Galway Metals Intersects 1.5 g/t Gold over 26.5m; Including 5.7 g/t over 4.5m at the Southwest Deposit
Galway Metals Intersects 1.5 g/t Gold over 26.5m;
Including 5.7 g/t over 4.5m at the Southwest Deposit
TORONTO, ON / ACCESSWIRE / October 1, 2024 / Galway Metals Inc.
(TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to report results from its
diamond drilling program at the Southwest Deposit in the Company's 100%-owned flagship
Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold
Project has district-scale potential with approximately 65-kilometre strike length of highly
prospective gold showings and anomalies.
"The drill results show the potential for creating a much larger open pit in the Southwest Deposit
with thick gold zones that intersected outside of the current resource. We are planning on following
up these results with additional drilling this fall "states Rob Hinchcliffe, President and CEO of
Galway. He adds "Additionally, we are looking forward to receiving the assays from the 23 drill holes
at the South Deposit, which has intersected some very promising visible gold zones. Keep an eye
out for these results in the coming months" .
Highlights
• CL-200 intersected 1.5 g/t gold over 26.5 metres including 5.70 g/t gold over 4.5
metres: Starting 17 vertical metres from the surface (Figure 1)
• CL-203 intersected 1.8 g/t gold over 16.0 metres including 13.5 g/t gold over 1.5 metres
• CL-197 intersected 0.8 g/t gold over 16.1 metres and 0.9 g/t gold over 16.5 metres: Starting
30 vertical metres from the surface (Figure 2)
Thick Gold Zones Inside and Outside of Current Southwest Deposit Resource Pits
The drill holes in this release are in the NE area of the Southwest Deposit (Figure 3). Drill hole CL-
200 shows high-grade gold continuity within the current resource pit shells and beyond the current
Resource Block Model, while bringing mineralization 17 metres from the surface. Holes CL-202 and
CL-203 connects high-grade zones at depth within the resource pits. Drill holes CL-197 and CL-198
intersected thick zones outside of known resource pit shells, suggesting open pit expansions
towards the NE of the Southwest Deposit. The intercepts mentioned in this press release are in the
following Assay and Coordinate Table.
Abundant Visible Gold Intersected within the South Deposit Drilling
On going drilling at the South Deposit, the highest-grade resource within the Clarence Stream
project has intersected visible gold (VG) in several of the drillholes. There are currently 23 drillholes
with pending assays including holes CS-407 and CS-414 with numerous specks of VG (photos). This
was part of a program to increase high-quality gold ounces within the potential Clarence Stream
starter pit.
Geology and Mineralization
The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled,
quartz-vein hosted gold deposits. These deposits consist of quartz veins and quartz stockwork
within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet
material. The mineralized systems are hosted in intrusive and metasedimentary rocks within high
strain zones controlled by regional fault systems. Pyrite, base metal sulphides, and stibnite occur in
these deposits along with anomalous concentrations of bismuth, arsenic, antimony and tungsten.
Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the
form of sericitization and chloritization. A more complete description of Clarence Stream's geology
and mineralization can be found 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 will contribute up to $50,000 towards exploration drilling in 2024.
Review by Qualified Person
Jesse Fisher, P .Geo., Project Manager 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 Inc.
Quality Control and Reports
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 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 also
has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic
VMS mine in the northern Abitibi of western Quebec. 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 on Galway Metals Inc., Please contact:
Robert Hinchcliffe President & Chief Executive Officer
Telephone: 1-800-771-0680
Email: [email protected]
Website: www.galwaymetalsinc.com
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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 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" 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 difficulties, 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 industry, an inability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to the effects of COVID-19 on the price of
commodities, capital market conditions, restrictions on labour and international travel and supply
chains, and those risks set out in the Company's public documents filed on SEDAR. 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.
SOURCE: Galway Metals Inc.