GWM.V · 2017-06-14 12:00:00

Galway Metals Intersects 4.7% Cu, 4.0% Zn, and 2.8 g/t Au over 2.7 metres at Estrades; Deep Drill Hole Commences

Drill Results

Galway Metals Intersects 4.7% Cu, 4.0% Zn, and 2.8 g/t Au over 2.7 metres at Estrades;

Deep Drill Hole Commences

(Toronto, Ontario, June 14, 2017) - Galway Metals Inc. (TSX-V: GWM) (the "Company" or “Galway”) is pleased to

announce assay results from five additional drill holes complete d at its 100%-owned, 20,915 hectare, Estrades polymetallic

property located in the northern Abitibi of western Quebec, Ca nada. Galway is also currently undertaking the drilling of a

deep drill hole that is targeting the down-plunge extension of the best mineralization identified on the property to date—

below the former mine under the Main Zone. Galway has co mpleted its Phase One drill program at Estrades, which was

comprised of sixteen holes plus one wedge hole (one of the hol es was stopped due to excessive deviation) for a total of 6,476

metres. The Phase One program was designed to expand the exis ting resource on the periphery of known zones at shallow

depths, and to probe a few deeper holes close to potential s ource vents. Galway has received full assay results from 10 holes,

with five of them previously reported in the May 8th and February 28th press releases. Assays for the remaining seven holes

are pending.

Robert Hinchcliffe, President and CEO of Galway Metals, said, “Galway is pleased with results received to date from the

Phase One drill program, and has begun its new 6,000 metre, Ph ase Two drill program. Phase Two is focused on the mostly

undrilled area between the Central and Main Zones, and the d eeper IP-generated targets below the Main Zone in the

Company’s search for wider high-grade source vents.”

Table 1: Highlights for the additional Phase One drill holes reported include:

Hole # From

(m)

Intercept

(m)

Au Eq*

(g/t)

Zn Eq*

(g/t)

(%)

(%) Type**

GWM-17E-06 341.8 344.4 2.7 1.7 14.5 26.6 2.8 111.3 4.0 4.7 0.2 MS

including 343.3 343.8 0.5 0.3 29.2 7.8 162.6 1.0 11.2 MS

GWM-17E-14 259.3 262.0 2.7 1.4 8.9 16.4 1.5 121.0 6.0 1.3 >0.5 MS

including 259.3 260.7 1.4 0.7 11.8 21.7 2.5 137.4 10.4 0.7 >1.0 MS

GWM-17E-09 121.1 123.8 2.7 1.8 9.6 0.4 121.0 2.7 0.9 0.2 MS

including 121.6 122.1 0.5 0.3 18.2 0.9 166.7 7.8 1.4 MS

Notes:

*Au Eq (g/t) and Zn Eq (%) represent the in-situ metal content expressed as Au and Zn equivalents and do not provide for metal recoveries or other

economic considerations. 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.

**MS = massive sulphide, SMS = semi-massive sulphide DSS = disseminated and stringer sulphides.

Holes were not drilled in sequential numerical order. Hole GWM-17E-02 (DDS) contained anomalous low-grade mineralization (including 0.6 g/t

Au over 4.9 metres)—it deviated 26 metres east and 42 metres down dip of its intended target and was therefore outside the plunge of high-grade

mineralization. Hole GWM-17E-11 did not intersect significant assays, and it too deviated out of the apparent plunge (deviated to the west). Hole

GWM-17E-06 contained 0.1% Cobalt from 341.75m to 344.4m, including 0.3% Cobalt from 341.75m to 242.3m. Cobalt was not added to

equivalency calculations.

