Galway Metals Intersects 24.0m Massive Sulphides in Deepest Intersection Ever; 24.0 g/t AuEq Over 2.95m plus 16.1 g/t AuEq Over 3.0m; Cu Stringer Zones to 9.0m and up to 5.2% Cu Over 0.5m at 300m below Resource Hole at Estrades in Quebec
Galway Metals Intersects 24.0m Massive Sulphides in Deepest Intersection Ever;
24.0 g/t AuEq Over 2.95m plus 16.1 g/t AuEq Over 3.0m; Cu Stringer Zones to 9.0m and
up to 5.2% Cu Over 0.5m at 300m below Resource Hole at Estrades in Quebec
(Toronto, Ontario, September 2, 2021) - Galway Metals Inc. (TSXV: GWM, OTCQB: GAYMF) (the "Company" or “Galway”)
is pleased to announce some results from its 2021 drill program at its Estrades property in the Northern Abitibi of western
Quebec (Figure 1; Figure 2). The Estrades project was previously mined via a 200- metre-deep ra mp, with production in
1990-91 totaling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 172.3 g/t Ag. Recent drilling at the former
high-grade mine mainly targeted zones open to depth that are high in copper grades and other metals , and also targeted
shallower gaps within the resource area to increase the resource and enhance continuity.
Deepest hole at Estrades Intersected 24m of massive sulphides with zinc grades as high as 11.4%
Galway intersected 24 metres of Massive Sulphides in hole 64A (16.1m true width; see photos; Figure 3) on the copper-rich
eastern portion of the Estrades resource area, which, at -1km vertical, represents the deepest intersection drilled on the property
in its history. This is also far wider than the average width of the resource. While it didn’t all return resource grades, grades as
high as 11.4% Zn + 1.0 g/t Au over 0.7m were received. Galway plans on using this in conjunction with other drill results,
plus Titan IP and EM as well as gravity geophysical surveys to vector into a potential high-grade and wide source vent in the
area.
Drilling 300m below copper-rich resource hole returned 9m of copper stringers with results up to 5.2% copper
Also below the copper-rich eastern area, Galway followed up on previous results, such as 7.4 % Cu over 1.9m at -309m
vertical in hole 5, and the deepest hole at - 392m of 9.3% Cu over 0.9m . Two new holes, 59A and 60 (original hol e 59
veered off target and was stopped short of the zone) , were drilled with 5 wedges (3 from 59A and 2 from 60). Results
have been returned for two intersections , with c opper stringer zones present to 9.0m wide and with grades up to 5.2% Cu
over 0.5m, within 1.9% Cu over 3.75m in wedge hole 59AW1, located 300m below the deepest resource hole that returned
9.3% Cu over 0.9m as noted above. The 9.0m of stringers also hosted 1.4% Cu over 1.85. The other intersection was received
from hole 60, which returned 4.1 g/t AuEq over 9.05m (1.2 g/t Au, 11.9 g/t Ag, 1.0% Zn, and 1.3% Cu). For equivalence
calculations, refer to the notes under Table 1.
Gold-rich zone up to 22.3 g/t Au intersected in gap in middle of deposit
A hole was drilled to follow-up a strong intersect drilled in 2018 – hole 31, which was the deepest intersect in the middle of
the deposit and returned 26.6 g/t AuEq over 1.6m (21.9 g/t Au + 113.1 g/t Ag + 5.6% Zn), plus 7.0 g/t AuEq over 2.1m
(4.3 g/t Au Au + 154.8 g/t Ag + 0.9% Zn). New hole 86 was drilled in a gap located 80m above hole 31, and intersected 3
massive sulphide horizons, one with assays pending and two returning 24.0 g/t AuEq over 2.95m (22.3 g/t Au + 46.2 g/t
Ag), plus 16.1 g/t AuEq over 3.0m (13.9 g/t Au Au + 50.7 g/t Ag) (see Figure 3). Shallow hole 78 was drilled in a gap area
east of the ramp. It returned 11.9% ZnEq over 2.0m (7.4% Zn, 0.8 g/t Au, 44.1 g/t Ag, and 0.6% Cu).
