GWM.V · 2023-10-03 12:00:00

Galway Metals Extends SW Deposit East by 191 Metres Outside of Resource with 19.1 g/t Gold over 1.05 Metres and with 0.5 g/t Gold over 17.0 Metres

Drill Results

Galway Metals Extends SW Deposit East by 191 Metres Outside of Resource with 19.1

g/t Gold over 1.05 Metres and with 0.5 g/t Gold over 17.0 Metres

(Toronto, Ontario, October 3, 202 3) - Galway Metals Inc. (TSX -V: GWM , OTCQB: GAYMF ) (the "Company" or

“Galway”) is pleased to report drill results that expand the SW Deposit to the east at the George Murphy Zone (GMZ),

and outside of the resource, at the Clarence Stream gold project in southwest New Brunswick, Canada (see figures

1 and 2). Assay results for metallurgical holes drilled at the SW Deposit have been received as well (see figure 3).

Drill results from the SW deposit west end will be released in the coming weeks.

Quote from the Company

“The SW Deposit, with a previous total strike length of 3.1 kilometers, is still open for expansion to the south, north,

east, and to depth,” said Robert Hinchcliffe, President and CEO of Galway Metals. “The results in the Triangle area,

which is outside the existing resource, indicate a vast area with potential to increase mineralization. These results to

the east and north are promising and will lead to more drilling in those directions in future.”

Highlights include:

• The SW Deposit (GMZ) East Area has been extended 191 metres further east with hole CL-165 intersecting

19.1 grams per tonne (g/t) gold over 1.05 metres on what appears to be a new vein (Figure 1)

• The SW Deposit (GMZ) East Area has had drilling in hole CL-170 intersect 0.5 g/t gold over 17.0 metres

located just east of and outside the resource pit

• Drilling 475 metres north of the SW Deposit pit (Adrian Zone) intersected 0.8 g/t gold over 5.5 metres and

0.7 g/t gold over 4.2 metres in hole CL-171

• Drilling 214 metres northeast of the SW Deposit pit (Adrian Zone) intersected 0.6 g/t gold over 12.0

metres in hole CL-155

• Diamond drill core drilled for Metallurgical purposes taken along the SW Deposit has returned 12.6 g/t gold

over 18.0 metres in hole MH-07 and 8.6 g/t gold over 24.3 metres in hole MH-16

George Murphy Zone East Highlights:

• Hole CL-172: 0.6 g/t gold over 6.0 metres beginning at a vertical depth of 16 metres

• Hole CL-170: 0.5 g/t gold over 17.0 metres beginning at a vertical depth of 94 metres

o Includes 1.5 g/t gold over 1.0 metre, 1.4 g/t gold over 1.0 metre, and 1.3 g/t g over

1.0 metre

• **Hole CL-166: 0.6 g/t gold over 41.0 metres beginning at a vertical depth of 62 metres, 0.7 g/t gold over 4.5

metres beginning at a vertical depth of 35 metres, and 1.2 g/t gold over 3.0 metres beginning at a vertical

depth of 20 metres

• Hole CL-165: 19.1 g/t gold over 1.05 metres beginning at a vertical depth of 111 metres

o Includes 35.8 g/t gold over 0.55 metres

• Hole CL-159: 0.8 g/t gold over 4.75 metres beginning at a vertical depth of 207 metres

o Includes 4.0 g/t gold over 0.5 metres

• Hole CL-147: 0.9 g/t gold over 5.0 metres beginning at a vertical depth of 75 metres

82 Richmond Street East Tel: 800-771-0680

Toronto, ON M5C 1P1 Fax: 416-361-0923

Adrian North Highlights:

• Hole CL-171: 0.8 g/t gold over 5.5 metres beginning at a vertical depth of 111 metres and including 6.1 g/t

gold over 0.5 metres, and 0.7 g/t gold over 4.2 metres beginning at a vertical depth of 179 metres, including

4.0 g/t gold over 0.5 metres

Adrian Highlights:

• Hole CL-144: 0.6 g/t gold over 6.0 metres and 4.4 g/t gold over 1.5 metres including 11.7 g/t gold over 0.5

metres, starting at vertical depths of 104 metres and 312 metres, respectively

• Hole CL-155: 0.6 g/t gold over 12.0 metres and 0.6 g/t gold over 3.0 metres, starting at vertical depths of 255

metres and 206 metres, respectively

**previously released- not in resource

Results Indicate the SW Deposit is Open East and NE

The Adrian north drill intersections are important because they illustrate there are significant gold intersections located

