Galway Metals Drills 1.2% Copper Over 7.1m at Newiska, Quebec; New TITAN Targets and Awards Incentive Stock Options
Galway Metals Drills 1.2% Copper Over 7.1m at Newiska, Quebec; New TITAN Targets and Awards Incentive
Stock Options
TORONTO, ON / ACCESSWIRE / November 5, 2018 / Galway Metals Inc. (TSX-V: GWM; OTC PINK:
GAYMF) (the "Company" or "Galway") is pleased to report drill results at the Newiska horizon on the Company's
20,915 hectare, 100%-owned, former producing Estrades Project in the northern Abitibi of western Quebec, Canada.
The Newiska prospect is located 8,000m southeast of the former producing Estrades polymetallic deposit (Figure
1 and Figure 2). 8,200m to the west and 2.2 km south of the Estrades deposit, another strong TITAN geophysical
conductor that has a remarkably similar signature to the main Estrades deposit was observed. This conductor
coincides with a cross fault extending from Estrades to the Newiska felsic rhyolite that typically hosts Volcanogenic
Massive Sulphide (VMS) deposits (Figure 3). The company is also pleased to report additional strong TITAN
geophysical conductors delineated to the east and west of Estrades (A and B in Figure 4) and deeper below the
drilling at the deposit (C in Figure 4 and Figure 5), and the initiation of a gravity survey covering substantially the
entirety of all three mineralized horizons at Estrades (Figure 6).
"Galway believes that the Estrades and neighbouring Caribou deposits are two parts of a cluster of deposits in the
area—which is very common with VMS systems. The upcoming gravity survey likely will corroborate the IP and MT
anomalies identified by the TITAN survey and may also point to more targets, especially since the gravity survey will
encompass a far larger area of the Estrades camp. All those copper-rich stringers at Newiska indicate a big plumbing
system that may lead Galway to another sizable deposit." cites Mike Sutton, V.P. Exploration for Galway Metals.
Galway Intersects Strong Copper in Wide Area Southeast of Estrades
The Newiska prospect is located 8,000m southeast of the former producing Estrades polymetallic deposit (Figure 1).
Total Newiska drilling by Galway Metals in 2018 was 3,413m in 7 holes- one of which was stopped before the targets
due to a lack of water. Highlights include 4.1% copper over 0.6 metres in a 7.1 metre interval that returned 1.2%
copper in hole 3, and 2.1% copper, 6.7% zinc, and 145 g/t silver over 0.6 metres, plus 1.6% copper and 1.9 g/t
gold over 1.0 metre in hole 2. Previously released hole 1 intersected 4.2% copper over 0.7 metres in a 22.0 metre
interval that returned 0.5% copper, and historical hole NK-04 returned 2.0% copper and 37.4 g/t silver over 1.5m in
a 9.4 metre interval that returned 1.1% copper and 41.5 g/t Ag (Figure 2).
Importantly, these drill results are located on the edge and immediately above a new geophysical target outlined by
Galway's recently completed TITAN geophysical survey, which may indicate the presence of a major, previously
unrecognized massive sulphide body at Newiska (Figure 2). Of note is that Galway's drill program at Newiska
occurred prior to the receipt of TITAN geophysical results. At hole 1, Galway's new TITAN geophysical survey from
Quantec Geoscience outlined a strong IP ("Induced Polarization") conductive zone over 1,000 metres in length that
may correlate with a deep MT ("Magnetotelluric"), less-resistive anomaly extending to depths of 2,000 metres (Figure
2). As this could possibly represent a large body of massive sulfide mineralization, and given the copper-rich stringer
zones found peripheral to the location of the anomaly, this represents an exciting new target for follow-up drilling.
