Strong VG in Middle of New Discovery for Galway Metals; Drilling Returns 13.8 g/t Au over 1.4m, 12.5 Au over 1.0m, and 1.3 Au over 10.3m

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

TORONTO, ON / ACCESSWIRE / April 19, 2018 / Galway Metals Inc. (TSX-V: GWM; OTC PINK: GAYMF) (the "Company" or "Galway") is pleased to report partial assay results from 2,128 metres of drilling contained in seven new holes in the recently discovered George Murphy Zone (GMZ) at Clarence Stream in SW New Brunswick (Figure 1). Galway has drilled 22,677 metres in 116 holes at Clarence Stream since the project was acquired in August 2016 (over 76,000 metres drilled by all operators), with focuses to date on expanding existing resources in the South and North Zones, and on identifying new resources in the Jubilee Zone and the GMZ. Galway plans on incorporating these two new zones into an updated resource in early 2019. On September 26, 2017, Galway issued a resource update on Clarence Stream, prepared by SRK Consulting (U.S.) Inc., which included pit-constrained resources of 352,200 ounces of Measured and Indicated plus 153,100 ounces of Inferred, each at 1.9 g/t gold. The underground gold resource contained an additional 37,800 ounces at 4.4 g/t of Measured and Indicated plus 124,100 ounces at 4.5 g/t of Inferred ( Table 1).

The GMZ is located 2 km east of the Jubilee Zone and 4 km west of the South Zone (Figure 2). The new drill results are primarily located within the 300 metre gap between the two lines of drilling where the original discoveries were made. The original discovery holes returned intersections such as 2.2 grams per tonne (g/t) gold (Au) over 11.9 metres (m), 2.1 g/t Au over 7.6m and 0.7 g/t Au over 48.8m (see December 18, 2017 and February 20, 2018). The new results include separate higher-grade intersections of 13.8 g/t Au over 1.4m, 12.5 g/t Au over 1.0m, 8.5 g/t Au over 1.1m and 9.3 g/t Au over 1.0m, and each of these higher-grade intersections are contained within broader intervals of mineralization (Table 2).

Assays are pending for recently drilled hole GWM18CL-26, where significant amounts of Visible Gold (VG) was observed in a 1.25 metre section that is within a broader 10m wide quartz vein zone. This VG is located at the centre of the 300 metre gap (VG Photos). VG was also intersected in hole GWM18CL-25 and in three places in hole GWM18CL-27. They are in the same quartz zone, located approximately 50 metres to the NE and SW of hole GWM18CL-26, but the tenor of these samples aren't nearly as strong as the VG in hole GWM18CL-26.

Robert Hinchcliffe, President and CEO of Galway Metals, said, "Since we released the updated resource estimate on Clarence Stream six months ago, which included the first-ever pit constrained resource on the project, Galway has released strong in-fill drill results for the South Zone, expanded the Jubilee Zone, and made a significant new discovery at the George Murphy Zone. Now with drill core containing strong visible gold in the heart of the GMZ, we are enthusiastically awaiting assay results. We remain committed to expanding the gold resource at Clarence Stream, which we believe is an emerging new gold camp in Eastern Canada."

New George Murphy Zone Discovery Drill Results

  • 5.3 grams per tonne (g/t) gold (Au) over 3.9 metres (m), including 13.8 g/t Au over 1.4 m, starting at a vertical depth of 115m in hole GWM18CL-22
  • 8.1 g/t Au over 1.6 m, including 12.5 g/t Au over 1.0 m, starting at a vertical depth of 62m in hole GWM18CL-21
  • 2.6 g/t Au over 4.6 m, including 8.5 g/t Au over 1.1 m, plus 1.1 g/t Au over 3.45 m, including 2.4 g/t Au over 1.35 m, plus 0.9 g/t Au over 8.5 m, including 3.8 g/t Au over 0.75 m and 2.2 g/t Au over 0.75 m starting at respective vertical depths of 43m, 105m, and 116m in hole GWM18CL-19

1.3 g/t Au over 10.3 m, including 9.3 g/t Au over 1.0 m and 5.1 g/t Au over 0.5 m, plus 0.9 g/t Au over 7.2 m, including 2.7 g/t Au over 1.0 m starting at respective vertical depths of 107m and 218m in hole GWM18CL-17

The new GMZ discovery was found by drilling in the immediate vicinity of a 700m long soil anomaly where boulders, which assayed 16.5 g/t, 11.5 g/t and 7.9 g/t gold were found by prospector George Murphy. These boulders are 100-300m south of the GMZ, and like the North Zone, the GMZ is located north of the major structure in the area - the Sawyer Brook Fault. The South and Jubilee Zones are located south of the Sawyer Brook Fault. Hence, gold deposits are hosted on both sides of the fault zone. Within the GMZ, there appear to be multiple veins that trend the same NE-SW direction as the Jubilee and South Zones (Figure 1). Figure 2 shows the location of the new GMZ discovery relative to other zones. Figure 2 also shows that there are many geochemical gold anomalies similar to the GMZ, Jubilee, and the South and North Zones, which Galway plans on drilling.

Galway has set 200,000-260,000 ounces as an exploration target for the George Murphy Zone within a 400m length by 400m depth area and consisting of a 10m average width zone at 2.0 g/t from surface to 150m and 3m wide zone at 5.0 g/t below 150m, based on the first intersections received, and the presence of wide zones of quartz where narrower intersections have been received. The potential quantity and grade is conceptual in nature. There is insufficient exploration to define a mineral resource; it is uncertain if a mineral resource estimate will be delineated.

