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Galway Metals Inc (2)
Symbol GWM
Shares Issued 167,480,297
Close 2021-02-16 C$ 1.18
Recent Sedar Documents

Galway Metals drills 34 m of 4.8 g/t Au at Clarence

2021-02-16 18:23 ET - News Release

Mr. Robert Hinchcliffe reports

GALWAY METALS INTERSECTS 4.8 G/T AU OVER 34.0M, 23.0 G/T AU OVER 7.4M, & 4.9 G/T AU OVER 20.35M, AT CLARENCE STREAM

Galway Metals Inc. has released drill results from holes in the western and northern extensions of the George Murphy zone (GMZ) at the Clarence Stream gold project in southwest New Brunswick.

Results to the west follow up on previously released drill hole 88 that extended the zone 230 metres to the west and that returned three areas of visible gold with intersections of 6.5 grams per tonne (g/t) Au (gold) over 14.05 m, 9.7 g/t Au over 2.0 m, and 1.2 g/t Au over 11.0 m. Highlight results from follow-up holes in this west area returned 23.0 g/t Au over 7.4 m in hole CL-47, 19.7 g/t Au over 4.2 m within a broader structure that assayed 4.9 g/t Au over 20.35 m plus 8.7 g/t Au over 2.0 m in hole BL-102A, and intersects of 0.64 g/t Au over 47.0 m, 1.3 g/t Au over 24.05 m, 3.6 g/t Au over 8.0 m and 2.7 g/t Au over 9.7 m in hole CL-66A.

Veins to the north of the GMZ (first reported on Feb. 13, 2020) are suddenly suggesting wide, high-grade content with the intersections of 20.2 g/t Au over 7.0 m within a broader structure that assayed 4.8 g/t Au over 34.0 m, plus 1.3 g/t Au over 9.5 m in hole CL-50. Hole CL-84, drilled 35 m to the east of hole CL-50, intersected significant visible gold (VG); assays are pending. The GMZ remains open for expansion in all directions; all zones at Clarence Stream remain open for expansion in all directions.

"Galway is really pleased with how all zones are expanding with nice widths and grades. The company is following up on these and other results ahead of the release this summer of the Clarence Stream mineral resource update. With six rigs turning, and with a seventh on the way, Galway can complete in six months what took three years when we had just one rig at Clarence Stream. A similar situation exists at Estrades where Galway is drilling with three rigs vs. just one in all previous programs. With nine rigs currently turning, and a 10th on the way, Galway will be making a lot of news," cites Robert Hinchcliffe, president and chief executive officer of Galway Metals.

New GMZ north assay highlights:

  • CL20-50: 4.8 grams per tonne (g/t) Au over 34.0 metres (m), including 20.2 g/t Au over 7.0 m, which includes 8.9 g/t Au over 2.0 m, 198.0 g/t Au over 0.5 m, and 21.6 g/t Au over 1.0 m, plus 1.3 g/t Au over 9.5 m, starting at respective vertical depths of 186 m and 101 m below surface;
  • CL21-84: significant VG present at 192 m below surface, located 35 m east of hole CL20-50.

New GMZ west assay highlights:

  • BL20-102A: 4.9 g/t Au over 20.35 m, including 19.7 g/t Au over 4.2 m, which includes 22.5 g/t Au over 0.5 m, 25.8 g/t Au over 0.6 m, and 72.4 g/t Au over 0.75 m, plus 8.7 g/t Au over 2.0 m, including 16.9 g/t Au over 1.0 m, starting at respective vertical depths of 116 m and 27 m below surface;
  • CL20-47: 23.0 g/t Au over 7.4 m, including 88.1 g/t Au over 0.5 m, 42.9 g/t Au over 0.5 m, and 58.5 g/t Au over 1.5 m, and including 0.5 m giving "0" for a pending assay, starting at a vertical depth of 174 m below surface;
  • CL20-66A: 0.64 g/t Au over 47.0 m, including 1.6 g/t Au over 1.0 m, 2.1 g/t Au over 0.75 m, and 8.8 g/t Au over 1.0 m, plus 1.3 g/t Au over 24.05 m, including 3.2 g/t Au over 0.9 m, and 14.2 g/t Au over 0.8 m, plus 3.6 g/t Au over 8.0 m, including 30.1 g/t Au over 0.5 m, and 12.8 g/t Au over 0.5 m, plus 2.7 g/t Au over 9.7 m, including 26.5 g/t Au over 0.5 m, starting at respective vertical depths of 167 m, 229 m, 287 m and 123 m below surface;
  • CL20-45: 1.3 g/t Au over 6.85 m, including 3.0 g/t Au over 0.5 m, starting at a vertical depth of 210 m below surface;
  • CL20-76A: 1.8 g/t Au over 7.6 m, including 12.5 g/t Au over 0.75 m and 4.1 g/t Au over 0.8 m, starting at a vertical depth of 198 m below surface;
  • BL20-112: 1.6 g/t Au over 10.0 m, including 5.3 g/t Au over 1.0 m and 5.5 g/t Au over 1.0 m, starting at a vertical depth of 113 m below surface.

Drilling to the west at GMZ is filling in a 192 m subvertical gap

The intersections in holes CL-45, 47, 66A and 76A are located within a 192-metre subvertical gap on the west side of the GMZ between an intersection of 6.5 g/t over 14.05 m (hole CL-88) and an intersection of 1.6 g/t over 14.0 m (hole CL-35). These two intersections are located 317 m and 178 m below surface, respectively. The intersection of 23.0 g/t Au over 7.4 m is located 164 m up-plunge from the 6.5 g/t over 14.05 m. The intersection of 4.9 g/t Au over 20.35 m in hole BL-102A, also on the west side of the GMZ, is on a vein farther north than the ones discussed above. It is also 28 m west of a previously released intersection of 2.1 g/t Au over 38.75 m in hole BL-99, which is thought to correlate with the intersection of 1.2 g/t Au over 11.0 m in hole BL-88 (located 111 metres below it). The 2.7 g/t Au over 9.7 m intersection in hole CL-66A, at a vertical depth of 123 m, is the deepest intersection to date for the southernmost known vein, and is 76 m below previously released 2.1 g/t Au over 15.7 m (CL18-34). This southern vein appears to be dipping flatter than the other veins. Between the two previously known veins in hole 66A (2.7 g/t Au over 9.7 m and 3.6 g/t Au over 8.0 m) are intersections of 0.64 g/t Au over 47.0 m, and 1.3 g/t Au over 24.05 m, which are new and which also appear to be dipping flatter than the other veins to the north.

The GMZ, Richard and Jubilee are part of the same 2.5 km long system

Galway's George Murphy zone discovery was initially reported in December, 2017, but drilling stopped a year later following the discovery of the Richard zone, which was first reported in January, 2019. Drilling at the GMZ resumed a year later in mid-November, 2019. The plunge of all zones to date in the Jubilee, Richard and GMZ are thought to be to the west and are part of the same 2.5 km long system. The GMZ is 765 m long to date, with multiple structures over 310 m wide and with all zones open in every direction.

The GMZ, Jubilee, Adrian and Richard zones have been discovered (or drilled) by Galway after the last resource estimate was released in September, 2017. The discovery of these zones, and their subsequent expansions, demonstrate that Clarence Stream is an emerging new gold district in North America.

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, Adrian 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 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-kilometre 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 Galway Metals 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.

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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