(Toronto, Ontario, April 16, 2020) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to provide a corporate update. Galway considers the health and safety of its personnel, customers, suppliers, and the communities in which it operates to be a top priority. Galway’s management team is closely monitoring the public health crisis associated with the COVID-19 pandemic and has implemented precautionary health and safety measures and controls across its operations, based on the recommendations, or directives, issued by the public health authorities and governments in the various jurisdictions in which the Company operates. Galway will assess any new developments related to COVID-19 and related restrictions on economic activity as they arise and will provide appropriate updates on our operations in a timely manner. Galway would like to thank its workforce, partners and all stakeholders for their understanding and support, and is looking forward to resuming exploration activities when possible.

Robert Hinchcliffe, President and CEO of Galway said: “Galway has two excellent properties in mine-friendly Canadian jurisdictions – the Clarence Stream gold project in New Brunswick and the Estrades polymetallic project in Quebec. The Company had three rigs operating at Clarence Stream but suspended drilling March 20th as is typical at this time for the annual spring snow melt and flooding. Drilling is planned to resume during the first half of May, depending on market conditions and the recommendations of Canadian and Provincial health officials. Drilling at Estrades ceased in January as planned as a result of weak zinc and copper prices.”

Highlights of the recent activities include:

Clarence Stream
When drilling resumes, it will follow up the latest results including 10.6 g/t Au over 47.0m (25.6m TW), plus 1.2 g/t Au over 32.0m (17.4m TW), and 6.3 g/t Au over 30.0m (16.0m TW)
Galway’s George Murphy and Richard Zone discoveries at Clarence Stream have numerous drill holes pending assays, and many drill holes have had only the samples for one of the 3 main mineralized horizons rushed through the lab, with the rest also pending assays
A NI 43-101 resource estimate update has not been completed at Clarence Stream since Aug 2017. Subsequent to that resource estimate, Galway has drilled 47,353 metres; 3 of the 5 deposits are not yet in resource
Wide-diameter (85mm) PQ-sized core will be drilled at Clarence Stream for both ore sorting and metallurgical tests

Estrades
PQ-sized core from diamond drilling was undertaken at Estrades for ore sorting tests to determine whether Estrades mineralization can be pre-concentrated on site to reduce transportation and milling costs
Intersections from the PQ core include: 19.6% Zn, 5.2 g/t Au, 1.9% Pb, and 176 g/t Ag over 5.65m, plus 8.5 g/t Au and 4.2% Zn over 5.2m in hole 56,
5.7% Cu over 1.85m in hole 49, and
2.0% Cu, 10.3% Zn, and 81.8 g/t Ag over 4.7m in hole 50

After ore sorting tests, the core will subsequently be used for metallurgical testing to optimize precious metals payables by studying the blending of copper-rich with zinc-rich mineralization and studying the benefits if a lead circuit were available
Exploration drilling south of Estrades along the Newiska rhyolite trend returned 3.3% Zn over 0.5m located just before a large I.P. conductor target identified by a TITAN survey (the hole was stopped due to an early spring snow melt), up to 2.6% Cu over 0.5m in a new zone to the west, and massive sulphides (90% pyrite) due south of the Estrades deposit
A Gravity survey at Estrades covered all three major trends (Estrades, Casa-Berardi, and Newiska); numerous gravity high anomalies are unexplained and could represent massive sulfides concentrations
While Galway believes that mineral exploration potential at Estrades is strong, the Company has temporarily suspended drilling at Estrades in response to weak base metals prices. However, Galway is continuing to pursue ore sort testing as the Company advances the project

Other
Baseline water studies have been undertaken both at Clarence Stream and at Estrades
Robert Hinchcliffe, President, Chief Executive Officer and Director of the Company has acquired an aggregate 1,557,900 common shares of the Company during 2019 and 2020, including 418,500 since the new year began, February 3, 2020 press release
The advisory board has new recent additions: Phillip Walford, P. Geo and former CEO of Marathon Gold (Exploration Geologist); Mr. David Rhys, P. Geo (Structural Geology Expert); Mr. Harold Gibson, PhD., P. Geo (VMS Expert), February 6, 2020 press release

Recent Clarence Stream Drilling has Intersected Wide, High-Grade Mineralization in Multiple Zones

Galway continues to receive evidence from drill results that the new discoveries area, which includes the George Murphy (GMZ) and Richard Zones, plus the previously known Jubilee Zone, are part of the same 2.5 km-long mineralized system. The latest results included 10.6 g/t Au over 47.0m (25.6m TW), plus 1.2 g/t Au over 32.0m (17.4m TW) in hole 87, with a 200m step-out returning 4.5 g/t Au over 10.8m (5.6m TW) in the Richard Zone (Feb 25, 2020 press release). Another intersection of 6.3 g/t Au over 30.0m (16.0m TW) was recently received from the adjacent GMZ (Feb 13, 2020 press release). All intersects are open, with assays pending, as are assays pending for numerous other intersects and drill holes – approximately 6,000m in total.

