Galway Metals Intersects 19.5 g/t Gold over 4.2m, Second Drill to Expand South Deposit Resource

Rhea-AI Summary

Galway Metals reported positive results from its diamond drilling program at the Clarence Stream high-grade gold project in New Brunswick, Canada.

Highlights include:

Hole CL-179: 19.5 g/t gold over 4.2 meters, including 45.9 g/t gold over 1.2 meters.

Hole CL-190: 2.7 g/t gold over 4.5 meters, including 13.8 g/t gold over 0.5 meters.

Hole CL-186: 1.4 g/t gold over 12.9 meters.

Nine additional follow-up drill holes are pending assays.

The company is mobilizing a second rig to target high-grade mineralization at the South Deposit.

Financial support was provided by the New Brunswick Junior Mining Assistance Program.

Positive

• Intersects 19.5 g/t gold over 4.2m, including 45.9 g/t gold over 1.2m.
• Mobilizing second drill rig to target high-grade mineralization, expanding resource potential.
• Financial support from New Brunswick Junior Mining Assistance Program for 2024.

Negative

• Nine follow-up drill holes are still pending assays, leading to uncertainty in results.
• Details on cost and duration of the drilling program were not disclosed, adding financial ambiguity.
• Assay results are outside the 2022 Mineral Resource estimate area, implying potential reevaluation.

TORONTO, ON / ACCESSWIRE / June 18, 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.

"We have continued to prove strong gold continuity throughout the Southwest Deposit, inside the resource pit and outside of the current mineral resource" states Rob Hinchcliffe, President and CEO of Galway. He adds "The rig is currently on its fourth hole on the eastern side of the #2 Target area, which is one of our top exploration targets and the second rig will be utilized to expand the high-grade starter pit within the South Deposit. Having two drill rigs will give Galway the flexibility to expand existing zones, while continuing to drill high-priority targets to make new discoveries".

Highlights (see Figure 1)

• CL-179 intersected 19.5 g/t gold over 4.2 metres including 45.9 g/t gold over 1.2 metres
• CL-190 intersected 2.7 g/t gold over 4.5 metres including 13.8 g/t gold over 0.5 metres
• CL-186 intersected 1.4 g/t gold over 12.9 metres
• Nine additional follow-up drill holes are pending assays for this area

Drill Results Confirm Gold Continuity

The drill holes in this release are located within the Southwest Deposit The holes were testing gap areas within the resource pit shells on the NE area of the Southwest Deposit (Adrian Zone). Results prove mineralization extends near surface, which will improve the future economics of the open pit. Hole CL-190 intersected several shallow new zones outside of the resource pit shells and will open the potential to expand the Southwest Deposit to the North and East. The intercepts highlighted within this press release (Assay Table and Coordinate Table) are all outside the area that was included in the 2022 Mineral Resource estimate (2022 Clarence Stream Resource Estimate)

Mobilize Second Drill to Expand High-Grade Mineralization at South Deposit

The South Deposit is Galways highest-grade resource with an Indicated Resource of 332,000 oz Au at 2.99 g/t and an Inferred Resource of 325,000 oz Au at 4.03 g/t. Galway is mobilizing a second drill rig to target shallow high-grade mineralization in the likely starter pits at the South Deposit. The areas planned for expansion of high-grade mineralization is shown in Figure 2.

Exploration Drilling Commenced at Galways Top Gold Target

The first drill rig will continue drilling high-priority gold exploration targets. Galway is currently drilling the eastern side of the #2 target area of the Gabbro Complex (Figure 3). This area has many untested high quality geochemical and geophysical targets. As of today, four preliminary holes have been drilled to test these anomalies, with additional holes in the coming weeks. Galway expects to drill the western side of the #2 Target area, in proximity to the highest gold in soils on the project (4980 ppb, 3210 ppb and 3120 ppb) later in this drill program.

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.

Related Files

Galway Metals PR Southwest Deposit 18June2024 Coordinates
Galway Metals PR Southwest Deposit 18June2024 Intercepts

SOURCE: Galway Metals Inc.

View the original press release on accesswire.com

FAQ

What were the key drilling results for GAYMF as reported in June 2024?

Galway Metals reported intersecting 19.5 g/t gold over 4.2 meters, including 45.9 g/t gold over 1.2 meters, at the Clarence Stream project.

When did Galway Metals announce the new drilling results for the Clarence Stream project?

Galway Metals announced the new drilling results on June 18, 2024.

What are the expected benefits from the second drill rig mobilized by Galway Metals?

The second drill rig will target high-grade mineralization at the South Deposit, expanding resource potential.

How is the New Brunswick Junior Mining Assistance Program supporting Galway Metals?

The program will contribute up to $50,000 towards exploration drilling in 2024.