Galway Metals Expands Clarence Stream’s North Zone; New Drill Results Include 4.3 g/t Au over 9.0m, 6.1 g/t Au over 5.0m and 2.2 g/t Au over 6.0m
Galway Metals Expands Clarence Stream’s North Zone; New Drill
Results Include 4.3 g/t Au over 9.0m, 6.1 g/t Au over 5.0m and 2.2
g/t Au over 6.0m
TORONTO, ON / February 28, 2023 / Galway Metals Inc. (TSXV:GWM);
(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to report new drill results from the
North Zone of its high grade, multi-million-ounce Clarence Stream Gold Project in SW New
Brunswick, Canada. The new results expand on known gold mineralization outside the North
Zone's pit shell boundaries in two key areas. The pit shells were defined in the N.I. 43-101
Resource Update titled "Technical Report on the Clarence Stream Mineral Resource Project,
New Brunswick, Canada" dated March 31, 2022, by SLR Consulting (Canada) Ltd. The new
drill results intersected gold mineralization at shallow depths, ranging from just 16 metres to 112
metres below surface. The results show that gold mineralization is present outside the current
resource model and pit limits of the three pits planned in the North Zone, which is currently the
smallest of the three resource Zones at Clarence Stream. The new drill results are highlighted in
Figure 1 and in Figure 2 below.
Robert Hinchcliffe, President and CEO of Galway Metals, states: "All zones at Clarence Stream
remain open for significant expansion. In addition to the North Zone, obvious expansion
opportunities exist at the much larger SW Zone, its adjacent Triangle Area, the South Zone and
at Oak Bay and Lily Hill. Beyond these, there are many undrilled coincident geochemical and
geophysical targets on our district-scale property where we expect to make new discoveries, just
as we have throughout our history at Clarence Stream. The current respective Indicated and
Inferred Clarence Stream Mineral Resource already contains 0.92Moz at 2.3 g/t Au (within
12.4MT) plus 1.33Moz at 2.6 g/t Au (within 16.0MT). In the fullness of time, we believe it will
become increasingly clear that Clarence Stream is one of the most important new gold districts
in Eastern Canada."
Summary of Drill Results:
Extensions Between the North and Middle Pits
• Hole GWM22CS-390: 4.3 g/t Au over 9.0m, including 57.3 g/t Au over 0.5m (Visible
Gold - (VG)), starting at 35m from surface
• Hole GWM22CS-378: 6.1 g/t Au over 5.0m, including 16.6 g/t Au over 1.0m, starting at
54m from surface is just on the edge of the resource
• Hole GWM22CS-388: 12.4 g/t Au over 1.5m, including 32.4 g/t Au over 0.5m, starting
at 43m from surface
• Hole GWM22CS-391: 18.0 g/t Au over 0.5m (VG), starting at 35m from surface
• Hole GWM22CS-387: 6.4 g/t Au over 1.1m (VG), starting at 74m from surface
• Hole GWM22CS-382: 0.7 g/t Au over 11.5m, including 2.6 g/t Au over 0.7m, plus 0.8
g/t Au over 4.0m, starting at 88m and 112m, respectively, from surface
Extensions to the East of the SE Pit
• Hole GWM22CS-392: 2.2 g/t Au over 6.0m, including 8.1 g/t Au over 0.6m, plus 1.1 g/t
Au over 3.6m, starting at 25m and 36m, respectively, from surface
• Hole GWM22CS-386: 1.8 g/t Au over 6.0m, plus 1.7 g/t Au over 0.5m, starting at 25m
and 58m, respectively, from surface
• Hole GWM22CS-384: 1.4 g/t Au over 3.0m, including 3.1 g/t Au over 0.9m, starting at
16m from surface
Figure 1: North Zone, Clarence Stream Gold Project Map and Drill Hole Locations
Detailed Discussion and Analysis:
Expansions Between the North Zone's North and Middle Pits
The North Zone resource is made up of 3 pits separated by gaps of 90 and 230m in width. The
purpose of drilling between the North and Middle pits was to determine whether potential exists
to combine them into one. The intercepts received are encouraging and additional drilling is now
warranted in order to confirm if the pits could be combined.
North Zone gold mineralization is characterized by flat dipping veins, dipping generally at
shallow angles to the east but can vary locally. The intersections of 4.3 g/t Au over 9.0m, 12.4
g/t Au over 1.5m, and 18.0 g/t Au over 0.5m in holes 390, 388 and 391, respectively, are
located in the 230m gap between the North and Middle Pit resource areas.
The intersection of 4.3 g/t Au over 9.0m in hole 390 is located 159 metres south of the closest
hole in the resource from the northern-most (bowl-shaped) pit. It is located 68 metres NE of a
previously reported intercept that contained 2.8 g/t Au over 14.0 metres, including 56.2 g/t Au
over 0.6 metres (March 28, 2017), that is also not in the resource. The closest intersection in
the Middle Pit resource in that area is 54 metres away. The intersection of 0.7 g/t Au over 1.0m
in hole 389 is 36m downdip of the intercept in hole 390.
