(Toronto, Ontario, February 25, 2020) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report assay results from drilling south of the Richard Zone in that area, and between the Richard and Jubilee Zones at the Company’s Clarence Stream project in southwest New Brunswick, Canada (Figure 1 and Figure 2). The latest results are highlighted by the following 3 drill holes:
Hole 87 intersected 10.6 g/t Au over 47.0m, plus 1.2 g/t Au over 32.0m. The two intervals in hole 87 line up well, and between previously-released step-out holes 72 and 78, located 22 metres northeast and 116 metres southwest, respectively. Hole 72 contained 20.7 g/t Au over 9.5m, plus 4.6 g/t Au over 29.65m, while hole 78 hosted 20.9 g/t Au over 4.75m, plus 2.7 g/t Au over 14.1m (Figure 2, Figure 3, Figure 4, and Figure 5).
Hole 93 extends the Richard Zone 97m to the southwest with an intersection that ran 4.5 g/t Au over 10.8m. This intersect is open immediately above the first sample, which ran 33.2 g/t Au over 1.05m, as only partial assays have been received. With this intersect, the gap between the Richard and Jubilee Zones has narrowed to 350m from 1-km originally. Galway continues to receive evidence from drill results that the GMZ, Richard and Jubilee Zones are part of the same 2.5 km-long mineralized system. Refer to the February 13, 2020 press release that noted an extension of the GMZ 230m toward Richard.
Hole 81 intersected 0.8 g/t Au over 23.0m and is located 122m below and west of previous-released hole 68, which returned 3.0 g/t Au over 12.0m. Hole 68 extended the Jubilee Zone 227m northeast toward the Richard Zone.

Robert Hinchcliffe, President and CEO of Galway Metals, said, “The wide and high-grade intersection in hole 87 is among the best in the company’s history. Its location between two other wide and high grade intersects bodes very well for the Clarence Stream resource update scheduled for the 3rd quarter of 2020, both from the perspective of any pit-constrained or underground resource. Hole 93 is significant because it continues the process of closing the gap between the Richard and Jubilee Zones, just as the previous press release of two weeks ago closed the gap between the GMZ and Richard Zones. Of note is that NONE of the 36,377 metres of drilling that Galway has completed in the 2.5-km-long mineralized system that hosts the George Murphy, Richard and Jubilee Zones are in the existing Clarence Stream resource, which was last updated 2.5 years ago on September 26, 2017. That resource includes the South and North Zones only. All five deposits remain open for expansion in all directions. Galway’s strong drill results demonstrate that Clarence Stream is an emerging new gold district in North America.”

Drill Hole Highlights
20BL-87: 10.6 grams per tonne (g/t) Au over 47.0 metres (m) (including 495.0 g/t Au over 0.5m, 67.8 g/t Au over 0.55m, 57.9 g/t Au over 0.5m, 51.6 g/t Au over 0.65m, 42.4 g/t Au over 0.75m, 35.7 g/t Au over 0.85m, 21.3 g/t Au over 0.8m, and 20.6 g/t Au over 0.5m), plus 1.2 g/t Au over 32.0m (including 10.9 g/t Au over 1.0m, 9.9 g/t Au over 0.7m, and 3.8 g/t Au over 1.0m) starting at vertical depths of 151m and 105m below surface
**19BL-72: 20.7 g/t Au over 9.5m (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m, and 23.5 g/t Au over 1.1m) plus 4.6 g/t Au over 29.65m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, 17.5 g/t Au over 0.75m, and 20.2 g/t Au over 1.0m) starting at vertical depths of 185m and 128m below surface
**19BL-78: 20.9 g/t Au over 4.75m (including 54.5 g/t Au over 0.9m and 64.6 g/t Au over 0.6m), plus 2.7 g/t Au over 14.1m (including 15.7 g/t Au over 1.15m and 12.6 g/t Au over 0.65m) starting at vertical depths of 124m and 95m below surface
20BL-93: 4.5 g/t Au over 10.8m (including 33.2 g/t Au over 1.05m) starting at a vertical depth of 178m below surface
19BL-81: 0.8 g/t Au over 23.0m (including 10.0 g/t Au over 0.55m, 3.1 g/t Au over 0.6m, and 2.1 g/t Au over 1.05m), starting at a vertical depth of 210m below surface
** 19BL-68: 3.0 g/t Au over 12.0m (including 13.3 g/t Au over 1.1m, and 8.3 g/t Au over 1.0m) starting at a vertical depth of 112m below surface

**previously released

Filling in the Gaps at the Richard Zone Extension

Hole 72, when it was released on November 13, 2019, extended the Richard Zone 91 metres southwest, and hole 78, when it was released on January 9, 2020, extended Richard a further 122m southwest (both extensions were toward the Jubilee Zone). Hole 87 succeeded in intersecting similar mineralization between these two high-grade step-out holes. In these three holes, the relatively shallow (+/- 100m vertical depth) and wide intersects align with each other (4.6 g/t Au over 29.65m in hole 72, 2.7 g/t Au over 14.1m in hole 78, and 1.2 g/t Au over 32.0m in hole 87) (Figure 2, Figure 4 and Figure 5). Similarly, the deeper and higher grade intersects also align with each other (20.7 g/t Au over 9.5m in hole 72, 20.9 g/t Au over 4.75m in hole 78, and 10.6 g/t Au over 47.0m in hole 87) (Figure 2, Figure 3 and Figure 5). Between the two mineralized intersects in each hole is low-grade waste (0.32 g/t over 25.7m in hole 72, 0.36 g/t Au over 19m in hole 78, and 0.14 g/t Au over 16.0m in hole 87). Galway’s interpretation of these results, along with the tenor of other intersections further up-plunge, suggests that the mineralization is expanding to depth and the two structures may combine down-plunge.

The intersections in hole 87 are 137m and 186m, respectively, southwest of the previously released discovery hole intersection at Richard in BL18-12, which returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m in multiple quartz veins containing abundant visible gold, starting only 51 metres downhole and 36 metres vertical. The high grade intersect in hole 12 is thought to be a different vein than the high grades seen in holes 72, 78 and 87.

The Gap Between the Richard and Jubilee Zones Has Narrowed to 350m

Hole 93, which ran 4.5 g/t Au over 10.8m, contains a section of remobilized quartz with 1-2% arsenopyrite (locally up to 10%) from 165.8 to 221.0 metres. This is at similar depths to the mineralization in holes 87 and 72 and is thought to be the same vein.

Filling in the Gaps at the Jubilee Zone Extension

The intersection of 0.8 g/t Au over 23.0m in hole 81 is located 122 metres below and west of the intersection in hole 68 of 3.0 g/t Au over 12.0m, which is the current northeastern extent of the Jubilee Zone. Hole 68, when it was released on December 2, 2019, extended the Jubilee Zone 227 metres northeast toward the Richard Zone. With results from holes 68 and 93, there is now a 350-metre gap between the Richard and Jubilee Zones.

Come and see us at the PDAC!

Galway management will be attending this year’s PDAC Conference in Toronto. Core of VG from Clarence Stream and core from Estrades/Newiska will be on display at Galway’s PDAC Booth #2623A on Sunday and Monday, March 1st and 2nd. Management will also be participating in the PDAC One-On-One meeting program on March 3rd and 4th. For more information please click on the link: One-on-One Meetings at PDAC.

Table 1. Assay Results
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