The assays in holes 1, 2 and 3 noted above are 70 metres apart east-west and located 50-65 metres below the
intersection in hole NK-04, except for the 2.1% copper, 6.7% zinc, and 145 g/t silver over 0.6 metres which is a
different zone located 70 metres south and 165 metres below (Figure 2). Hole 3 was originally targeting an area 100
metres east of hole 1 but deviated far off azimuth and ended up west of it. The high-grade stringer vein intervals in
holes 1, 2, and 3 contained considerable chalcopyrite. In hole 1, the high-grade mineralization is part of an extensive
132-metre stringer zone that is present from 328-460 metres. A second stringer zone in that hole is present from 141-
194 metres. The significance of such stringer zones is that they are commonly found peripheral to major VMS
deposits, which are a major source of metals such as copper, zinc and lead. Also significant is that the favourable
felsic rhyolite is significantly wider at Newiska than at Estrades, and that Newiska hosts the historic Telbel, Joutel and
Poirier mines to the southeast (Figure 7)
In addition, a second strong TITAN IP chargeability target, "Estrades South," has been discovered 8,200m west along
the same Newiska rhyolite horizon, and 2,200m south of the Estrades deposit. According to Quantec, this target
"seems to present the same [geophysical] signature as the Estrades deposit" and "is associated with a conductive
zone" below and to depth (Figure 3). This anomaly was discovered because Galway extended TITAN line 2200W
south along the Estrades main cross fault as these faults are believed to be the source for black smokers that form
VMS deposits. Galway wanted to see what would happen when the cross fault intersected the rhyolite; hence the
anomaly was discovered. Galway believes there has never been any drilling into this area, with the closest known
historical drill hole some 400 metres south, and the best drill hole in the area returned 4.7% copper over 0.6 metres in
a stringer zone located 1,000m southwest. This new TITAN conductive zone also coincides with magnetic and VLF-
EM (Very Low Frequency Electro-Magnetic) anomalies, making yet another highly prospective drill target that could
uncover another volcanogenic massive sulfide (VMS) deposit in the Estrades Camp. This should be seen in the
context of the fact that VMS deposits, as seen in many districts around the world, tend to form in clusters and so
these two targets along the Newiska rhyolite horizon could represent other deposits in the same cluster. As noted
above, the former producing Telbel, Joutel and Poirier mines are along the Newiska horizon while the Caribou
deposit is along the Estrades horizon (Figure 7).
Two areas of significance at Estrades have not been previously released (Figure 5). Line 1100W, located near the
east end of the deposit contains a very strong conductive/low resistive zone below the resource that appears as the
strongest anomaly of anything east of the mine workings. This is likely due to the higher copper content of the drill
holes along this sub-vertical trend, as opposed to higher zinc elsewhere that isn't a conductor. Line 2600W, located
1500 metres west in Figure 5, has defined a strong conductive/low resistive zone west and below the workings and
resource, and west of the cross fault. This area was targeted with hole 21, which did not reach its target but did
intersect extremely altered rhyolite with abundant talc with an assay at the end of the hole of 1.0% Zn over 1.4 m (TW
Unknown) at a vertical depth of 1,150 metres below surface. The TITAN survey appears to indicate strongly
anomalous geophysical responses in the vicinity of this hole. Before extending or wedging this hole, downhole
geophysics will take place to see if the Main zone extension might be immediately to the south. The entire 400-metre
vertical area of interest down-plunge of the resource can be drilled by wedging off of this hole.
Important observations were made by Reno Pressacco of RPA during the resource estimation:
• "The thickness of the Mine Unit felsic package is increasing at depth in the western block [west of the fault],
and in the vicinity of the Mine Fault in the eastern block."
• "The presence of considerable talc in the deepest hole in the west block [hole 21, which remains short of its
target] likely represents a source vent, and that the deep TITAN conductance in the area coincide with this
thickening."
Gravity Survey Underway on Estrades Property
Galway has started an airborne gravity survey undertaken by CGG Canada Services Ltd., the leading international
gravity survey company, using its HeliFalcon system that is the most advanced airborne system in the industry. It is
thought that results from this system are comparable to a ground gravity survey. The targets will be VMS deposits
located along the two rhyolite horizons (common hosts to VMS deposits), and the delineation of buried intrusives
along the 35 km of the Casa-Berardi trend that Galway Metals owns (Figure 6). These potential intrusives could act
as heat sources and plumbing systems for gold emplacement. Other work Galway plans to undertake includes whole-
rock geochemistry on alteration assemblages and on thin sections.
