Galway Metals: New Gold Discovery at Clarence Stream and Strong GMZ Drill Results
Galway Metals: New Gold Discovery at Clarence Stream and Strong GMZ Drill Results
(Toronto, Ontario, January 23, 2019 ) - Galway Metals Inc. (TSX -V: GWM) (the "Company" or “Galway”) is pleased to
report that drilling at its Clarence Stream Gold Project in SW New Brunswick has been successful in discovering a new
gold zone centered between and along strike the George Murph y and Jubilee zones (Figure 1). The discovery hole, BL18-
12, intersected weathered, altered sediments with disseminated pyrite and arsenopyrite and multiple quartz veins containing
visible gold over 7 metres starting 51 metres downhole (Figure 2). Assays are pending. The new gold discovery is the
fifth to date at Clarence Stream and the second made by Galway in the two and a half years the Company has been drilling
the project.
The Company is also pleased to report encouraging assay results from three additional drill holes and two extensions (1,524
metres) in the George Murphy Zone (GMZ) at Clarence Stream, the discovery of which Galway first reported in December
2017. This brings Galway’s total drill results reported to date at the GMZ to 9,451 metres in 32 holes. Four additional drill
holes at the GMZ were undertaken since, with visible gold seen in 3 of the 4 . Assays are pending. One of those holes
intersected visible gold 40 metres above prev ious hole GWM18CL -26 that retu rned 807.0 g/t Au over 1.25m within an
intersect that graded 241.5 g/t Au over 4.2m (Figure 2, Figure 3 and Figure 4).
“The discovery of a fifth gold deposit at Clarence Stream shows the effectiveness of our exploration program and
points to the strong prospectivity of this new gold belt in New Brunswick. The George Murphy Zone is filling in and
expanding nicely, and remains open in all directions . Looking forward , our plan is to follow up with more holes in
the new discovery area, and to then expand the Jubilee zone before moving further west in search o f additional new
discoveries where a high-priority, four-km long, high -grade soil anomaly exists . We then plan on returning to the
GMZ to follow up on wide -open drill targets . Given these and other strong targets and deposits already identified,
we believe Clarence Stream represents an exciting new gold district in eastern Canada ” cites Robert Hinchcliffe,
President and CEO of Galway Metals.
Drill Highlights from the GMZ
• GWM-18CL-30: 3.2 grams per tonne ( g/t) Au over 17.3 metres (m) at a vertical depth of 70 m below surface,
(including 33.8 g/t Au over 0.7 m, 9.0 g/t Au over 0.5 m, and 5.5 g/t Au over 0.7 m), plus 13.4 g/t Au over 0.5 m.
• GWM-18CL-21 (extension): 2.0 g/t Au over 23.3 m at a vertical depth of 220 m below surface, (including 8.8 g/t
Au over 1.0 m, 8.5 g/t Au over 1.3 m, and 5.7 g/t Au over 1.4 m).
• GWM-18CL-31: 0.7 g/t Au over 26.9 m at a vertical depth of 166 m below surface, (including 2.1 g/t Au over 1.0
m, and 2.3 g/t Au over 1.0 m), plus 45.5 g/t Au over 1.0 m, plus 1.3 g/t Au over 4.0 m, plus 2.8 g/t Au over 1.0 m.
• GWM-18CL-05 (extension): 1.6 g/t Au over 7.2 m at a vertical depth of 235 m below surface, (including 5.6 g/t
Au over 1.1 m), plus 0.9 g/t Au over 8.4 m, plus 3.3 g/t Au over 0.7 m , plus 1.0 g/t Au over 4.0 m (265 m below
surface).
• GWM-18CL-05 (extension): 1,650 g/t Ag over 1.0 m at a vertical depth of 377 m below surface, demonstrating for
the first time the presence of very high-grade silver mineralization in GMZ drilling.
