Galway Metals Reports Solid Results from Oak Bay and Targets New Discoveries in 2024
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
1
NEWS RELEASE
Galway Metals Reports Solid Results from Oak Bay and Targets New Discoveries
in 2024
(Toronto, Ontario, January 16, 2024) - Galway Metals Inc. (TSX -V:GWM)(OTCQB:GAYMF) (the
"Company" or “Galway”) is pleased to announce the drilling results from the Oak Bay property, situated
14 kilometres southwest of the current Clarence Stream Gold Resource. The Company is also pleased
to announce its exploration priorities for its winter drilling program. The Clarence Stream gold project
has a district scale strike length of 65 kilometres, is open in all directions and remains largely
unexplored, and has excellent infrastructure in the mining friendly province of New Brunswick, Canada.
“These solid drilling results from the most western section of our Clarence Stream gold project illustrate
the potential for this to be a multi -million-ounce gold district”, said Robert Hinchcliffe, President and
Chief Executive Officer of Galway Metals Inc. “We are excited to begin our winter drilling program,
which will continue building our gold resource and target new discoveries. We are targeting 2 of our
most attractive and untested anomalies for a new discovery in early 2024.”
To highlight a few drill holes at Oak Bay:
● Drill hole OB-06: Intersected 2.5 g/t gold over 5.6 metres
o Including 13.2 g/t gold over 0.6 metres
● Drill hole OB-16: Intersected 2.6 g/t gold over 2.7 metres
The drilling program consisted of 19 drill holes over 5,130 metres, with 75% of the drill holes returning
anomalous gold values at Oak Bay. For a more comprehensive list of the Oak Bay assays, please click
on the following link (Link).
Winter 2024 to Focus on Adding High Quality Ounces and Make New Discoveries
The 2024 winter drill program will focus on increasing the current pit resource in certain areas where
previous drilling has taken place and target to add to the existing resource; and drill the following top 2
exploration targets in search of new discoveries (Link to Figure 1).
• Target 2: Large soil anomaly within a large gabbro complex with up to 5.0 g/t gold in soil
• Target 4: High gold in soil anomaly with 7.5 g/t gold in grab sample of gabbro located down ice
from 1-kilometre-long Magnetic anomaly
Oak Bay Geology and Mineralization
Oak Bay is located 14 kilometres southwest of the South Zone and shares similar geological settings.
Mineralization consists of arsenopyrite-rich quartz veining in altered, silicified gabbro dykes in contact
with sediments, both of which are mineralized. The large multi -phase gabbro complex lies between
Oak Bay and the South Zone and is the likely source of mineralization hosting the three highest soil
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
2
samples taken to date: 5.0 g/t, 3.2 g/t, and 3.1 g/t gold. The Oak Bay Claims are host to widespread
boulders with grades up to 18.0 g/t gold and strong linear soil anomalies grading up to 0.9 g/t gold.
Clarence Stream Gold Project
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. Gold mineralization at the South Zone closely resembles that at Oak Bay; it is commonly
hosted in quartz veins, quartz stockwork, and along the contacts and within sheared and altered
metagabbro and microgranite sills and dikes that crosscut the meta -sedimentary rocks. A more
complete descriptio n of Clarence Stream’s geology and mineralization can be found at
www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., Director and VP of Exploration 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. 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%. For results of all holes that Galway has drilled at Clarence
Stream, go to Galway’s website at www.galwaymetalsinc.com.
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 SW New Brunswick.
Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 km
and widths of up to 28 kms in certain areas. Galway Metals also has 100% -ownership in the Estrades
project, a former producing high -grade, gold -rich polymetall ic 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.
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – GAYMF
3
For additional Information on Galway Metals Inc., Please contact:
Robert Hincliffe 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.