The intersection of 6.1 g/t Au over 5.0m in hole 378 is located just on the edge of the resource,
40 metres NW of a previously-reported intersection of 14.6 g/t Au over 10.2m (hole AD 17-
127). The intersections in holes 379, 382, 380, and 381 in Table 1 are located 55m, 91m, 127m,
and 218m downdip, respectively, of the intercept in hole 378.
The intersection of 6.4 g/t Au over 1.1m in hole 387 is located 113 metres NE from the 4.3 g/t
Au over 9.0m in hole 390, and both of these are outside the current resource area. Hole 385,
which did not return significant values, is 115m downdip of the intercept in hole 387.
Expansions to the NE of the North Zone's Southeast Pit
The intersection of 2.2 g/t Au over 6.0m, including 8.1 g/t Au over 0.6m in hole 392, constitutes
the furthest northeast intersection to date for the North Zone resource area. It is 271m NE of the
closest hole in the resource, extending well beyond the SE-most pit. This intersection is also
108m down-dip to the NNW of an intersection of 0.5 g/t Au over 4.75m that is also not in the
resource. The North Zone is interpreted to dip NW in this area. A second mineralized zone also
exists in hole 392, returning 1.1 g/t Au over 3.6m.
The intersections of 1.8 g/t Au over 6.0m in hole 386 and 1.4 g/t Au over 3.0m in hole 384 are
located 75m and 161m NE, respectively, of the resource envelope. Holes 383 and 377, which did
not return significant values, were drilled 43m SW and 53m NE, respectively, from the 1.8 g/t
Au over 6.0m and appear to be out of the plunge of the mineralization.
Six wildcat exploration holes were drilled NW (generally 700m from the north boundary of the
resource) and 5 were drilled SE (~600m) of the North Zone, and 8 holes were drilled on the up-
dip of the zone near where it comes to surface. Only low gold values less than 0.25 g/t were
intersected to the NW; it is thought the holes are too far west or may have been drilled parallel to
any possible mineralization due to folding. To the SE, 4 intersections of 0.4 and 0.5 g/t were
returned. Follow-up drilling is warranted. The up-dip holes were mainly just past where the zone
hits surface, but 2 holes had intersections - as high as 1.8 g/t Au over 3.9m.
Figure 2: North Zone, Clarence Stream Gold Project Map with Gold-in-Soil Anomalies
Table 1. Assay Results
Hole ID
From
(m)
To
(m)
Intercept
(m)
TW
(m)
Au
g/t
AD17-127 56.80 67.00 10.20 8.80 **14.6
incl. 56.80 57.80 1.00 0.90 **31.7
incl. 57.80 58.90 1.00 0.90 **37.3
incl. 66.00 67.00 1.00 0.90 **36.1
AD17-136 24.00 28.75 4.75 0.5
incl. 27.55 28.15 0.60 1.2
GWM22CS-
378 78.00 83.00 5.00 6.1
incl. 78.00 79.00 1.00 16.6
GWM22CS-
379 85.50 86.00 0.50 1.2
93.00 94.00 1.00 0.6
97.00 97.80 0.80 0.5
106.00 107.00 1.00 0.5
110.00 111.00 1.00 0.8
Hole ID
From
(m)
To
(m)
Intercept
(m)
TW
(m)
Au
g/t
GWM22CS-
380
84.50 85.00 0.50
0.5
91.00 92.00 1.00 0.4
GWM22CS-
381
114.50 115.00 0.50
1.3
126.50 127.00 0.50 0.4
128.00 129.50 1.50 1.0
161.40 162.00 0.60 0.5
167.50 168.00 0.50 0.4
180.50 183.00 2.50 1.3
GWM22CS-
382 97.50 109.00 11.50 0.7
incl. 103.00 103.50 0.50 1.5
incl. 106.50 107.20 0.70 2.6
124.50 128.50 4.00 0.8
GWM22CS-
384 19.00 20.00 1.00 0.8
22.90 25.90 3.00 1.4
incl. 25.00 25.90 0.90 3.1
GWM22CS-
386 36.00 42.00 6.00 1.8
incl. 39.50 40.00 0.50 4.6
82.50 83.00 0.50 1.7
GWM22CS-
387 103.50 104.60 1.10 6.4 V.G.
122.50 123.00 0.50 0.6
GWM22CS-
388 31.00 32.00 1.00 0.8
42.00 43.50 1.50 12.4
incl. 42.50 43.00 0.50 32.4
GWM22CS-
389 77.00 78.00 1.00 0.7
GWM22CS-
390 39.50 54.00 9.00 4.3 V.G.
