Metallurgic Testing and New Mineral Resource Initiated at Past-Producing High-Grade Gold & Zinc Estrades Mine
Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) has initiated a NI 43-101 Mineral Resource Estimate and metallurgical test program at its Estrades property in Quebec. The company aims to update the resource estimate for the precious metal-rich VMS deposit, which was previously mined in 1990-1991. The new estimate will incorporate 42,099 meters of drilling completed since 2018 and reflect current metal prices, including a 38% increase in gold prices.
Galway has engaged SLR Consulting for the resource estimate and Base Metal Laboratories for metallurgical testing. The study will focus on improving recoveries of Cu, Pb, Zn, Au, and Ag, while minimizing capital and operating costs. Results are expected in the fourth quarter. The company believes the project's economics have improved, primarily due to rising gold prices.
Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) ha avviato una stima delle risorse minerarie secondo il NI 43-101 e un programma di test metallurgici presso il suo proprietà Estrades in Quebec. L'azienda mira ad aggiornare la stima delle risorse del giacimento VMS ricco di metalli preziosi, precedentemente estratto nel 1990-1991. La nuova stima incorporerà 42.099 metri di perforazione completati dal 2018 e rifletterà i prezzi attuali dei metalli, compreso un aumento del 38% dei prezzi dell'oro.
Galway ha ingaggiato SLR Consulting per la stima delle risorse e Base Metal Laboratories per i test metallurgici. Lo studio si concentrerà sul miglioramento dei recuperi di Cu, Pb, Zn, Au e Ag, minimizzando al contempo i costi di capitale e di esercizio. I risultati sono attesi per il quarto trimestre. L'azienda crede che l'economia del progetto sia migliorata, principalmente a causa dell'aumento dei prezzi dell'oro.
Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) ha iniciado una estimación de recursos minerales según NI 43-101 y un programa de pruebas metalúrgicas en su propiedad Estrades en Quebec. La empresa tiene como objetivo actualizar la estimación de recursos para el depósito VMS rico en metales preciosos, que fue explotado anteriormente en 1990-1991. La nueva estimación incorporará 42,099 metros de perforación realizados desde 2018 y reflejará los precios actuales de los metales, incluido un aumento del 38% en los precios del oro.
Galway ha contratado a SLR Consulting para la estimación de recursos y a Base Metal Laboratories para las pruebas metalúrgicas. El estudio se centrará en mejorar los recuperos de Cu, Pb, Zn, Au y Ag, al tiempo que minimiza los costos de capital y de operación. Se esperan resultados en el cuarto trimestre. La empresa cree que la economía del proyecto ha mejorado, principalmente debido al aumento de los precios del oro.
갈웨이 메탈스 주식회사 (TSXV:GWM)(OTCQB:GAYMF)는 퀘벡의 에스트라데스 속성에서 NI 43-101 광물 자원 추정 및 금속 공정 테스트 프로그램을 시작했습니다. 이 회사는 1990-1991년에 이전에 채굴된 귀금속이 풍부한 VMS 매장량의 자원 추정을 업데이트하는 것을 목표로 하고 있습니다. 새로운 추정치는 2018년 이후 완료된 42,099미터의 시추를 포함하고 현재 금속 가격, 특히 금 가격 38% 상승을 반영합니다.
갈웨이는 자원 추정을 위해 SLR 컨설팅과 금속 공정 테스트를 위해 Base Metal Laboratories를 고용했습니다. 연구는 Cu, Pb, Zn, Au 및 Ag의 회수율을 개선하는 데 중점을 두면서 자본 및 운영 비용을 최소화하는 데 집중할 것입니다. 결과는 4분기에 예상됩니다. 회사는 금 가격 상승으로 인해 프로젝트 경제성이 개선되었다고 믿고 있습니다.
Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) a lancé une estimation des ressources minérales conforme à la norme NI 43-101 et un programme de tests métallurgiques sur son bien Estrades au Québec. L'entreprise vise à mettre à jour l'estimation des ressources pour le dépôt VMS riche en métaux précieux, qui a été précédemment exploité de 1990 à 1991. La nouvelle estimation intégrera 42 099 mètres de forage réalisés depuis 2018 et reflétera les prix des métaux actuels, y compris une augmentation de 38% des prix de l'or.
Galway a engagé SLR Consulting pour l'estimation des ressources et Base Metal Laboratories pour les tests métallurgiques. L'étude se concentrera sur l'amélioration des taux de récupération de Cu, Pb, Zn, Au et Ag, tout en minimisant les coûts d'investissement et d'exploitation. Les résultats sont attendus au quatrième trimestre. L'entreprise estime que la rentabilité du projet s'est améliorée, principalement en raison de la hausse des prix de l'or.
Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) hat eine NI 43-101 Schätzung der Mineralressourcen und ein metallurgisches Testprogramm auf seinem Estrades-Gelände in Quebec initiiert. Das Unternehmen beabsichtigt, die Ressourcenschätzung für das wertvolle VMS-Vorkommen, das zuvor von 1990 bis 1991 abgebaut wurde, zu aktualisieren. Die neue Schätzung wird 42.099 Meter Bohrungen, die seit 2018 durchgeführt wurden, einbeziehen und die aktuellen Metallpreise widerspiegeln, einschließlich eines Preisanstiegs von 38% bei Gold.
Galway hat SLR Consulting für die Ressourcenschätzung und Base Metal Laboratories für die metallurgischen Tests beauftragt. Die Studie wird sich darauf konzentrieren, die Rückgewinnung von Cu, Pb, Zn, Au und Ag zu verbessern und gleichzeitig die Kapital- und Betriebskosten zu minimieren. Ergebnisse werden im vierten Quartal erwartet. Das Unternehmen glaubt, dass sich die Wirtschaftlichkeit des Projekts verbessert hat, hauptsächlich aufgrund der gestiegenen Goldpreise.
- Initiation of a new NI 43-101 Mineral Resource Estimate, potentially increasing the project's value
- Commencement of metallurgical testing to improve metal recoveries and reduce costs
- Incorporation of 42,099 meters of new drilling data since the 2018 resource estimate
- 38% increase in gold prices since the previous resource estimate, potentially improving project economics
- Engagement of experienced consultants for resource estimation and metallurgical testing
- None.
TORONTO, ON / ACCESSWIRE / July 30, 2024 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to announce that it has commenced a NI 43-101 Mineral Resource Estimate and concurrent metallurgical test program at its Estrades property in the Northern Abitibi of Western Quebec
Rob Hinchcliffe, President and CEO of Galway stated "With metal prices significantly higher, particularly gold prices the company has initiated a new mineral resource estimate. After carrying out two internal scoping studies, management has identified areas of improvement for the economics of the project, the main factor being the rising gold price. We have engaged Metallurgist, Ken Roberts to design and improve the recoveries of the payable metals of the project. The results of both will be released in the fourth quarter."
Updated Mineral Resource to Use
The Estrades project is a precious metal rich VMS deposit on the Casa Berardi trend, and with recent gold prices reaching near peak highs, the gold resource has become the most economically important metal in the deposit. As a result, Galway has contracted SLR Consulting (Canada) Ltd. to undertake the NI 43-101 Updated Mineral Resource Estimate (MRE). The resource will include 42,099 metres of drilling completed since the 2018 MRE (see location and intercept table), incorporate the results of the new metallurgical test work being undertaken concurrently, and to reflect the current metal prices. Table 1 presents the current Mineral Resource estimate (RPA, 2018).
Category | Tonnes | Au | Ag | Zn | Cu | Pb |
Total, Indicated | 1,497,000 | 3.55 | 122.9 | 7.20 | 1.06 | 0.60 |
Total, Inferred | 2,199,000 | 1.93 | 72.9 | 4.72 | 1.01 | 0.29 |
Table 2 below shows a
Year | Gold (US$/oz) | Silver (US$/oz) | Zinc (US$/lb) | Lead (US$/lb) | Copper (US$/lb) |
2018 | 1,450 | 21 | 1.15 | 1.00 | 3.50 |
2024 | 2,000 | 25 | 1.30 | 1.00 | 4.50 |
Table 2) Price deck from 2018 Mineral Resource Update compared to prices being used in 2024 Mineral Resource.
Metallurgical Study Designed for Estrades VMS Project
Galway Metals Inc. is continuing to advance and study the metallurgical response of the Estrades project located in Quebec, Canada. Efforts for the study will be focused on building upon the historical test work completed in 2008 as well as expanding the composites selection from the previous study to include four key zones identified as Main, Central, Central East, and Copper East. The test work will also include initial XRT ore sorting work to establish a better understanding of the deposits potential to sort out costly waste dilution.
Galway has selected Base Metal Laboratories to perform the metallurgical testing and have acquired the services of KJRoberts Metallurgical Services, Principal Metallurgist Mr. Ken Roberts to design and direct the testing program. The key objectives for this project will be to improve the recoveries of the payable metal units for Cu, Pb, Zn, Au and Ag as well as minimize Capital Expenditures and predicted Operating Costs for the Project.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Kamil Khobzi, P.Geo., is the Qualified Person responsible for the accuracy of this news release. Mr Reno Pressacco, P. Geo., is the Qualified Person responsible for preparation and disclosure of the Estrades Mineral Resource 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 include the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the regular re-assaying of pulps and rejects at alternate 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) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays at least
About Galway Metals Inc.
Galway Metals is a Canadian mineral exploration and development company focused on advancing its
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Robert Hinchcliffe President & Chief Executive Officer
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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.
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FAQ
What is the current status of Galway Metals' Estrades project?
When will Galway Metals (GAYMF) release the results of the new resource estimate and metallurgical testing?
How much has the gold price increased since Galway Metals' last resource estimate for Estrades?
What are the main objectives of Galway Metals' metallurgical study for the Estrades project?