Table 2: Highlights for the previously reported Phase One drill holes include:

Hole # From

(m)

Intercept

(m)

Au Eq*

(g/t)

Zn Eq*

(g/t)

(%)

(%) Type**

GWM-17E-01 106.8 108.3 1.6 1.0 73.3 72.5 29.4 0.7 DSS

GWM-17E-04 303.4 305.0 1.7 1.2 0.6 62.0 0.5 5.1 MS

GWM-17E-05 355.0 356.9 1.9 1.2 1.4 89.9 0.3 7.4 0.7 MS

GWM-17E-13 124.3 126.6 2.4 1.0 9.2 0.8 54.7 4.9 0.3 >0.5 MS

including 125.8 126.6 0.9 0.4 10.0 18.4 1.9 92.4 10.9 0.5 MS

See table above for all Notes except: hole GWM-17E-07 (DDS) intersected 1.1% Cu over 0.8m (0.5m TW) and 0.5% Zn over 2.5m (1.7m TW).

Deep Hole

Galway is also currently undertaking the drilling of a deep drill hole that is targeting the down-plunge extension of the best

mineralization identified on the property to date—below the former mine under the Main Zone. This hole will target

approximately 975 metres below surface (775 metres below the bottom of the ramp), and 200 and 366 metres below the

deepest previous hole and wedge. One of the deep holes, hole H- 116, intersected 1.7% Cu, 1.5% Zn, 0.5 g/t Au, and 33.2 g/t

Ag over 8.9 m (TW = 7.3 m), including 4.2% Cu, 2.1% Zn, 1.3 g/t Au, and 54.1 g/t Ag over 2.4 m (TW = 2.4 m). It is

thought that this may represent a potential source vent to th e mineralization because of its higher copper grades and increased

width of the zone.

82 Richmond Street East Tel: 800-771-0680

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

Drill hole descriptions

Drill hole GWM-17E-06, which contained 15%-3 5% chalcopyrite plus good levels of sphalerite, was drilled 45 metres west

of previously reported hole GWM-17E-05 in an area of the East Zone that was interpreted to have declining resource grades

(Figure 1). Given the grade of hole GWM-17-06, the resource grade in this area should be increased. Drill hole GWM-17E-

06 intersected 2.8 g/t Au, 111.3 g/t Ag, 4.0% Zn and 4.7% Cu over 2.65 metres (1.7m TW), including 7.8 g/t Au, 162.6

g/t Ag, 1.0% Zn and 11.2% Cu over 0.5 metres (0.3m TW) starting at a vertical depth of 309 meters.

Drill hole GWM-17E-14, which contained approximately 10% each chalcopyrite and sphalerite plus 40% massive pyrite, was

drilled 440 metres west of hole GWM-17E-06 and 145 metres be low previously reported hole GWM-17E-13 in an area that

was outside the resource and returned 1.5 g/t Au, 121.0 g/t Ag, 6.0% Zn and 1.3% Cu over 2.7 metres (1.4m TW),

including 2.5 g/t Au, 137.5 g/t Ag, 10.4% Zn and 0.7% Cu over 1.4 metres (0.7m TW) starting at a vertical depth of 236

meters. Given the high grades received, hole GWM-17E-14 should increase the resource in this area.

Drill hole GWM-17E-09, which intersected a fault and then massi ve pyrite followed by good levels of chalcopyrite and

sphalerite, was drilled in a gap area between resource blocks in the East Zone. It is a shallow hole located 482 metres west of

previously released hole GWM-17E-01 and 238 east of pr eviously released hole GWM-17E-13. Given the grades

encountered in hole GWM-17E-09, which were 0.4 g/t Au, 121.0 g/t Ag, 2.7% Zn and 0.9% Cu over 2.7 metres (1.8m

TW), including 0.9 g/t Au, 166.7 g/t Ag, 7.8% Zn and 1.4% Cu over 0.5 metres (0.3m TW) starting at a vertical depth of

97 meters, Galway expects the resource to expand in this area. Galway is waiting for assays from nearby holes GWM-17E-

10, GWM-17E-11 and GWM-17E-12 also drilled in the gap area to the west and below hole GWM-17E-09, plus deeper gap

holes GWM-17E-19 and GWM-17E-19W drilled 530 metres and 474 metres, respectively, below hole GWM-17E-09.