475 metres from the existing block model. These drill intersections are well north and east of the Triangle area where

Galway is attempting to fill in the area between the new Stewart Zone discovery and the existing resource area. Drilling

in the Triangle area has returned intersections such as 8.0 g/t gold over 9.5 metres, 3.9 g/t gold over 6.0 metres, 4.1

g/t gold over 10.25 metres, and 8.6 g/t gold over 2.0 metres along 1,380 metres. These intersections are not

included in the existing resource and are interpreted to dip towards veins in the SW Deposit that are dipping the same

way; the Sawyer Brook fault (the main accretionary structure on the property that controls most mineralization) is

located there; the area of the triangle is 180% larger than the SW Deposit. The intersection of 0.6 g/t gold over

12.0 metres in hole CL-155 is located well into the Triangle area.

The drill results east of GMZ include 19.1 g/t gold over 1.05 metres, and 0.5 g/t gold over 17.0 metres. These

results indicate that the deposit is open in that direction. Previously released results of 0.6 g/t gold over 41.0

metres (CL-166), and 2.0 g/t gold over 14.0 metres (CL-164) were returned after the resource was completed and

would also widen and extend the GMZ resource east.

Drilling for Metallurgical Testing and Ore Sorting

Diamond drilling was undertaken to retrieve PQ-sized core (i.e. big core – 85 mm diameter) at Clarence Stream for

use in studies to determine the amenability of the mineralization for pre-concentration on site via ore sorting and for

metallurgical testing. The first assay results from the new SW Deposit have been received from the metallurgical

core holes. No MET work has been conducted on this new deposit. The Clarence Stream work is designed to check

five different areas to confirm if conventional cyanide will liberate good recoveries and if gravity recoveries are

adequate.

Intersections from the PQ core include: 12.6 g/t gold over 18.0 metres (Richard Zone) and 8.6 gold Au over 24.3

metres (GMZ west). Other intersections are 1.3 g/t gold over 16.0 metres plus 0.6 g/t gold over 15.0 metres

(Richard Zone), 1.4 g/t gold over 14.0 metres (GMZ), 1.0 g/t gold over 11.0 metres plus 24.8 g/t gold over 1.0

metres (GMZ), and 1.5 g/t gold over 42.9 metres (Adrian Zone). Drill holes were drilled in the vicinity of specific

existing drill holes that provided a range of assays from low-grade to high-grade.

For results of all holes that Galway has drilled at Clarence Stream, go to Galway’s website at

www.galwaymetalsinc.com.

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 p yrite 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 .

The Stewart Zone intersections are located in sediments between two intrusions and mineralization is controlled by

fault structures. It was originally drilled to test a modest 61 ppb soil anomaly that coincided with a strong linear

magnetic low, and is in quartz veining with associated 1-3% pyrite, pyrrhotite, and arsenopyrite, very similar to other

mineralization in the area. It is located close to the contact with a granite and appears to parallel the contact with

multiple veins, at 15 degrees along strike (horizontally – almost north-south) – following a line of soil anomalies, and

dipping 40 degrees east toward Adrian. There is also evidence that a second set of veins are in a different orientation,

running NE-SW along magnetic lows with corresp onding soil anomalies. This is a similar setting, and with similar

geochemical/geophysical signatures, as all the other intrusion -related gold deposits and discoveries at Clarence

Stream.

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 Wils on, 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 be half 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 lab with the results averaged and

intersections updated when received. Core recovery in the mineralized zones has averaged 99%.

About the Company

Galway Metals is focused on creating significant per share value through the exploration and sustainable development

of its two 100%-owned projects in Canada: Clarence Stream, a new high -grade gold district in SW New Brunswick,

and Estrades, the former -producing, high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western

Quebec. Galway’s activities will be conducted while respecting the environment and communities in which it operates.

Galway is well capitalized. 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

Website: www.galwaymetalsinc.com

Email: [email protected]

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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 obt ain 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 d ocuments 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 rela tively 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.

