Galway Metals Intersects 19.5 g/t Gold over 4.2m, Second Drill to Expand South Deposit Resource
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
1
NEWS RELEASE
Galway Metals Intersects 19.5 g/t Gold over 4.2m, Second Drill to
Expand South Deposit Resource
(Toronto, Ontario, June 18, 2024) - Galway Metals Inc. (TSX -V: 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.
“We have continued to prove strong gold continuity throughout the Southwest Deposit, inside the
resource pit and outside of the current mineral resource” states Rob Hinchcliffe, President and CEO
of Galway. He adds “The rig is currently on its fourth hole on the eastern side of the #2 Target area,
which is one of our top exploration targets and the second rig will be utilized to expand the high-grade
starter pit within the South Deposit. Having two drill rigs will give Galway the flexibility to expand
existing zones, while continuing to drill high-priority targets to make new discoveries”.
Highlights (see Figure 1)
● CL-179 intersected 19.5 g/t gold over 4.2 metres including 45.9 g/t gold over 1.2 metres
● CL-190 intersected 2.7 g/t gold over 4.5 metres including 13.8 g/t gold over 0.5 metres
● CL-186 intersected 1.4 g/t gold over 12.9 metres
● Nine additional follow-up drill holes are pending assays for this area
Drill Results Confirm Gold Continuity
The drill holes in this release are located within the Southwest Deposit The holes were testing gap
areas within the resource pit shells on the NE area of the Southwest Deposit (Adrian Zone). Results
prove mineralization extends near surface, which will im prove the future economics of the open pit.
Hole CL-190 intersected several shallow new zones outside of the resource pit shells and will open the
potential to expand the Southwest Deposit to the North and East. The intercepts highlighted within this
press release (Assay Table and Coordinate Table) are all outside the area that was included in the
2022 Mineral Resource estimate (2022 Clarence Stream Resource Estimate)
Mobilize Second Drill to Expand High-Grade Mineralization at South Deposit
The South Deposit is Galways highest-grade resource with an Indicated Resource of 332,000 oz Au
at 2.99 g/t and an Inferred Resource of 325,000 oz Au at 4.03 g/t. Galway is mobilizing a second drill
rig to target shallow high-grade mineralization in the likely starter pits at the South Deposit. The areas
planned for expansion of high-grade mineralization is shown in Figure 2.
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
2
Exploration Drilling Commenced at Galways Top Gold Target
The first drill rig will continue drilling high-priority gold exploration targets. Galway is currently drilling
the eastern side of the #2 target area of the Gabbro Complex (Figure 3). This area has many
untested high quality geochemical and geophysical targets. As of today, four preliminary holes have
been drilled to test these anomalies, with additional holes in the coming weeks. Galway expects to
drill the western side of the #2 Target area, in proximity to the highest gold in soils on the project
(4980 ppb, 3210 ppb and 3120 ppb) later in this drill program.
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 S tream’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
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
3
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 h igh-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 e ffect 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 eligibi lity, 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 in volved 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. Th e 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.