Galway Metals drills 38.5 metres of 6.2 g/t gold at Clarence Stream

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Galway Metals Inc. [GWM-TSXV; GAYMF-OTC] has released assay results from drilling on the westernmost section of the Richard zone at the company’s Clarence Stream project in southwestern New Brunswick, Canada.

These are located 76 metres and 34 metres above (centre of each zone) the previously reported intersection of 2.4 g/t gold over 30.0 metres, and 178 metres west and along the same vein as the previously reported intersection of 10.6 g/t gold over 47.0 metres. The latest results are highlighted by:

• Hole 101 intersected 6.2 g/t gold over 38.5 metres, including 373.0 g/t gold over 0.5 metres (VG), and 12.6 g/t gold over 0.95 metres, plus 7.0 g/t gold over 1.0 metres starting at vertical depths of 122 metres and 66 metres below surface, respectively.
• The three highest grade individual assays from drilling on the entire Clarence Stream property are now all from Galway’s two new discoveries. In addition to the 373.0 g/t gold over 0.5 metres intersect in hole 101, the other two highest grade assays are 495.0 g/t gold over 0.5 metres (from the 10.6 g/t gold over 47.0 metres in the Richard Zone), and 807.0 g/t gold over 1.25 metres (from the 241.5 g/t gold over 4.2 metres in the George Murphy Zone (GMZ))
• Hole 100 intersected 1.4 g/t gold over 85.0 metres, including 24.2 g/t gold over 1.0 metres, 12.7 g/t gold over 1.0 metres, 6.1 g/t gold over 1.0 metres, 5.2 g/t gold over 1.0 metres (VG), 4.9 g/t gold over 1.0 metres, 4.1 g/t gold over 1.0 metres, 4.1 g/t gold over 1.0 metres, 3.4 g/t gold over 1.0 metres, and 3.3 g/t gold over 1.0 metres, starting at a vertical depth of 118 metres below surface. This 85.0-metre intersect is the widest anywhere at Clarence Stream to date (core length and true width).

Galway continues to receive overwhelming evidence from drill results that the GMZ, Richard and Jubilee zones are part of the same 2.5-km long mineralized system. Galway’s strong drill results demonstrate that Clarence Stream is an emerging new gold district in North America.

Robert Hinchcliffe, President and CEO, said: “The wide and high-grade intersections in holes 101, 100 and 87 are among the best in the company’s history, and all these and other strong intersects in proximity to one another bodes very well for the Clarence Stream resource update scheduled for the first quarter of 2021, both from the perspective of any pit-constrained or underground resource estimate. The resource has been pushed back due to COVID-19 delays, as this will provide time for Galway to fill in the gaps between the three mineralized zones not yet in resource.”

The intersects in holes 101 and 100 are on the same section as holes 93 below (2.4 g/t gold over 30.0 metres) and hole 91 above. Hole 91 has all assays pending where it intersected the zones. Assays are also pending for other veins in holes 100, 101 and 93, and in other holes to the east. Hole 101 also intersected a vein that returned 7.0 g/t gold over 1.0 metres that likely lines up with the Richard Zone discovery hole intersection of 7.3 g/t gold over 36.7 metres, located 271 metres to the northeast.
Holes 101, 100 and 93 intersected the same vein as previously released intersects in holes 78, 87, 72, 84 and 69, which demonstrates excellent grade and width continuity in the Richard Zone. These intersects include:

• 8.4 g/t gold over 12.5 metres in hole 78;
• 10.6 g/t gold over 47.0 metres in hole 87;
• 20.7 g/t gold over 9.5 metres in hole 72;
• 4.6 g/t gold over 29.65 metres in hole 72;
• 5.5 g/t gold over 16.7 metres in hole 69.

Galway resumed drilling with three rigs at Clarence Stream in late May. Galway’s plan over the next several months is to continue drilling the two gaps between the zones, to tighten drill spacings – generally to 50 metres for inclusion in the pending resource update, and to follow up on the recent new discoveries of multiple veins to the north of the GMZ, which includes 11.4 g/t gold over 2.0 metres in hole CL20-58.

Galway will also convert one rig to wide-diameter (PQ size) core for both ore sorting and metallurgical tests of the three zones not yet in resource. Metallurgical tests have been conducted by previous operators on the North and South zones, which returned recoveries in excess of 90% in both zones.

Galway Metals is well capitalized with two gold projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS (volcanogenic massive sulphide) mine in Quebec.


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