Table 1: Drill Result Highlights

Hole ID From

(m)

Intercept

(m)

g/t Zone

CL-86 54.5 55.5 1.0 0.9 0.6 GMZ

CL-133 173.0 174.0 1.0 1.0 North of Adrian

CL-137 237.0 237.5 0.5 0.5 Exploration East

CL-140 107.0 108.0 1.0 0.8 Exploration East

CL-143 330.5 332.0 1.5 0.6 Exploration East

CL-144 120.0 126.0 6.0 4.1 0.6 GMZ

144.0 145.0 1.0 0.7 0.7 GMZ

331.5 333.0 1.5 1.0 1.0 GMZ

360.5 362.0 1.5 1.0 4.4 GMZ

including 361.5 362.0 0.5 0.3 11.7 GMZ

CL-147 72.0 73.0 1.0 0.8 0.7 GMZ East

90.0 95.0 5.0 3.8 0.9 GMZ East

109.0 110.0 1.0 0.8 0.9 GMZ East

113.0 114.5 1.5 1.1 0.8 GMZ East

133.1 134.3 1.2 0.9 0.6 GMZ East

CL-151 293.0 294.5 1.5 0.4 Adrian East

CL-153 223.0 224.0 1.0 0.7 Adrian East

CL-154 146.0 148.0 2.0 1.4 1.0 GMZ East

170.0 171.0 1.0 0.7 2.6 GMZ East

181.8 182.4 0.6 0.4 0.9 GMZ East

Hole ID From

(m)

Intercept

(m)

g/t Zone

204.4 205.9 1.5 1.1 0.6 GMZ East

CL-155 281.0 284.0 3.0 0.6 Adrian East

341.0 342.5 1.5 0.5 Adrian East

347.0 359.0 12.0 0.6 Adrian East

CL-157 200.0 200.5 0.5 0.4 New GMZ South

201.5 202.0 0.5 0.5 New GMZ South

214.0 215.0 1.0 0.9 New GMZ South

219.4 223.2 3.8 0.8 New GMZ South

222.7 223.2 0.5 2.3 New GMZ South

CL-159 215.4 220.2 4.8 0.8 New GMZ South

including 219.7 220.2 0.5 4.0 New GMZ South

CL-160 220.4 220.9 0.5 0.3 0.4 New GMZ South

CL-161 56.0 57.5 1.5 0.9 1.1 GMZ East

CL-162 258.3 258.8 0.5 0.3 0.5 GMZ East

263.2 263.7 0.5 0.3 0.7 GMZ East

277.6 278.1 0.5 0.3 0.6 GMZ East

332.8 334.4 1.6 0.9 2.6 GMZ East

CL-163 117.8 118.3 0.5 0.3 0.5 New GMZ East

277.1 278.9 1.8 1.1 1.5 GMZ East

279.4 280.5 1.2 0.7 0.6 GMZ East

CL-164 76.0 90.0 14.0 11.6 2.0** GMZ East

including 76.0 77.0 1.0 0.8 6.0** GMZ East

including 89.0 90.0 1.0 0.8 14.2** GMZ East

94.0 95.0 1.0 0.8 0.5** GMZ East

98.0 99.0 1.0 0.8 0.4** GMZ East

102.0 104.0 2.0 1.7 0.4** GMZ East

CL-165 113.3 114.3 1.1 19.1 New GMZ South

including 113.3 113.8 0.6 35.8 New GMZ South

115.3 115.8 0.5 0.4 New GMZ South

181.0 182.5 1.5 0.6 GMZ East

CL-166 48.5 53.0 4.5 3.4 0.7 ** GMZ East

86.0 127.0 41.0 31.2 0.6** GMZ East

including 86.0 87.0 1.0 0.8 2.3** GMZ East

including 102.5 105.5 3.0 2.3 1.6** GMZ East

169.0 172.0 3.0 2.3 1.2** GMZ East

403.0 404.5 1.5 0.9

CL-167 356.5 357.0 0.5 1.0 Adrian East

359.0 359.5 0.5 0.5 Adrian East

CL-168 109.0 110.0 1.0 0.7 1.1 GMZ East

120.5 122.0 1.5 1.1 4.2 GMZ East

359.5 360.0 0.5 0.4 1.4 GMZ East

Hole ID From

(m)

Intercept

(m)

g/t Zone

CL-169 177.0 178.0 1.0 0.0 1.4 North of Adrian

181.4 182.6 1.3 0.0 0.7 North of Adrian

CL-170 81.5 84.5 3.0 2.6 1.6 GMZ East

134.0 151.0 17.0 14.7 0.5 GMZ East

including 135.0 136.0 1.0 0.9 1.5 GMZ East

including 139.0 140.0 1.0 0.9 1.4 GMZ East

including 141.0 142.0 1.0 0.9 1.3 GMZ East

CL-171 27.0 28.0 1.0 0.5 North of Adrian

50.5 52.0 1.5 0.6 North of Adrian

135.8 140.0 4.2 0.7 North of Adrian

including 135.8 136.3 0.5 1.6 North of Adrian

including 139.5 140.0 0.5 4.0 North of Adrian

220.5 226.0 5.5 0.8 North of Adrian

including 220.5 221.0 0.5 6.1 North of Adrian

229.5 230.5 1.0 0.5 North of Adrian

CL-172 23.0 29.0 6.0 5.2 0.6 GMZ East

135.8 140.0 4.2 3.6 0.7 GMZ East

Table 2: Drill Result Highlights Metallurgical Holes

Hole ID From

(m)