Table 2: Drill Result Highlights
Hole ID From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Cu
(%)
Pb
(%)
Type**
GWM18-NK-02 417.00 418.00 1.0 1.9 49.7
1.6
DSS
432.75 433.25 0.5 0.3 46.1
1.2
DSS
441.75 442.30 0.6
50.7
1.0
DSS
545.30 545.85 0.6 0.2 145.0 6.7 2.1
DSS
GWM18-NK-03 396.00 397.00 1.0 0.3 37.3
1.0
DSS
420.20 427.30 7.1 0.1 25.1
1.2
DSS
including 421.80 422.35 0.6 0.4 47.2
3.6
DSS
including 423.55 424.15 0.6
80.8 1.2 4.1
DSS
including 426.70 427.30 0.6 0.8 68.2
2.5
DSS
GWM18-NK-12 272.00 273.00 1.0 2.5 128.7
DSS
301.60 302.60 1.0 0.7
DSS
316.50 317.50 1.0
33.3 0.9 0.3
323.00 324.00 1.0 0.9 13.0 0.8
0.3 DSS
549.00 550.00 1.0 1.7
DSS
Notes:
** MSS = massive sulphide, SMS = semi-massive sulphide DSS = disseminated and stringer sulphides.
If true width (TW) is not specified, the orientation of the zone is unknown at this time; NK-05 and NK-06 did not return
significant assays; NK-10 was stopped before the targets due to lack of water; numerous assays of 0.5%-1.6% Zn
and 0.5%-0.8% Cu are not tabulated.
Estrades, Newiska, and Casa Berardi Geology and Mineralization
Information on Geology and Mineralization can be found on the Estrades project page of our website
at www.galwaymetalsinc.com along with a complete Table of Drill Results released to date.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo., is the Qualified Person responsible for the
accuracy of this news release. Mr. Reno Pressacco, P. Geo., is the Qualified Person responsible for preparation and
disclosure of the Estrades Mineral Resource estimate, and is independent of Galway. The drill core is sawn in half
with one half of the core sample shipped to Swastika Laboratories situated in Swastika, ON, which has accreditation
of ISO/IEC 17025. The other half of the core is retained for future assay verification. Other QA/QC measures includes
the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the
regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using
atomic absorption or gravimetric finish for samples greater than 10 g/Mt gold. Other Metals (Ag, Cu, Pb, Zn, Co, As)
have full acid digestion and analyzed by AAS; with over limits (5000 PPM) analyzed by AAS using method dilutions,
and the Silver (Ag) over limits (> 200 ppm) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays
at least 10% of all samples and additional checks may be run on anomalous values.
Table 3: Drill Hole Coordinates
Hole ID Azimuth Dip Northing Easting Hole Length (m)
GWM18-NK-02 343 -75 5493148 662985 576.8
GWM18-NK-03 16 -73 5493148 662985 552.0
GWM18-NK-05 332 -51 5493516 661342 231.0
GWM18-NK-06 32 -61 5493516 661342 231.0
GWM18-NK-10 323 -45 5493071 664467 700.0
GWM18-NK-12 323 -45 5493148 663663 600.0
Incentive Stock Option Award
Galway is also pleased to announce that it has awarded 150,000 incentive stock options exercisable at C$0.175 per
common share and expiring on November 5, 2028, an officer of the Company. This grant of options is in compliance
with terms of the Company's Stock Option Plan and remains subject to acceptance by the TSX Venture Exchange.
About the Company
Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New
Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on
January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the
completion of the US$340 million 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.
Should you have any questions and for further information, please contact (toll free):
Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
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 TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein.
This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking
information involves risks, uncertainties and other factors that 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 statements made herein with respect to, among other
things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration
results, potential mineralization, exploration and mine development plans, timing of the commencement of operations,
and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-
looking information include, but are not limited to, exploration results being less favourable than anticipated, capital
and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and
costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations
in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings
and other risks involved in the mineral exploration and development industry, as well as those risks set out in the
Company's public disclosure documents filed on SEDAR. Although the Company believes that management's
assumptions used to develop the forward-looking information in this news release are reasonable, including that,
among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties,
exploration results will be consistent with management's expectations, financing will be available to the Company on
favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the
Company will be successful in the outcome of legal proceedings, 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 contained herein, whether as a result of new information, future events or otherwise,
except as required by applicable securities laws.
SOURCE: Galway Metals Inc.