Mr. Robert Hinchcliffe reports
GALWAY METALS REPORTS HIGH-GRADE GOLD INTERCEPTS AT SOUTHWEST DEPOSIT INCLUDING 20.7 G/T GOLD OVER 11.0 METERS
Galway Metals Inc. has released assay results from seven diamond drill holes at the Southwest deposit within its 100-per-cent-owned Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream gold project hosts district-scale potential along an approximately 65-kilometre trend of highly prospective gold showings and anomalies. The project currently hosts a 2022 mineral resource estimate of 12.4 million tonnes grading 2.3 grams per tonne gold in the indicated category (922,000 ounces gold) and 16.0 million tonnes grading 2.6 grams per tonne gold in the inferred category (1,334,000 ounces gold), as outlined in the National Instrument 43-101 technical report titled "Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada," dated March 31, 2022, prepared by SLR Consulting Ltd.
"These results continue to demonstrate the strong continuity of high-grade gold mineralization in the northeastern portion of the Southwest deposit," said Rob Hinchcliffe, president and chief executive officer of Galway Metals. "The robust intercepts returned in this drilling, particularly in hole CL-249, continue to strengthen our understanding of this area of the deposit and provide important information on the structural controls influencing higher-grade mineralization. As we advance the updated mineral resource estimate, this work is helping refine both our geological model and future drill targeting."
Highlights:
- CL-249 intersected 20.7 g/t Au over 11.0 metres (Section 1), including:
- CL-252 intersected 6.0 g/t Au over 8.0 m, including:
- CL-251 intersected 7.6 g/t Au over 3.0 m, including:
Drilling strengthens continuity in northeastern Southwest deposit
The seven drill holes reported in this release targeted the northeastern portion of the Southwest deposit, specifically within the GMZ and Adrian zones. Drilling was designed to improve continuity of high-grade mineralization in an important area of the deposit while advancing Galway's understanding of the controls influencing gold mineralization in the GMZ and Adrian zones.
Drill holes CL-249, CL-250 and CL-251, completed on approximately 25-metre centres, successfully intersected high-grade gold mineralization and identified a secondary mineralized zone at slightly greater depth near the interpreted margin of the mineralized trend. Notably, hole CL-249 returned 20.7 g/t Au over 11.0 metres, including 49.2 g/t Au over 4.0 metres starting at 126.0 metres.
Hole CL-252, drilled on the same section at approximately 50-metre spacing below holes CL-249, CL-250 and CL-251, successfully intersected strong mineralization and demonstrated continuity between the shallower high-grade zones and previously reported drilling at depth.
Additional drill holes CL-246 and CL-248 were drilled to the southeast to test a conceptual fold limb and/or potential vertically oriented mineralized zone. While these holes did not return significant assay results, the information gained from this drilling will help refine Galway's geological interpretation and future targeting in the area.
Geology and mineralization
Gold-antimony mineralization at Clarence Stream is structurally controlled and associated with quartz veins and quartz stockwork developed within brittle-ductile fault zones hosted in both intrusive and metasedimentary rocks. Mineralization is associated with pyrite, base metal sulphides and stibnite, along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration within host rocks is typically confined to a few metres surrounding quartz veins and is characterized primarily by sericitization and chloritization. A more detailed description of the Clarence Stream geology and mineralization is available on Galway Metals' website.
Review by qualified person
The scientific and technical information contained in this news release has been reviewed and approved by Jesse Fisher, PGeo, project manager for Clarence Stream and a qualified person as defined by NI 43-101. Mr. Fisher certifies that this news release fairly and accurately reflects the technical information and data presented. Galway Metals conducts its exploration activities in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice guidelines.
Quality control and reports
All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, located at 41 Bittern St., Ancaster, Ont., Canada; Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3; and/or Swastika Laboratories, situated in Swastika, Ont. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 metre to 1.5 metres in length. All samples are assayed for gold by fire assay, with gravimetric finish, and other elements assayed using ICP. The company's quality assurance/quality control 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 5 per cent 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 per cent.
About Galway Metals Inc.
Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100-per-cent-owned, high-grade, open-pittable flagship Clarence Stream gold project in southwestern 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 holds a 90-per-cent participating interest in the Estrades project, a former-producing high-grade, gold-rich polymetallic VMS (volcanogenic massive sulphide) mine in the northern Abitibi region of western Quebec. Dowa Metals & Mining Co., Ltd. holds a 10-per-cent participating interest pursuant to the previously announced option and joint venture term sheet, under which Dowa may earn up to a 45-per-cent interest in the project. Led by a management team with a proven record of creating shareholder value having sold Galway Resources for $340-million (U.S.), Galway Metals is focused on creating value for all its stakeholders.
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