Galway Targets 200,000-260,000 Ounces at the GMZ…
Galway had set 200,000-260,000 ounces of gold as an exploration target for the GMZ. Parameters used in arriving at this
target are that mineralization would be hosted within a 400m length by 400m depth area and consist of a 10m average width
zone at 1.6 to 2.0 g/t Au from surface to 150m, and a 3m wide zone at 4.0 to 5.0 g/t Au below 150m. This was based on the
first intersections received, and the presence of wide zones of quartz where narrower, higher-grade intersections have been
received. While the new drill results provide further support for this GMZ resource target, it remains uncertain if a mineral
resource estimate will be delineated. The potential quantity and grade are conceptual in nature, and there has, to date, not
yet been sufficient exploration to define a mineral resource.
82 Richmond Street East Tel: 800-771-0680
Toronto, ON M5C 1P1 Fax: 416-361-0923
…In Addition to the Current Resource Estimate
On September 26, 2017, Galway issued a resource upda te on the South and North zones at Clarence Stream, prepared by
SRK Consulting (U.S.) Inc., with total Measured and Indicated resources of 390koz at 2.0 g/t Au and additional Inferred
resources of 277koz at 2.5 g/t Au, in addition to Inferred antimony resources of 22ml b at 0.37% (Table 1). Subsequent to
the cut-off date for that resource estimate, Galway drilled an additional 1,873 metres in 12 holes in the South zone and 1,245
metres in nine holes in the North zone, which included highlights such as 11.8 g/t Au over 12.4 m, 7.6 g/t Au over 12.0 m,
and 17.4 g/t Au over 5.9 m. These will be incorporated in the 2019 resource update, as will, for the first time, the George
Murphy and Jubilee zones.
The George Murphy Zone—Extended Along the North Structure and to Depth
The GMZ is located 2 km east of the Jubilee Zone and 4 km west of the South Zone (Figure 5). The 3.2 g/t Au over 17.3
m intercept in hole 30 is located in the Main structure of the GMZ and is 127m west and along strike of the previously-
reported intersection of 807.0 g/t Au over 1.25m from hole GWM18CL -26 (within an intercept that graded 241.5 g/t Au
over 4.2m), and 80m west and along strike of the previously -reported intersection of 3.4 g/t Au over 17.0m. Holes 5
extension, 21 extension and 31 ( 1.6 g/t Au over 7.2 m, 2.0 g/t Au over 23.3 m , and 0.7 g/t Au over 26.9 m, respectively)
have extended the North structure of the GMZ to depth in all three areas . This structure was also intersected in hole
17 (0.9 g/t over 7.2m), which give s this North structure a strike length of 310m . It is wide open above 190m and below
265m vertical as it has been drilled only in the 190-265m range below surface.
The GMZ has a strike length of 500 me tres; open in every direction. The gold bearing structures at the GMZ have
been drilled to a maximum of 265 m vertical , although most drilling is down only to 130 m . Based on closely spaced
drill holes on the east and west ends o f the deposit, the zones appear to dip steeply to the south. The current
interpretation may be subject to change; a small roll in the Main structure strike may be due to a fold, a fault offset,
or there may be separate structures .
High grade silver discov ery at depth – In addition to gold mineralization, Galway has intersected very high-grade silver
mineralization for the f irst time in GMZ drilling. Hole 5 returned an intersection of 1,650 g/t Ag over 1.0m, located at a
vertical depth of 377 metres and north of the gold structures, and possibly outside the GMZ deposit. It is associated with a
50cm breccia vein and likely lines up with an intersection in hole 20 of 127 g/t Ag over 0.9 m.
Planning Step-Out Expansion Drilling of the New Discovery and Jubilee Zones
Galway plans to drill a series of follow up holes around the new discovery and to then expand the Jubilee zone in
several directions . Jubilee is currently a relatively small zon e where 5,202 metres in 31 holes have been drilled. This
drilling resulted in the identification of three structures along 270 m of strike and to a depth of 89 m . Refer to Figure 5 for
drill highlights of the Jubilee zone. Galway’s goal is to significantly expand the deposit prior to completing the 2019 resource
update. Galway is also planning on drilling a four -km long, high -grade soil anomaly that is located 2.5 km to 6.7 km
along strike to the west of Jubilee (Figure 5). This target contains 11 samples greater than 100 ppb gold, with the highest
at 681 ppb. For comparison, 10 ppb is considered very anomalous, and the highest soil in the GMZ was 86 ppb.