Robert Hinchcliffe, President and CEO of Galway Metals said, “Galway is beginning to unlock the potential of Estrades. We
believe that all the high- grade mineralization identified to date overlies a strong plumbing system bel ow, and the Company
plans on trying to find that potentially rich and much wider plumbing system. Estrades has been only shallowly drilled to date
relative to many polymetallic VMS deposits.”
Drilling Highlights
• GWM-21E-86: 24.0 g/t AuEq over 2.95m (22.3 grams per tonne (g/t) Au, 46.2 g/t Ag, 1.3% Zn, and 0.2% Cu over
2.95 metres) (1.3m true width (TW)), plus 16.1 g/t AuEq over 3.0m (13.9 g/t Au, 50.7 g/t Ag, 1.1% Zn, and 0.5% Cu
82 Richmond Street East Tel: 800-771-0680
Toronto, ON M5C 1P1 Fax: 416-361-0923
over 3.0 metres) (1.3m TW), plus pending Massive Sulphides, at vertical depths of 37 7m, 401m, and 423m below
surface
• GWM-21E-64A: 24m Massive Sulphides (16.1m TW), incl. 8.5% ZnEq over 1.4m (6.8% Zn, 0.7 g/t Au, and 14.2
g/t Ag over 1.4m (0.9m TW), which includes 13.4% ZnEq over 0.7m (0.5m TW), at a vertical depth of 1004m below
surface
• GWM-21E-60: 4.1 g/t AuEq over 9.05m (1.2 g/t Au, 11.9 g/t Ag, 1.0% Zn, and 1.3% Cu over 9.05 m) (4.4m TW),
incl. 7.2% ZnEq over 1.55m (1.2 g/t Au, 20.4 g/t Ag, 2.9% Zn, and 2.5% Cu over 1.55 m ) (0.7m TW), at a vertical
depth of 540m below surface
• GWM-21E-59AW1: 0.6 g/t Au, and 1.9% Cu over 3.75m (2.0m TW), incl. 5.2% Cu over 0.5 m, plus 1.4% Cu over
1.85 m (1.0m TW), at a vertical depth of 685m, below surface
• GWM-21E-78: 11.9% ZnEq over 2.0m (7.4% Zn, 0.8 g/t Au, 44.1 g/t Ag, and 0.6% Cu over 2.0m) (1.5m TW), at a
vertical depth of 126m, below surface
Other high grade Estrades drill results were released in 2021
The first 2 intersections from the 2021 drill program were previously released (see press release dated April 19, 2021). Results
from hole 57, which returned:
• 35.1g/t AuEq over 2.7m (10.7 g/t Au, 473 g/t Ag, 22.8% Zn, 2.8% Cu, and 2.6% Pb)
Extends toward surface the previously intersected high-grade mineralization that exists immediately east of the cross fault and
ramp. It remains open for 185 metres above. Hole 57 is located 66 metres above the previously-released hole 48 intersection
that returned:
• 7.1 metres grading 26.3% ZnEq or 14.3 g/t AuEq (11.0% Zn, 4.3 g/t Au, 155.2 g/t Ag , 0.8% Cu, and 0.9% Pb.
This is located 201m west of the results from new hole 86.
Summary of Galway’s 2021 drill program includes an increase to 25,000m, up from 10,000m originally
Original planned winter drilling was curtailed due to lack of the expected usual cold temperatures and due to an early
thaw. Several holes were not completed and will need to wait until next winter to reach their targets (e.g. hole 44 west
of the mine below pyrite in m assive sulphides. Drilling from January targeted the 3 primary horizons of mineralization - the
former producing, high grade Estrades volcanogenic massive sulphide (VMS) mine, the Newiska VMS horizon to the south,
and the Casa Berardi Break ho rizon (Au) to the north. Despite the difficult winter drilling season, Galway has increased its
2021 budget to 25,000m from 10,000m originally, mostly targeting the Estrades resource area due to the strength of recent and
previous results, the number of strong targets on the property and high metals prices.
Drilling at Newiska’s “Estrades South” intersected 2 VMS horizons, but all pyrite; target below!
