Galway launches PEA at New Brunswick gold project
Galway Metals Inc. [GWM-VSE, GAYMF-OTC] has launched a preliminary economic assessment (PEA) at its 100%-owned Clarence Stream gold project in southwestern New Brunswick.
The company said the PEA will build on its recently completed updated mineral resource estimate, announced on July 13, 2026, and incorporate the significant technical work completed over the past several years to evaluate the economic potential of the project.
Galway secured an option to acquire a 100% interest in the Clarence Stream property from Wolfden Resources Corp. in August, 2016. Located 70 kilometres southwest of Fredericton, Clarence Stream hosts an indicated resource of 27.2 million tonnes of grade 1.62 g/t gold, containing 1.42 million ounces. On top of that is an inferred resource of 28.5 million tonnes of grade 1.40 g/t gold containing 1.29 million ounces.
“The completion of our updated mineral resource estimate marked an important milestone for the Clarence Stream project and provides a strong foundation for advancing the project through the Preliminary Economic Assessment,’’ said Galway President and CEO Rob Hinchcliffe. “Combined with the current strength of the gold market, we believe now is the appropriate time to commence this next phase of technical evaluation,’’ he said. “The PEA will evaluate a range of development alternatives and help define the preferred path forward for Clarence Stream.’’
The PEA will evaluate the potential development of Clarence Stream, including mining and processing alternatives, infrastructure requirements, capital and operating cost estimates, and a range of engineering trade-off studies aimed at optimizing the project and support selection of a preferred development scenario. The study will also assess opportunities to optimize processing alternatives, project infrastructure and the overall development strategy.
Galway shares eased 2.08% or $0.01 to 47 cents, Thursday. The shares trade in a 52-week range of $1.01 and 35 cents.
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 also holds a 90% participating interest in the Estrades Project, a former producing high-grade gold-rich polymetallic VMS mine in the northern Abitibi area of western Quebec. DOWA Metals & Mining Co. Ltd. holds a 10% participating interest in the project and has the option to increase its stake to 45%.
Galway recently released drill results from 34 diamond drill holes at the North Deposit within the Clarence Stream project. The company said many drill holes were completed on approximately 25 and 50-metre centres within the northern extension of the North Deposit, located 430 metres north of the current pit-constrained resource. It said drilling in this area continues to intersect gold mineralization and is improving Galway’s understanding of the northern continuity of the system, while also testing for potential extensions to depth and towards the west.
“With four drill rigs currently operating as part of our planned 40,000-metre 2026 drill program, Galway is well positioned to continue expanding and upgrading the mineral resource, make new discoveries across our 65-kilometre district and advance Clarence Stream through future economic studies,’’ the company said.