Galway Metals Inc. [GWM-TSXV] reported assay results from wildcat exploration drilling located 950 metres southwest and along strike of the westernmost intersection of the Jubilee Zone at its Clarence Stream project in southwestern New Brunswick.
That intersection had returned 1.9 g/t gold over 43.3 metres (35.7 m true width (TW), including 21.2 g/t gold over 2.35 m), starting at a vertical depth of 36 metres below surface. The new discovery returned 186.5 g/t gold over 0.6 metres from a 35-centimetre quartz vein that contains very fine sulphides, including arsenopyrite. Another similar vein located 13 metres farther downhole returned 2.2 g/t gold over 0.7 metres.
The closest drill holes are located 270 metres to the southwest and 560 metres to the northeast. The one to the northeast intersected 4.4 g/t gold over 1.0 metre and also contained 4,050 parts per million bismuth and 344 ppm tungsten. These results appear to be along the Jubilee-Richard-George Murphy Zone trend that Galway believes is part of the same 2.5-km long mineralized system.
These zones have returned such intersects as 10.6 g/t gold over 47.0 metres, 1.4 g/t gold over 85.0 metres and 6.2 g/t gold over 38.5 metres, among many others (refer to previous Galway Metals’ press releases). None of these three deposits are in the current resource.
New discovery may be along the northeast-southwest trend, the northwest-southeast trend or at the intersection of both
The new discovery appears to be located along the same northeast-southwest trend as the Jubilee-Richard-George Murphy zones, which are located 950 metres to the northeast. The new discovery is between those deposits and a strong plus-four km long soil anomaly that hosts 11 soils that returned between 100 and 681 parts per billion gold located 1,000 metres to the southwest. This plus-four km soil anomaly, which is associated with a magnetic low (as are all deposits at Clarence Stream), has not yet been drilled. The new discovery (186.5 g/t gold over 0.6 m) could also be trending along a strong, subperpendicular northwest-southeast (similar to the North zone trend) soil and glacial till anomaly, or it could be at the intersection of both northeast-southwest and northwest-southeast trends.
If the new discovery goes in a northwest-southeast direction, it would be along the same trend as the second-highest glacial till anomaly (95 ppb gold) at Clarence Stream, which hosts boulders ranging up to 16.3 g/t gold. The 186.5 g/t gold assay, in a wildcat hole, is the ninth-highest grade on the property.
Robert Hinchcliffe, President and CEO, said: “The previously announced $17.35-million private placement, which is expected to close within the next few days, will fully fund Galway’s newly expanded drill program through the end of 2021 to 75,000 metres, up from 25,000 metres for 2020 only. In doing so, Galway will soon increase its drill count to five rigs, up from three previously, and up from one during the first three years of exploration since the company’s acquisition of Clarence Stream in August, 2016. This expanded program will enable the company to drill the three zones not in resource, to expand the South and North zones that are in resource but which haven’t been expanded in nearly three years, to follow up on the new discovery and to make other new discoveries. Other plans for Clarence Stream include ore sorting and metallurgical testing, seismic and magnetic geophysical surveys, intensive prospecting, and excavator trenching and stripping. With all five zones at Clarence Stream open in every direction, and with a multitude of existing drill targets outside the known zones, Galway is thrilled to be able to expand its drill program and unlock value for shareholders. Galway’s strong drill results demonstrate that Clarence Stream is an emerging new gold district in North America.”
Drilling the gaps, follow-up on recent discoveries and wildcat drilling planned. A sixth rig will be added for ore sorting and metallurgical test drilling.
Metallurgical tests have been conducted by previous operators on the North and South zones, which returned recoveries in excess of 90% in both zones.