Galway Metals Intersects 1.5 g/t Gold over 26.5m; Including 5.7 g/t over 4.5m at the Southwest Deposit

Rhea-AI Summary

Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) has reported promising results from its diamond drilling program at the Southwest Deposit of the Clarence Stream gold project in New Brunswick, Canada. Key highlights include:

• Drill hole CL-200 intersected 1.5 g/t gold over 26.5 metres, including 5.70 g/t gold over 4.5 metres, starting 17 vertical metres from the surface.
• CL-203 intersected 1.8 g/t gold over 16.0 metres, including 13.5 g/t gold over 1.5 metres.
• CL-197 intersected 0.8 g/t gold over 16.1 metres and 0.9 g/t gold over 16.5 metres, starting 30 vertical metres from the surface.

These results suggest potential for expanding the open pit in the Southwest Deposit. Additionally, ongoing drilling at the South Deposit has intersected visible gold in several drill holes, with 23 drill holes pending assays.

Positive

• Drill hole CL-200 intersected high-grade gold (1.5 g/t over 26.5m) near surface, indicating potential for open pit expansion
• Multiple drill holes showed thick gold zones outside current resource pit shells, suggesting possible resource growth
• Visible gold observed in several drill holes at the South Deposit, potentially increasing high-quality gold ounces
• New Brunswick Junior Mining Assistance Program to contribute up to $50,000 towards exploration drilling in 2024

Negative

• None.

TORONTO, ON / ACCESSWIRE / October 1, 2024 / Galway Metals Inc. (TSXV: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.

"The drill results show the potential for creating a much larger open pit in the Southwest Deposit with thick gold zones that intersected outside of the current resource. We are planning on following up these results with additional drilling this fall "states Rob Hinchcliffe, President and CEO of Galway. He adds "Additionally, we are looking forward to receiving the assays from the 23 drill holes at the South Deposit, which has intersected some very promising visible gold zones. Keep an eye out for these results in the coming months".

Highlights

• CL-200 intersected 1.5 g/t gold over 26.5 metres including 5.70 g/t gold over 4.5 metres: Starting 17 vertical metres from the surface (Figure 1)

• CL-203 intersected 1.8 g/t gold over 16.0 metres including 13.5 g/t gold over 1.5 metres

• CL-197 intersected 0.8 g/t gold over 16.1 metres and 0.9 g/t gold over 16.5 metres: Starting 30 vertical metres from the surface (Figure 2)

Thick Gold Zones Inside and Outside of Current Southwest Deposit Resource Pits

The drill holes in this release are in the NE area of the Southwest Deposit (Figure 3). Drill hole CL-200 shows high-grade gold continuity within the current resource pit shells and beyond the current Resource Block Model, while bringing mineralization 17 metres from the surface. Holes CL-202 and CL-203 connects high-grade zones at depth within the resource pits. Drill holes CL-197 and CL-198 intersected thick zones outside of known resource pit shells, suggesting open pit expansions towards the NE of the Southwest Deposit. The intercepts mentioned in this press release are in the following Assay and Coordinate Table.

Abundant Visible Gold Intersected within the South Deposit Drilling

On going drilling at the South Deposit, the highest-grade resource within the Clarence Stream project has intersected visible gold (VG) in several of the drillholes. There are currently 23 drillholes with pending assays including holes CS-407 and CS-414 with numerous specks of VG (photos). This was part of a program to increase high-quality gold ounces within the potential Clarence Stream starter pit.

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 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 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 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 high-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: info@galwaymetalsinc.com
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 effect 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 eligibility, 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 involved 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. The 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.

SOURCE: Galway Metals Inc.

View the original press release on accesswire.com

FAQ

What were the key drilling results reported by Galway Metals (GAYMF) at the Southwest Deposit?

Galway Metals reported several significant drilling results at the Southwest Deposit, including 1.5 g/t gold over 26.5 metres in hole CL-200, 1.8 g/t gold over 16.0 metres in hole CL-203, and 0.8 g/t gold over 16.1 metres in hole CL-197.

How do the recent drilling results impact the potential of the Clarence Stream project for Galway Metals (GAYMF)?

The drilling results suggest potential for expanding the open pit at the Southwest Deposit and increasing the resource. The thick gold zones intersected outside of current resource pit shells indicate possible growth in the overall resource of the Clarence Stream project.

What is the status of drilling at the South Deposit of Galway Metals' (GAYMF) Clarence Stream project?

Galway Metals reported that ongoing drilling at the South Deposit has intersected visible gold in several drill holes. There are currently 23 drill holes with pending assays, which could potentially increase high-quality gold ounces within the potential Clarence Stream starter pit.

Has Galway Metals (GAYMF) received any financial support for its exploration activities?

Yes, Galway Metals acknowledged financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024.