At the western portion of Newiska, results have been returned for 3 drill holes of 8 holes drilled. A gap in drilling of 5.6 km
along the host rhyolite, and follow-up holes to previous promising intersections were targeted (see Figure 2). Gravity and the
“Estrades South” TITAN conductor were the focus of drilling.
Previous Galway drilling had intersected 2.6% Cu over 0.5m, 33.0 g/t Ag and 0.4 g/t Au over 0.8m in drill hole GWM19-
NK-09, and 1.5% Cu over 0.65m, 1.2% Zn over 0.4m, and 0.9% Cu over 0.8m in hole GWM19-NK-04. Previous hole 08,
and holes 07 and 17 targeted a group of historic holes that returned up to 4.7% copper over 0.6 metres in stringer zones. It
appears that those holes are not located as shown on government maps and instead are further north. Two holes intersected
Massive Sulphide (VMS) horizons (2) of pyrite in rhyolite, but did not intersect significant assays (high of 0.3 g/t Au over
0.55m). World-wide, barren massive sulphide pyrite frequently overlies polymetallic VMS. Four holes were drilled around a
gold-rich zone at the extreme eastern part of Estrades where previous drilling by Galway returned 72.5 g/t Au over 1.6m. The
best assays returned include 0.3 g/t Au, 7.4 g/t Ag, and 0.2% Cu over 8.4m.
Galway is planning to test plunge to the west at Casa Berardi next winter
Two holes at Casa-Berardi were targeted to intersect below and east of a zone with intersections such as 0.92 g/t Au over
43.2m, and 0.86 g/t Au over 64.1m, and similar to 2 deeper holes drilled in 2010, they did not intersect significant assays
(high of 1.65 g/t Au over 1.0m). It is thought that the plunge of the zone is to the west instead of to the east, and so these
holes were out of the mineralized zone. Galway plans on testing this western plunge next winter.
Estrades is between current and former producing mines, including the Agnico/Maple JV where $18M is being spent
The property is immediately adjacent to, and west of the Agnico Eagle / Maple Gold Joutel Joint Venture, which hosts 3.9
million ounces between historic production at Telbel and current gold resources at Douay, and where Agnico has agreed to
spend $18 million on exploration beginning February 2021. The property is also 24 km east of Hecla Mining’s Casa Berardi
gold mine (currently producing; 6.1 million ounces of gold between total production and current reserves and resources).
Estrades has had 220,000m of drilling along its 3 mineralized horizons, and Galway plans to continue this effort
There has been 220,000m of drilling at Estrades, 90,000m of which was on Galway’s portion of the Casa Berardi gold trend
where numerous gold intersects were returned along Galway’s 30km land position, but have not been followed up for several
decades. Galway plans on conducting follow-up drilling this coming winter on this, as well as along the Estrades and
Newiska horizons. Galway is currently drilling along the Estrades horizon with one rig, where east and west portions of the
resource area allow for year-round access.
Estrades hosts a high-grade resource that Galway quadrupled since acquisition
Galway acquired an undivided 100% ownership interest in the claims located approximately 95 km north of the town of La
