020), plus the goal of completing the drill program for the pending resource update, Galway has decided to expand its drill program at Clarence Stream to seven rigs from five. The sixth rig is expected to arrive in January and the seventh in February. This drilling, which will result in an increase in the 2020-2021 program to 100,000 m from 75,000 m, is expected to further demonstrate that Clarence Stream is an important new gold district in North America.

  • New discovery: Hole CL-72 intersected 4.8 g/t Au over 3.1 m, starting at a vertical depth of 95 m.
  • GMZ East extension (400 m): Hole CL-75 intersected 9.4 g/t Au over 0.5 m, starting at a vertical depth of 204 m.

"The number of gold-bearing zones -- eight -- that have been intersected when drilling gold-in-soil anomalies at Clarence Stream is impressive. With five rigs turning and two more on their way, Galway is looking forward to following up to expand the new discoveries and to drill the dozens of other stronger anomalies on the property," cites Robert Hinchcliffe, president and chief executive officer of Galway Metals.

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

The 4.8 g/t Au over 3.1 m new discovery intersection is located in sediments between two intrusions and is controlled by a fault. 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 per cent to 3 per cent pyrite, pyrrhotite and arsenopyrite. It is located 20 m south of the contact with a granite. This is a similar setting, and with similar geochemical/geophysical signatures, as all the other intrusion-related gold deposits and discoveries at Clarence Stream. Several other intersections in the hole were anomalous for gold, such as 102 ppb over 6.0 m (including 391 ppb over 0.9 m).

400-metre stepout may extend the GMZ by 50 per cent to over 1.1 kilometres

The 9.4 g/t Au over 0.5 m intersection with VG is located in 1.1 m of 10 per cent quartz stringers with 2 per cent pyrite plus pyrrhotite in sediments. Galway is looking forward to drilling the intervening 400 m gap between this intersect and the easternmost extent of the GMZ, which could result in the GMZ being extended by 50 per cent to more than 1.1 km in strike length. The GMZ is 765 m long to date (excludes this 400 m step-out intersect), 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 five known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies. The new Adrian zone is located to the northeast of the GMZ.

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 (m)  To (m)  Intercept (m)  Intercept (m) TW  Au g/t  

GWM20CL-72    128.9   132.0            3.1                        4.8    
incl.         128.9   130.1            1.2                        6.7    
incl.         130.1   131.0            0.9                        7.0    
incl.         131.0   132.0            1.0                        0.6    
GWM20CL-75        0   280.5                                   Pending
              283.0   283.5            0.5                     9.4 VG 
              286.5   398.1                                   Pending

(1) 0.42 g/t Au was used for the bottom cut-off
(2) True widths are unknown if not noted
** Previously released; VG equals visible gold

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. 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. 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 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, located at 41 Bittern St., Ancaster, Ont., Canada, and/or Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3. All three labs have 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 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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