Table 2. George Murphy Zone New Discovery Assay Results

Hole ID

From
(m)

To
(m)

Intercept
(m)

Au
g/t

CL18-27

at 141.95

VG, Assays Pending

at 156.89

VG, Assays Pending

at 157.07

VG, Assays Pending

CL18-26

102.80

104.05

1.25

VG, Assays Pending

CL18-25

at 24.35

VG, Assays Pending

CL18-22

156.00

157.00

1.00

1.2

163.50

167.40

3.90

5.3

including

166.00

167.40

1.40

13.8 VG

CL18-21

70.00

71.60

1.60

8.1

including

70.00

71.00

1.00

12.5 VG

92.90

145.65

52.75

Assays Pending

CL18-20

214.25

215.25

1.00

1.3

CL18-19

61.00

65.55

4.55

2.6

including

63.70

64.75

1.05

8.5 VG

150.00

151.00

1.00

1.0

154.65

158.10

3.45

1.1

including

154.65

156.00

1.35

2.4

166.50

175.00

8.50

0.9

including

167.00

167.75

0.75

3.8

including

173.25

174.00

0.75

2.2

CL18-18

54.50

60.00

5.50

0.8

including

54.50

55.00

0.50

2.2

59.00

60.00

1.00

2.8

CL18-17

63.30

63.80

0.50

7.5

72.00

73.00

1.00

2.5

125.20

135.50

10.30

1.3

including

125.20

125.70

0.50

5.1

including

134.50

135.50

1.00

9.3 VG

213.25

215.35

2.10

1.1

253.80

261.00

7.20

0.9

260.00

261.00

1.00

2.7

CL18-16

47.15

49.35

2.20

1.0

95.75

97.00

1.25

1.5

185.30

186.75

1.45

2.9

253.50

256.00

2.50

1.3

including

254.50

255.20

0.70

3.6

CL18-15

263.00

266.20

3.20

0.5

376.80

383.00

6.20

0.5

407.00

408.00

1.00

2.2 VG

Table 3: George Murphy Zone New Discovery Assay Results, Previously Released

Hole ID

From
(m)

To
(m)

Intercept
(m)

Au
g/t

CL18-15

31.00

79.75

48.75

0.7

including

33.40

34.20

0.80

4.2

including

37.70

38.45

0.75

2.0

including

50.00

51.00

1.00

5.6

including

61.50

62.40

0.90

1.6

including

63.50

65.00

1.50

2.5

including

74.00

75.00

1.00

2.1

including

78.45

79.75

1.30

3.2

CL17-07

295.25

296.75

1.50

0.7

CL17-05

238.50

250.80

12.30

0.6

including

238.50

239.60

1.10

1.6

including

248.30

248.80

0.50

5.3 VG

CL17-04

170.50

182.30

11.90

2.2

including

170.50

171.60

1.20

12.4

224.60

225.50

0.90

1.3

146.00

146.75

0.75

1.1

151.00

152.50

1.50

2.9

161.60

164.00

2.40

0.8

CL17-02

41.00

43.10

2.10

0.9

49.20

51.30

2.10

1.7

57.50

59.45

1.00

1.5

123.15

126.00

2.85

0.6

78.90

86.50

7.60

2.1

including

80.00

81.00

1.00

6.3

VG = visible gold. VG in hole 5 was assayed by metallic screens method. No upper cutoff grade was applied; 0.42 g/t Au was used for the bottom cut-off; True widths are unknown. Not all assays were returned from hole 15 when the previous press release was disclosed.

True widths are unknown at this time because dips are uncertain; the zone in holes 4 and 15 appear to be vertical while the quartz in holes 22 and 23 appear to dip at 75° north or south. The VG in hole 26, the 13.8 g/t in hole 22, and the 12.4 g/t in hole 4 all look like they are along the southern contact of a wide quartz zone. As well, multiple zones of quartz are present in holes 23 (4 zones), and 25 (3 zones), and a 30m zone is present in hole 24. The mineralization consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite in sericite altered sediments.

Review by Qualified Person, Quality Control and Reports

Michael Sutton, P.Geo., is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC 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 five percent (5%) 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%.

Table 4: Drill Hole Coordinates

Hole ID

Azimuth

Dip

Northing

Easting

Total Depth (m)

George Murphy Zone

CL18-15

180

-45

5022579

654432

399.0

CL18-16

180

-45

5022630

654480

318.0

CL18-17

350

-60

5022199

654240

314.0

CL18-18

310

-45

5022198

654239

419.4

CL18-19

310

-45

5022230

654285

254.5

CL18-20

0

-45

5022205

654314

384.0

CL18-21

350

-61

5022228

654284

249.0

CL18-22

180

-45

5022582

654391

189.0

CL18-23

180

-45

5022538

654388

221.5

CL18-24

150

-45

5022519

654317

165.0

CL18-25

150

-45

5022454

654322

216.0

CL18-26

150

-45

5022461

654281

235.5

CL18-27

150

-45

5022449

654240

300.0

For holes 1-14, see Table 2.

Figure 2: Location Map of the SW Portion of Galway's Clarence Stream Property

Visible Gold from Drill Hole CL18-26

(Visible gold disclosed in the photos is not necessarily indicative of the mineralization hosted on the property.)


About the Company

Galway Metals is well capitalized with two projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.

Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
www.galwaymetalsinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Galway Metals Inc.

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).