Drill hole GWM-17E-02 intersected 0.6 g/t Au over 4.9 metres (3 .0m TW), which may be the continuation of the high grade

gold horizon intersected in hole GWM-17E-01. However, because it deviated 26 metres east and 42 metres down dip of its

intended target, it was outside the plunge of high-grade mineralization.

Induced Polarization Geophysical Program

The Company has also completed a paired downhole induced polarization (IP) program at both its Estrades and nearby

Newiska properties to search for deeper source vents rich in copper and other meta ls. This IP program is expected to enhance

Galway’s ability to find areas rich in sulphides, which ofte n hosts copper and other metal-bearing minerals. Galway has

received results from this IP program and is interpreting these r esults in an effort to guide its deep drilling program in the

search for wide, high-grade source vents. Initial plots show “ver y strong chargeability” responses in the vicinity of the deep

drill holes below the workings and going west of hole H-116 (t he Main Zone), and at Newiska off hole from hole NK 05

where an intersection of 0.34 g/t Au over 22.4 m was returned (TW unknown). According to RPA (2006), “this interval also

averaged 259 ppm As, which is a common feature in gold-rich VM S systems. This mineralized zone is therefore considered

as an indication of potential for a gold-rich massive sulphide deposit in the property.”

Estrades Resource Estimate

On August 18, 2016 , the Company announced that it had consolidated 100% of the Estrades mining camp, which includes

approximately 17, 16, and 31 km along the Estrades, nearby Newiska and Casa Berardi trends, respectively. Galway

simultaneously released the results of an updated NI 43-101 co mpliant Estrades resource estimate carried out by Roscoe

Postle Associates (RPA), which resulted in an approximate four-fold increase in resource tonnes. The updated resource was

filed on Sedar on October 3, 2016. A summary of the new r esource is provided below. Breakwater Resources Ltd. spent

CDN$20 million in 1990 developing Estrades, including the in stallation of a 200 metre deep by 150 metre along strike

decline, a ventilation raise and associat ed infrastructure. Production in 1990-91 totalled 174,946 tonnes grading 12.9% Zn,

6.4 g/t Au, 1.1% Cu and 172.3 g/t Ag. Breakwater closed the mine amid weak metal prices.

Table 3: Mineral Resource Summary, Estrades Project, August 12, 2016

Notes:

1) CIM definitions were followed for Mineral Resources.

2) No Mineral Reserves are present.

3) All metal prices, the US$/CDN$ exchange rate and cut-off grade were provided by RPA.

4) Mineral Resources are estimated at long-term metal prices (USD) as follows: Au $1,450/oz, Ag $21.00/oz, Zn $1.15/lb, Cu $3.50/lb and Pb $1.00/lb.

5) Mineral Resources are estimated using an average long-term foreign exchange rate of US$0.80 per CDN$1.00.

6) Mineral Resources are estimated at a cut-off grade of CDN$140/tonne NSR, which included provisions for metallurgical recoveries, freight, mining,

milling, refining and G&A costs, smelter payables for each metal and applicable royalty payments.

7) Metallurgical recoveries for resource estimation are: Zn 92%, Cu 90%, Pb 85%, Au 80% and Ag 70%.

8) A minimum mining width of approximately 1.5 m was used.

9) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

10) Au Eq (g/t) and Zn Eq (%) represent the in-situ metal content expressed as Au and Zn equivalents and do not provide for metal recoveries or other

economic considerations.

11) Preliminary analysis indicates that no metal is dominant; however, Au and Zn are the largest contributors.

12) Numbers may not add due to rounding.

