Galway Metals Completes 5,000-Metre Drill Program at Estrades Amid Strong Metal Prices
82 Richmond Street East Tel: 800-771-0680
Toronto, ON M5C 1P1 Fax: 416-361-0923
Galway Metals Completes 5,000-Metre Drill Program at Estrades Amid
Strong Metal Prices
(Toronto, Ontario, September 15, 2026) -- Galway Metals Inc. (TSX-V: GWM; OTCQB: GAYMF)
(the “Company” or “Galway”) is pleased to announce the completion of a 13-hole, approximately
5,000-metre diamond drill program at the Estrades Project in the northern Abitibi region of western
Québec. Drilling was completed at the end of August 2026, with assay results pending. The
program forms part of the Phase I work program under the Option and Joint Venture Term Sheet
with DOWA METALS & MINING CO., LTD. (“DOWA”), announced in January 2026. Estrades is
a high-grade, gold- and zinc-rich volcanogenic massive sulphide (VMS) deposit.
Historically, Breakwater Resources Ltd. invested approximately C$20 million developing the
precious-metal-rich deposit, which was mined through a 200 -metre-deep ramp. Production in
1990-1991 totalled 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 173.3 g/t Ag.
Galway announced a positive Preliminary Economic Assessment (“PEA”) for Estrades in January
2026.
“We have just completed the Phase One work program funded by Dowa, where we completed 13
drill holes totaling approximately 5,000 metres coupled with additional metallurgical testwork and
environmental baseline studies as well,” said Robert Hinchcliffe, President and Chief Executive
Officer of Galway Metals. “This program is an important first step under our agre ement with
DOWA, t he drilling was designed to provide representative material for the next phase of
metallurgical work while adding useful geological information across the Main, Central and East
zones. We believe there is a compelling opportunity to build on the metallurgi cal improvements
already achieved at Estrades, including the 31% improvement in gold recovery to 86.6% (News
Release dated January 27, 2025 ). With gold and silver prices looking bright for remainder of
2026, we also point out zinc is trading at 20-year highs at present, and copper recently hit all-time
highs as well. As we look forward, no doubt the prospects for Estrades are quite robust all things
considered.”
Estrades Past Producer
The Estrades Project is a series of gold, zinc, copper, lead, and silver -rich massive sulphide
lenses and is located about 95 km north -northeast of La Sarre, Québec. Breakwater Resources
mined the Estrades deposit between July 1990 and May 1991. Breakwater used a decline to the
190-meter level and then they developed a network of ramp-connected levels. The Estrades ore
was shipped and then processed at the Matagami Mill ~135 kilometers away. The Estrades
deposit is presently envisioned as an underground mining operation, with additional regional and
local exploration prospects also worth noting.
2026 Drill Program and Metallurgical Testwork
The completed program focused on obtaining fresh mineralized material suitable for metallurgical
testwork. Thirteen holes were completed across the Main, Central and East zones to provide
samples representative of the principal mineralization styles and grade ranges at Estrades. SGS
Canada has been selected to conduct the planned testwork at its Burnaby facility. Results will be
incorporated into Galway and DOWA's ongoing evaluation of the Project.
Galway has now completed approximately 57,281 metres of drilling at Estrades since acquiring
the Project in 2016. Assays from the 2026 program are pending. The new drilling is expected to
improve local geological confidence and provide information that may support future resource,
engineering and development studies.
Current Metal Prices and Metallurgical Improvements
Estrades provides exposure to a diversified suite of precious and base metals, including gold,
zinc, copper and silver. Recent market prices for these metals remain materially above the long-
term consensus assumptions used as the primary economic basis of the January 2026 PEA. No
updated economic analysis has been completed using current metal prices.
Previously disclosed metallurgical testwork improved gold recovery by 31% to 86.6%. Open -
circuit testing also produced a copper concentrate grading 28% Cu at 95% copper recovery and
a zinc concentrate grading 54.6% Zn at 82% zinc recovery.
The fresh mineralized material collected during the recently completed drill program will support
additional metallurgical testwork focused on further improving metal recoveries and concentrate
quality. Galway will provide further updates as material assay and metallurgical results become
available and have been reviewed.
Current and Planned Initiatives
Galway continues to advance the Estrades Project through environmental, drilling and
metallurgical programs, with current and planned initiatives including:
• Environmental baseline studies commenced in 2026, together with continued community
outreach activities.
• Galway is planning a winter drill program focused on infill drilling to support potential
Mineral Resource category upgrades, as well as expansion drilling along the lateral extent
of the deposit and at depth.
• Metallurgical studies will continue with the goal of increasing metal recoveries.
Estrades 2026 Drill Program - Site Photo
Figure 1. Galway and contractor personnel at an Estrades drill site.
Additional Estrades Site Photos
Figure 2. Diamond drill operating at the Estrades Project.
Figure 3. Core logging facility at Estrades.
Review by Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by Stephen Poitras, P.Geo., Project Manager for Galway Metals and a Qualified Person
as defined by National Instrument 43-101. The Estrades PEA is supported by the technical report
titled “NI 43 -101 Technical Report Preliminary Economic Assessment for the Estrades Project,
Northwestern Québec, Canada,” prepared by BBA E&C Inc. and SLR Consulting (Canada) Ltd.
with an effective date of January 21, 2026, available under Galway's profile on SEDAR+ and on
the Company's website.
About Galway Metals Inc.
Galway Metals is a Canadian mineral exploration and development company focused on
advancing its 100% -owned, high-grade, open-pitable flagship Clarence Stream gold project in
southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike
length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway
Metals holds a 90% participating interest in the Estrades Project, a former producing high-grade,
gold-rich polymetallic VMS mine in the northern Abitibi of we stern Québec. DOWA METALS &
MINING CO., LTD. (“DOWA”) holds a 10% participating interest pursuant to the previously
announced Option and Joint Venture Term Sheet under which DOWA may earn up to a 45%
interest in the Project. Led by a management team with a proven track -record of creating
shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused
on creating value for all its stakeholders.
For additional information, please contact:
Robert Hinchcliffe, President & Chief Executive Officer
Telephone: 1-800-501-4808
Email: [email protected]
Website: www.galwaymetalsinc.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy
of this news release. No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
This News Release includes certain “forward -looking statements” and “forward -looking
information” which are not comprised of historical facts. Forward -looking statements include
estimates and statements that describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as “believes”, “anticipates”,
“expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements
are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no assurance that actual results will
meet management’s expectations. Risks, uncertainties and other factors involved with forward -
looking information could cause actual events, results, performance, prospects and opportunities
to differ materially from those expressed or implied by such forward-looking information. Forward
looking information in this news release includes, but is not limited to, the Company’s objectives,
goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and
broadening U.S. institutional and retail investors.
Factors that could cause actual results to differ materially from such forward -looking information
include, but are not limited to changes in economic conditions or financial markets, political and
competitive developments, operation or exploration difficu lties, changes in equity markets,
changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation
costs varying significantly from estimates and the other risks involved in the mineral exploration
and development, and those risks set out in the Company’s public documents filed on SEDAR+
at sedarplus.ca. Although the Company believes that the assumptions and factors used in
preparing the forward -looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all.
The Company disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, other than as
required by law.