Table 2. George Murphy Zone Assay Result s
Hole ID From
(m)
To
(m)
Intercept
(m)
Intercept
(m) TW
Au
g/t
GWM18CL-30 95.4 112.7 17.3 14.1 3.2
incl. 95.4 96.1 0.7 0.6 5.5
incl. 106.5 107.0 0.5 0.4 9.0
incl. 112.0 112.7 0.7 0.6 33.8
202.0 202.5 0.5 0.4 13.4
301.5 302.5 1.0 0.8 2.9
GWM18CL-31 186.0 190.0 4.0 3.6 1.3
incl. 188.0 189.0 1.0 0.9 2.8
240.0 266.9 26.9 24.5 0.7
Hole ID From
(m)
To
(m)
Intercept
(m)
Intercept
(m) TW
Au
g/t
incl. 243.0 244.0 1.0 0.9 2.1
incl. 250.0 251.0 1.0 0.9 2.3
285.4 286.3 0.9 0.8 1.7
294.0 295.0 1.0 0.9 45.5 VG
GWM18CL-32 177.6 178.1 0.5 0.5 2.2
GWM18CL-05 238.5 250.8 12.3 7.78 0.6 **
incl. 238.5 239.6 1.1 0.70 1.6 **
incl. 248.3 248.8 0.5 0.32 5.3 **
GWM18CL-05 EXT 307.4 308.1 0.7 0.4 3.3 VG
346.0 353.2 7.2 4.6 1.6
389.0 397.4 8.4 5.3 0.9
406.0 410.0 4.0 2.5 1.0
538.0 539.0 1.0 1,650 g/t Ag
GWM18CL-21 70.0 71.6 1.6 1.06 8.1**
incl. 70.0 71.0 1.0 0.66 12.5 VG**
GWM18CL-21 EXT 261.8 285.0 23.3 15.4 2.0
incl. 265.3 266.6 1.4 1.0 5.7
incl. 270.3 271.3 1.0 0.7 8.8
282.0 285.0 3.0 2.0 3.3
incl. 283.8 285.0 1.3 0.9 8.5
VG = visible gold. 0.42 g/t Au was used for the bottom cut-off; True widths are unknown if not noted. VG in hole 31 was
assayed by metallic screens method (58.1 g/t Au by gravimetric). **Previously released.
The mineralization consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite
in sericite altered sediments. 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 P rogram, which
partially funded drilling of the GMZ.
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., is the Qualified Person who supervised the preparation of the scientific and technical disclosure in
this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation
Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who 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 elem ents 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. Approximatel y 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%.
Table 3: Drill Hole Coordinates
Hole ID Azimuth Dip Northing Easting Total Depth (m)
George Murphy Zone
GWMCL18-30 352 -45 5022210 654259 384
GWM18CL-31 330 -45 5022274 654380 375
GWM18CL-32 330 -45 5022295 654444 354
GWM18CL-05 0 -45 5022250 654438 255
GWM18CL-05EX 0 -45 5022250 654438 283
GWMCL18 -21 350 -61 5022228 654284 249
GWMCL18-21EX 350 -61 5022228 654284 126
For results of all holes drilled at Clarence Stream, go to Galway’s website at www.galwaymetalsinc.com.
Figure 1: Location of New Discovery Between the GMZ and Jubilee Zones
Figure 2: Drill Core Photos of the New Discovery and the Intersect 40m Above 241.5 g/t over 4.2m
Figure 3: Plan Map of the George Murphy Zone
Figure 4: Grade x Thickness Long Section of the Main and North Structure s in the George Murphy Zone
Figure 5: Location Map of the SW Portion of Galway’s Clarence Stream Property
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 hi storical 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 infor mation. 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 ris ks, 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 assumptio ns 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 proceedi ngs, 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 o bligation 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.