Table 4: Galway Metals’ Mineral Resource Statement, Clarence Stream and Estrades

Deposit Class Tonnes Au Eq

(g/t)

Zn Eq

(%)

(g/t)

(%)

Clarence Stream Indicated 822,000 6.71 6.90

Estrades Indicated 1,300,000 12.37 22.75 3.89 137.9 7.95 1.12 0.65

Total, Indicated 2,122,000 10.25 4.98

Clarence Stream Inferred 1,226,000 6.34 6.34

Estrades Inferred 1,219,000 7.42 13.64 1.54 68.6 4.31 1.46 0.26

Total, Inferred 2,445,00 0 6.87 3.95

Deposit Class Au Eq

(oz)

Zn Eq

(000 lb)

(oz)

(000 lb)

Clarence Stream Indicated 182,000 182,000

Estrades Indicated 517,078 651,967 162,666 5,762,325 227,950 32,057 18,552

Total Indicated 699,078 344,666 5,762,325 227,950 32,057 18,552

Clarence Stream Inferred 250,000 250,000

Estrades Inferred 289,994 365,645 60,131 2,685,915 115,544 39,126 7,084

Total Inferred 539,994 310,13 1 2,685,915 115,544 39,126 7,084

Clarence Stream Notes; Refer to Estrades Notes for the Estrades Mineral Resource portion of the Galway Metals Resource Statement

1) CIM Definitions were followed for mineral resources.

2) Mineral Resources were estimated using a US$1,000/oz gold price and assumed operating costs provided by RPA.

3) Mineral Resources are based on a cutoff grade of 3.0 grams per tonne (g/t) gold (Au).

4) Wireframes at 3.0 g/t Au and a minimum thickness of two metres were used to constrain the grade interpolation.

5) High gold grades were cut to 30 g/t Au prior to compositing. Uncut grades are listed for comparative purposes.

6) Several blocks less than 3.0 g/t Au were included to expand the lenses to the two metre minimum thickness.

7) Au (Eq g/t) represents the in-situ metal content expressed as Au equivalents.

8) Metallurgical recoveries for Au at Clarence Stream are estimated at 90%.

9) Au Eq (g/t) an Zn Eq (%) applied long term metal price and exchange rate estimates from RPA for Clarence Stream and Estrades.

10) The Clarence Stream Mineral Resource Statement is current as of December 16, 2016.

Class Lens

Name Tonnes Au Eq

(g/t)

Zn Eq

(%)

(g/t)

(%)

Indicated Main 912,000 13.71 25.20 4.25 158.4 8.84 1.22 0.71

Central 388,000 9.23 16.98 3.05 89.6 5.87 0.88 0.50

Total Indicated 1,300,000 12.37 22.75 3.89 137.9 7.95 1.12 0.65

Inferred Main 354,000 7.68 14.12 1.72 83.4 4.82 1.17 0.41

Central 233,000 6.49 11.93 2.57 55.8 4.04 0.45 0.35

East 631,000 7.59 13.96 1.05 65.0 4.11 1.99 0.15

Total Inferred 1,219,00 0 7.42 13.64 1.54 68.6 4.31 1.46 0.26

Class Lens Name Au Eq

(oz)

Zn Eq

(000 lb)

(oz)

(000 lb)

Indicated Main 401,901 506,744 124,618 4,644,594 177,738 24,529 14,275

Central 115,177 145,223 38,048 1,117,731 50,212 7,527 4,277

Total Indicated 517,078 651,967 162,666 5,762,325 227,950 32,057 18,552

Inferred Main 87,405 110,206 19,576 949,220 37,617 9,131 3,200

Central 48,584 61,259 19,252 418,011 20,753 2,312 1,798

East 154,005 194,181 21,302 1,318,683 57,175 27,683 2,087

Total Inferred 289,994 365,645 60,131 2,685,91 5 115,544 39,126 7,084

Estrades, Newiska, and Casa Berardi Geology and Mineralization

The Estrades area is in the NW Abitibi Subpr ovince, with generally east-west striking and vertically dipping volcanics, with

the mineralization of a classic Archean age of the syngenetic exhalative type, hoste d in a rhyolite felsic schist and/or

brecciated or felsic tuff with alteration typically a pervasive sericite with local chlorite. Regional metamorphism is of

greenschist facies. Pyrite is the dominant sulphide, however s phalerite is common, as is chal copyrite and galena. RPA found

that 2 mineralized horizons appear to be kept separate by a Key Marker horizon; the two layers traceable along the entire

strike length. To the west, the Main Zone is mineralized for > 400 m horizontally, extends > 850 m below surface, has an

average width of 3.8 m, and is the locati on of all production to date. The Central Z one has a strike length of 500 m, is drille d

to 550m, and has an average width of 2.0 m, while the East Zone lies 100 m east of the Central Zone, is > 700 m horizontal,

is drilled to 750 m in depth, and is 1.0 m to 2.5 m in width. A fault separates the Main Zone from the Central and East Zones,

and strikes 338o and dips 65o SW, with a 210 m offset. Mineralization that ha s been identified in the deepest drill hole (Hole

