Galway Metals extends gold mineralization at North Deposit, New Brunswick
Galway Metals Inc. [TSXV: GWM; OTCQB: GAYMF] reported results from its diamond drilling program at the Southwest Deposit at the 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-km strike length of highly prospective gold showings and anomalies; and a 2022 MRE of 12.4 Mt at 2.3 g/t gold Indicated for 922,000 oz., and 16.0 Mt at 2.6 g/t gold Inferred for 1.334 M oz. gold from the NI 43-101 technical report dated March 31, 2022, by SLR Consulting Ltd.
Rob Hincliffe, President and CEO of Galway, said, “We are excited to see gold mineralization continuing 300 meters north, which significantly opens the resource expansion potential of the Southwest Deposit. We have an additional 12 holes with pending assays from this area, which should continue to prove gold continuity and add near surface ounces. The second drill rig has been drilling shallow high-grade gold and antimony mineralization at the North Deposit since January with 23 drillholes currently pending assays. With gold reaching record prices, Galway is positioned to take advantage because we will have drillhole assays, metallurgical results and additional news in the coming weeks and months.”
Highlights: CL-206 intersected 3.4 g/t gold over 5.0 metres, including 11.1 g/t gold over 1.0 metres. CL-211 intersected 3.1 g/t gold over 2.9 metres, including 13.2 g/t over 0.5 metres. Extending SW Deposit over 300 metres to the N-NE from the 2022 MRE models. CL-209 intersected 0.92 g/t gold over 14.0 metres. Twelve additional follow-up drill holes are pending assays for this area.
Drill results confirm Northern expansion of SW Deposit: The drill holes in this release are located on the northeastern area of the Southwest Deposit with the purpose of following up on shallow, wide mineralized zones and extending mineralization to the north. The results now extend the mineralization approximately 300 metres from the 2022 Clarence Stream Resource Estimate. There are an additional 12 holes with pending assay from this area, with the purpose of connecting mineralization along strike and dip with 25-to-50-metre centers. The Southwest Deposit is open for expansion in both directions along strike and at depth.
North Zone drilling expanding mineralization: Since acquiring Clarence Stream in 2016, Galway has increased the North Deposit resource by >240% from 93,000 ounces to 226,000 ounces with under 10,000 metres drilled. The second rig has been drilling off the North Deposit since January, with the purpose of extending the shallow, flat lying gold-antimony mineralization beyond the current resource pits. There are currently 23 drill holes with pending assays, including hole ND-21 with visible gold at 43.4 metres. Most of the holes are located outside the 2022 resource, expanding the deposit approximately 350 metres to the North and East.
The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled, quartz-vein hosted gold deposits.
Galway Metals is 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 km and widths of up to 28 km 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.