incl. 53.50 54.00 0.50 57.3
GWM22CS-
391 48.80 49.30 0.50
18.0 V.G.
Hole ID
From
(m)
To
(m)
Intercept
(m)
TW
(m)
Au
g/t
49.80 51.00 1.20 0.4
GWM22CS-
392 35.00 41.00 6.00 2.2
incl. 38.65 39.25 0.60 8.1
incl. 39.25 40.00 0.75 4.6
50.40 54.00 3.60 1.1
GWM21CB-
10 7.85 10.00 2.15 0.8
GWM21CB-
13 23.00 24.00 1.00 0.4
GWM21CB-
14 31.10 35.00 3.90 1.8
incl. 33.95 35.00 1.05 4.7
GWM19TS-
02 143.80 144.30 0.50 0.5
GWM19TS-
04 83.05 83.80 0.75 0.5
GWM19TS-
05 61.10 61.95 0.85 0.4
99.75 100.25 0.50 0.4
** previously reported; used 0.38 g/t Au for the bottom cut-off as per pit constrained for all new
results; 0.42 g/t Au was used for previously-released pit constrained results. (TW=True Widths,
which are calculated - sectional measuring may give slightly different numbers); True widths are
unknown if not noted; VG=Visible Gold; Drill holes CS-377, 383, 385, and CB-01-09, 11-12,
and TS-01, 03 did not produce significant assays.
Table 2: Drill Hole Coordinates
Hole ID Easting Northing
Elevation
(m) Azimuth Dip
Final
Depth
AD 17-127 655847 5025827 113 143 -45 156
AD 17-136 656775 5026189 113 145 -45 171
GWM22CS-
377 656728 5026027 149 125 -45 150
GWM22CS-
378 655840 5025870 116.3 170 -45 140
GWM22CS-
379 655840 5025870 116.3 120 -65 150
GWM22CS-
380 655935 5025898 113 142 -55 351
GWM22CS-
381 655935 5025898 113 100 -55 201
GWM22CS-
382 655935 5025898 113 200 -65 189
GWM22CS-
383 656691 5025994 113 153 -45 150
GWM22CS-
384 656715 5026115 153 120 -45 150
GWM22CS-
385 655935 5026042 113 320 -45 201
GWM22CS-
386 656665 5026140 154 120 -45 150
GWM22CS-
387 655727 5026131 116 142 -45 198
GWM22CS-
388 655730 5025965 113 n/a -90 186
GWM22CS-
389 655730 5025965 113 95 -45 167
GWM22CS-
390 655730 5025965 113 95 -62 165
GWM22CS-
391 655730 5025965 113 250 -45 168
GWM22CS-
392 656686 5026240 113 120 -45 180
WILDCAT HOLES
GWMCB-01 654258 5026117 137 340 -45 387.0
GWMCB-02 654339 5026003 135 20 -45 183.0
GWMCB-03 654225 5026244 137 300 -45 359.0
GWMCB-04 654383 5026273 134 330 -45 297.3
GWMCB-05 654383 5026273 134 150 -45 401.0
GWMCB-06 655019 5026632 117 150 -45 392.6
GWMCB-07 655473 5025972 109 360 -90 123.0
GWMCB-08 655474 5025970 109 150 -45 125.0
GWMCB-09 655305 5025931 115 150 -45 107.0
GWMCB-10 655304 5025932 115 360 -90 155.0
GWMCB-11 655198 5025971 118 360 -90 77.0
GWMCB-12 655199 5025970 119 150 -45 101.0
GWMCB-13 655163 5026042 116 360 -90 83.0
GWMCB-14 655144 5026128 115 330 -45 101.0
GWMTS-01 656923 5025268 123 25 -45 243.0
GWMTS-02 656985 5025370 130 200 -45 234.0
GWMTS-03 657062 5025329 132 160 -45 213.0
GWMTS-04 657192 5025276 134 195 -45 99.0
GWMTS-05 657197 5025279 134 195 -45 279.0
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 SW Deposit.
Clarence Stream Geology and Mineralization
Clarence Stream deposits can be characterized as intrusion-related, quartz-vein hosted gold
deposits. They contain elevated levels of bismuth and arsenopyrite in multiple quartz veins, with
significant antimony in the South and North Zones and tungsten in the vicinity. The Zones
contain multiple zones of quartz veining with sulfides and sericite alteration. In general,
mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5%
fine pyrite plus pyrrhotite plus arsenopyrite in sericite altered sediments. The South and North
Zones also contain stibnite. Locally there is up to 10% sphalerite and semi-massive galena
veinlets. The 3.1 km trend that hosts the SW Deposit is associated with a mineralized mafic
intrusive locally - similar to the South Zone. A more complete description of Clarence Stream's
geology and mineralization can be found at www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports - Clarence Stream
The Mineral Resource estimates for the North and South Zones were prepared by Mr. Reno
Pressacco, P.Geo, SLR Principal Geologist. The Mineral Resource estimate for the Southwest
Deposit was prepared under the supervision of Ms. Valerie Wilson, M.Sc., P.Geo., SLR
Managing Principal Geologist. Mr. Pressacco and Ms. Wilson are Independent Qualified Persons
as defined by NI 43-101 and have read and approved the scientific and technical content of this
news release as it relates to the updated Mineral Resource estimates. Michael Sutton, P.Geo.,
Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the
preparation of the scientific and technical disclosure of the Clarence Stream portion of this news
release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are
assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat
Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35
General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in
Swastika, ON. All four 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 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 five percent (5%) of the pulps and rejects are sent for check assaying at a second