H-281AW) is located under the mine, and intersected sulphide mineralization 900 m below surface, returning 3.3% Zn, 0.5%

Cu, 1.1 g/t Au and 38.7 g/t Ag over 1.9 m. The Estrades deposit is covered by glacial silt, clays and sandy gravels of variable

thickness. The Newiska Block is > 300m of sericite-chlorite alteration in rhyolite, with ch alcopyrite-sphalerite stringer

mineralization and is located southeast of Estrades. The Casa Be rardi geology and mineralization consists of a major regional

deformation zone, the Casa-Berardi Break, that is 2 km north of the Estrades Unit within sediments, and that is a 4m graphitic

fault with injections of quartz-carbonate veining in sandstone, siltstone, greywack e and argillite +BIF, where the sediments

are sericitized and carbonatized; containing up to 20% ankerite and locally, pyrite, arsenopyrite-bearing, smoky to dark

quartz veins containing pyrite and arsenopyrite.

Review by Qualified Person, Quality Control and Reports

In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo., Chief Geologist and a director of Galway, is the

Qualified Person responsible for the accuracy of this news release. Mr Reno Pressacco, P. Geo, a consultant with RPA, is the

Qualified Person responsible for preparati on and disclosure of the Estrades Mineral R esource 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 sta ndards (gold and polymetallics) and blanks into the sample

stream, and the regular re-assaying of pulps and rejects at altern ate certified labs. Gold analysis is conducted by fire assay

using atomic absorption or gravimetric finish for samples greater than 10 g/Mt 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) analy zed 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 5: Drill Hole Coordinates

Hole ID Azimuth Dip Northing Easting Total Depth (m)

Galway Metals Drilling

GWM-17E-06 343° -64° 5494801 655626 432

GWM-17E-14 351° -69° 5494746 655180 321

GMW-17E-09 26° -55° 5494885 655354 192

GWM-17E-02 340° -65° 5494924 655858 348

GWM-17E-11 308° -56° 5494885 655354 222

Historical Drilling

H-116 349° -64.5° 5494429 654166 832

NK-05 357° -56° 5493502 661348 214

About the Company

Galway Metals is well capitalized with two gold 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 the successful spinout to ex isting shareholders from Galway Resour ces following the completion of the US$340

million sale of that company. With substantially the same ma nagement 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 r esponsibility 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, wh ich is not comprised of historical facts. Forward-looking

information involves risks, uncertainties and other factors that could cause actual events, resu lts, performance, prospects and

opportunities to differ materially from those expressed or imp lied 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 a nd/or property acquisitions, e xploration 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 ma terially 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 re quired governmental, environmental or other project approvals,

political risks, uncertainties relating to the availability and cost s of financing needed in the future, changes in equity mark ets,

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 doc uments filed on SEDAR. Although the Company believes that

management’s assumptions used to develop the forward-looking information in this news re lease are reasonable, including

that, among other things, the Company will be able to identif y and execute on opportunities to acquire mineral properties,

exploration results will be consistent w ith management’s expectations, financi ng will be available to the Company on

favourable terms when required, commodity prices and forei gn exchange rates will remain relatively stable, and the

Company will be successful in the outcome of legal proceed ings, 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 gi ven that such events will occur in the

disclosed time frames or at all. The Comp any disclaims any intention or obligation to update or revise any forward-looking

information contained herein, whether as a result of new inform ation, future events or otherwise, except as required by

applicable securities laws.

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