Sarre in August 2016. An NI 43 -101 Technical Report on the “Mineral Resource Estimate for the Estrades Project,
Northwestern Quebec, Canada” dated November 5, 2018, with an amended date of March 15, 2019, was prepared by Roscoe
Postle Associates (RPA). Full details are available on the Company’s website at www.galwaymetalsinc.com or SEDAR profile
at www.sedar.com and in Table 1 below. From gold and zinc equivalent perspectives, the Estrades mine contains:
Gold Equivalent
• Indicated Resources of 1.5 mm tonnes, hosting 543,051 AuEq oz at 11.3 g/t AuEq, plus
• Inferred Resources of 2.2 mm tonnes, hosting 520,430 AuEq oz at 7.4 g/t AuEq
Zinc Equivalent
• Indicated Resources of 1.5 mm tonnes, hosting 685 million ZnEq lb grading 20.8%, plus
• Inferred Resources of 2.2 mm tonnes, hosting 656 million ZnEq lb grading 13.5%
Table 1: Drill Result Highlights
Hole ID From
(m)
To
(m)
Intercept
(m)
TW
(m)
Au Eq*
(g/t)
Zn Eq*
(%)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Cu
(%)
Pb
(%) Type**
GWM-21E-86 311.70 314.30 2.60 1.2 0.2 18.6 1.2
343.00 343.75 0.75 0.3 0.2 1.5
392.80 395.80 3.00 1.3 16.1 13.9 50.7 1.1 0.5 MSS
incl. 393.30 393.80 0.50 0.2 45.5 43.1 87.5 0.55 MSS
395.80 397.30 1.50 0.7 0.7 16.7 0.2 0.3
408.50 419.90 10.90 4.9 1.3 6.1 0.8
419.40 422.35 2.95 1.3 24.0 22.3 46.2 1.3 0.2 MSS
PENDING 422.35 465.00
PENDING 443.40 444.40 1.00 MSS
GWM-21E-64A 1051.50 1075.50 24.00 16.1 MSS
incl. 1054.75 1056.15 1.40 0.9 8.5 0.7 14.2 6.8 MSS
incl. 1054.75 1055.45 0.70 0.5 13.4 0.9 13.5 11.4 MSS
incl. 1060.20 1060.75 0.55 0.4 2.9 0.5 7.7 1.8 MSS
incl. 1064.50 1065.05 0.55 0.4 4.4 13.9 4.0 MSS
incl. 1071.00 1074.00 3.00 2.0 0.9 MSS
incl. 1051.50 1060.75 9.25 6.2 2.1 0.4 7.4 1.2 MSS
1084.55 1085.20 0.65 0.2 37.3 1.1
GWM21E-60 557.75 558.25 0.50 0.1 5 1.4 DSS
559.80 568.85 9.05 4.4 4.1 1.2 11.9 1.0 1.3 DSS
incl. 564.60 568.85 4.25 2.0 5.2 1.6 17.8 0.9 1.7 DSS
incl. 559.80 561.35 1.55 0.7 7.2 1.2 20.4 2.9 2.5 DSS
incl. 560.85 561.35 0.50 0.2 0.7 35.5 1.7 4.0 DSS
566.30 566.80 0.50 0.2 12.0 14.6 3.6
incl. 568.15 568.85 0.70 0.3 0.9 51.8 1.2 4.9 DSS
568.85 572.25 3.40 1.6 1.2 DSS
593.55 597.25 3.70 1.8 0.6
GWM21E-59AW1 706.90 710.65 3.75 2.0 0.6 3.2 1.9 DSS
incl. 710.15 710.65 0.50 0.3 0.5 23.7 5.2 DSS
712.70 714.55 1.85 1.0 0.2 1.4 DSS
728.85 732.15 3.30 1.7 1.6
GWM-21E-78 159.30 159.80 0.50 0.40 4.3 1.3 DSS
166.00 167.00 1.00 0.8 9.0 0.3 7.7 4.0 1.4 DSS
170.70 176.00 5.30 4.0 0.4 9.5 0.3 1.4 DSS
incl. 171.70 172.50 0.80 0.6 0.5 25.8 0.8 5.2 DSS
181.00 183.00 2.00 1.5 11.9 0.8 44.1 7.4 0.6 MSS
**GWM-21E-57 274.10 276.80 2.70 2.1 35.1 64.5 10.7 423 22.8 2.8 2.6 MSS
**GWM-21E-38A 490.40 492.75 2.35 1.7 22.0 1.2 153 14.8 0.2 1.1 MSS
GWM-21E-39 694.00 694.55 0.55 1.2 0.4 9.0 0.4
GWM-21E-55 387.40 388.35 0.95 0.7 0.5 0.4
558.55 560.30 1.75 1.3 8.9 0.9 73.5 3.8 0.5 MSS
566.40 566.90 0.50 0.4 0.6 68.0 0.7 2.6 SMS
574.00 574.75 0.75 0.6 0.2 25.0 1.0 DSS
579.80 580.40 0.60 0.5 0.2 4.5 0.8
GWM-21E-62 758.90 759.75 0.85 0.1 0.5
763.30 764.30 1.00 0.6
767.85 768.45 0.60 0.7
769.80 770.35 0.55 0.6
GWM-21E-33 47.00 47.65 0.65 0.5 0.6
47.65 48.40 0.75 0.6 0.1 42.8 0.5 3.8
49.40 50.00 0.60 0.5 0.8