Intercept

(m)

g/t Zone

MH-07 123.0 126.0 3.0 2.1 2.1 Richard

144.5 145.5 1.0 0.7 1.1 Richard

152.0 158.0 6.0 4.2 2.4 Richard

168.0 186.0 18.0 12.5 12.6 (8.9) Richard

incl 169.5 170.0 0.5 0.3 233.0 (100) Richard

incl 179.0 179.5 0.5 0.3 59.9 Richard

incl 179.5 180.0 0.5 0.3 90.1 Rich(ard

MH-09 49.0 64.0 15.0 14.3 0.6 Richard

74.0 90.0 16.0 15.3 1.3 Richard

incl 75.0 76.0 1.0 1.0 7.9 Richard

incl 80.0 81.0 1.0 1.0 4.7 Richard

MH-16 69.0 93.3 24.3 16.5 8.6 (7.6) GMZ

incl 87.0 90.0 3.0 2.0 46.1 (38.0) GMZ

MH-21 68.0 82.0 14.0 11.9 1.4 GMZ

incl 68.0 69.0 1.0 0.9 5.7 GMZ

incl 75.0 76.0 1.0 0.9 4.0 GMZ

MH-19 32.0 43.0 11.0 8.1 1.0 GMZ

incl 39.0 39.9 0.9 0.7 2.5 GMZ

incl 42.0 43.0 1.0 0.7 2.9 GMZ

57.0 60.0 3.0 2.2 1.7 GMZ

Hole ID From

(m)

Intercept

(m)

g/t Zone

67.0 68.0 1.0 0.7 24.8 GMZ

MH-22 60.1 103.0 42.9 29.8 1.5 Adrian

incl 84.0 85.0 1.0 0.7 4.8 Adrian

incl 92.0 93.0 1.0 0.7 7.7 Adrian

incl 97.0 98.0 1.0 0.7 8.6 Adrian

incl 100.0 101.0 1.0 0.7 8.1 Adrian

108.0 111.5 3.5 2.4 0.6 Adrian

161.0 164.0 3.0 2.1 0.5 Adrian

** previously released; VG = visible gold. 0.38 g/t Au was used for the bottom cut-off; True widths are unknown

if not noted; Drill holes CL-156, 158 did not return any significant values; (---)=cut value (cut to 100 g/t Richard

and 70 g/t GMZ)

Table 2: Drill Hole Coordinates

Hole ID Azimuth Dip Easting Northing Depth

CL-86 320 -45 654352 5022390 162

CL-133 325 -45 654355 5023273 356

CL-137 0 -45 656125 5023098 350

CL-140 135 -45 656125 5023098 350

CL-143 320 -45 656042 5023381 377

CL-144 319 -61.5 654650 5022615 411

CL-147 315 -55 654715 5022675 348

CL-150 318 -45 654660 5022386 411

CL-151 315 -68 654585 5022820 479

CL-153 315 -67 654360 5022880 443

CL-154 315 -60 654762 5022704 366

CL-155 315 -45 654360 5022880 428

CL-156 120 -78 654835 5022675 81

CL-157 300 -78 654835 5022675 282

CL-158 315 -57 654630 5022880 416

CL-159 260 -71 654835 5022675 315

CL-160 290 -70 654835 5022675 351

CL-161 315 -70 654715 5022675 326

CL-162 308 -72 654932 5022733 390

CL-163 325 -66 654932 5022733 357

CL-164 315 -45 654715 5022675 368

CL-165 290 -76 654932 5022733 324

CL-166 338 -45 654715 5022675 419

CL-167 45 -90 654575 5022880 432

CL-168 338 -58 654715 5022675 380

CL-169 325 -55 654355 5023273 377

CL-170 323 -45 654789 5022695 251

CL-171 331 -55 654270 5023269 327

CL-172 323 -45 654750 5022750 302

Hole ID Azimuth Dip Easting Northing Depth

MH-07 278 -85 653467 5021486 188

MH-09 120 -45 653461 5021593 104

MH-16 293 -64 654245.6 5022186 111

MH-21 314 -51.5 654329 5022323 94.5

MH-19 180 -45 654433.4 5022579 95

MH-22 142 -66 654425 5022910 170

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