51.00 52.00 1.00 0.8 24.3 0.9
GWM-21E-34 106.10 106.60 0.50 0.5 13.2 1.2
GWM-21E-35 123.50 124.50 1.00 0.7 0.6
131.00 133.00 2.00 1.4 0.8 1.5 0.2 9.2 0.9
133.00 134.60 1.60 1.1 0.5 6.4 0.4
GWM-21E-36 172.65 181.05 8.40 5.3 0.7 0.3 7.4 0.2
GWM-21CB-02 399.00 400.00 1.00 0.7
460.95 461.50 0.55 0.8
465.00 466.00 1.00 0.4
468.50 469.00 0.50 0.3
469.00 469.50 0.5 0.5
524.00 525.00 1.00 0.2
438.00 439.00 1.00 0.3
GWM-21CB-12 101.00 103.00 2.00 0.5
111.00 112.00 1.00 1.65
557.00 557.50 0.50 0.55
GWM-21NK-19 71.80 72.55 0.75 0.2
239.35 240.10 0.75 1.4 MSS
266.10 267.15 1.05 0.3 MSS
GWM-21NK-20 440.80 441.45 0.65 3.1 MSS
547.55 548.10 0.55 0.3 1.7 MSS
553.20 553.90 0.70 0.14
Holes NK-07, and 63 did not return significant assays. Holes 39, 44, 52, 59, 60, 69, and 64AW1 did not reach the target zone
(due to stopping hole because of winter ending, or hole deviation)
Notes:
* Au (Eq g/t) and Zn (Eq %) represent the in-situ metal content expressed as Au and Zn equivalents.
** previously-released
Equivalents are not provided when the underlying Au and/or Zn metal content is below 25% of the intersect value.
Preliminary analysis indicates that no metal is dominant; however, Au and Zn are the largest contributors to the Estrades resource.
Equivalencies are calculated using the following metal prices (US$) and exchange rate (US$/C$) provided by RPA:
Au $1,450/oz, Ag $21.00/oz, Zn $1.15/lb, Cu $3.50/lb, Pb $1.00/lb, US$0.80/C$1.00.
MSS = massive sulphide, SMS = semi-massive sulphide DSS = disseminated and stringer sulphides.
Holes were not drilled in sequential numerical order.
If true width (TW) is not specified, the orientation of the zone is unknown at this time.
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. Kamil Khobzi, 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 disc losure 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 gravimetr ic finish for samples
greater than 10 g/t 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 2: Drill Hole Coordinates
Hole ID Azimuth Dip Northing Easting Hole Length (m)
GWM-21E-57 184.5 -54.9 5494933 654553 297
GWM-21E-38A 169.0 -69 5494933 654553 495
GWM-21E-86 170 -73 5494903 654770 499.2
GWM-21E-64A 313 -79 5494542 655404 1248
GWM21E-60 286 -75 5494893 655773 678
GWM21E-59AW1 280 -80 5494894 655761 438
GWM-21E-78 134 -49 5495011 654390 231
GWM-21E-39 170 -73 5494933 654560 702
GWM-21E-55 330 -65 5494646 655433 609
GWM-21E-62 302 -73 5494542 655404 825
GWM-21E-33 322.5 -45 54949977 655887 102
GWM-21E-34 2 -48.5 5494990 655869 141
GWM-21E-35 351 -63.5 5494990 655869 201
GWM-21E-36 358 -68.5 5494990 655869 240
GWM-21CB-02 24 -58 5496085 654366 672
GWM-21CB-12 34 -63 5496085 654366 699
GWM-21NK-19 300 -57 5492826 655023 579
GWM-21NK-20 305 -45 5492550 654612 681
GWM-21NK-07 337 -63 5491833 654256 222
GWM-21E-63 9 -72 5494979 656255 597
GWM-21E-44 134 -76 5494962 653503 330
GWM-21E-52 190 -76 5494933 654553 750
GWM-21E-59 280 -80 5494894 655761 330
GWM-21E-69 163 -73 5495073 654356 426
GWM-21E-64 315 -79 5494542 655404 177
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 a nd
opportunities to diffe r 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.