An updated NI 43-101 resource estimate update was planned for the third quarter, but its timing may be delayed because of a lack of additional drilling necessary to optimize the resource estimate. The existing resource estimate, completed prior to the new discoveries, was completed in August 2017 on the South and North Zones only. Subsequently, Galway drilled 47,353m, mostly in the 3 zones not in resource. Of this total, 8,251m were completed in 2020 to date. The Company’s 2020 budget of 25,000m remains intact, pending the safe resumption of drilling this summer. Galway’s planned ore sorting and metallurgical tests are for the 3 zones not in resource. The North and South Zones have had metallurgical tests completed, with recoveries in excess of 90% for both gold and antimony in both zones via a typical crush, grind, gravity, flotation and CIL circuit. Galway believes that Clarence Stream is an emerging new gold district in North America.

Estrades Drilling

Holes 28C and 58 were drilled in 2019 at Estrades to target a TITAN geophysical conductor below these 2017-18 holes (Figure 1):
2.2 g/t Au, 181.0 g/t Ag and 28.5% Zn over 3.3m (TW 2.1m), plus 190.7 g/t Ag and 18.6% Zn over 2.6m (1.7m TW), plus 5.7 g/t Au and 43.2 g/t Ag over 2.6m (unknown TW), plus 4.7 g/t Au, 67.5 g/t Ag, 4.9% Zn, 2.1% Cu and 1.0% Pb over 1.8m (TW 1.1m), with the two best bolded highlight intersects starting at vertical depths of 435 meters and 453 meters, respectively, with the two upper-most intersects starting at vertical depths of 69 and 257 meters, respectively, in hole GWM-17E-27
21.9 g/t Au, 113.1g/t Ag and 5.6% Zn over 1.6m (TW 1.1m), including 33.1 g/t Au, 152.1g/t Ag and 8.3% Zn over 0.9m, plus 4.3 g/t Au, 154.8 g/t Ag and 0.9% Zn over 2.1m (TW 1.4m), including 8.3 g/t Au over 0.8m; together: 6.9 g/t Au, 78.5 g/t Ag and 1.7% Zn over 6.4 m (TW 4.4m), starting at a vertical depth of 468 meters in GWM-18E-31
3.0 g/t Au, 176.0 g/t Ag, 17.9% Zn, 0.3% Cu and 0.9% Pb over 5.4m (TW 3.4m), starting at a vertical depth of 456 meters in GWM-18E-32
4.3 g/t Au, 115.2 g/t Ag, 11.0% Zn, 0.8% Cu and 0.9% Pb over 7.1m (TW 5.2m), including 6.0 g/t Au, 212.5 g/t Ag, 16.2% Zn, 0.6% Cu and 1.8% Pb over 2.85m, starting at a vertical depth of 288 meters in GWM-18E-48

Aside from the metallurgical holes reported below, several others drilled at Estrades in late 2019 have assays pending. These were extended or wedged from previously drilled holes, and on visual analysis of the core appear to have intersected primarily pyrite zones up to massive sulphides with 70% pyrite over 3.6m in hole 28C extension, without significant base metal mineralization. Hole 58 intersected semi massive sulphides with 60% pyrite over 0.6m, preceded by weak chalcopyrite plus sphalerite over 2.0m at 1238-1240m.

Estrades: High Grades Returned from PQ-Size Core Drilled for Ore Sorting and Metallurgical Testing

Diamond drilling was undertaken in late 2019 and early 2020 to retrieve PQ-size core (i.e. big core – 85 mm diameter) for use in studies to determine the amenability of Estrades mineralization for pre-concentration on site via ore sorting. The core will be coarsely crushed to replicate blast muck produced during long-hole mining. Pre-concentrating on-site would help to significantly reduce transportation and milling costs. Intersections from the PQ-size core include:
19.6% Zn, 5.2 g/t Au, 1.9% Pb, and 176 g/t Ag over 5.65m, plus 8.5 g/t Au and 4.2% Zn over 5.2m in hole 56,
5.7% Cu over 1.85m in hole 49, and
2.0% Cu, 10.3% Zn, and 81.8 g/t Ag over 4.7m in hole 50

After ore sorting tests, the core will subsequently be used for metallurgical testing to enhance the Company’s understanding of metal recoveries in copper-rich areas, and to optimize precious metals payables. Estrades was a producing mine with all run-of-mine ore shipped to the mill at Matagami, located 130km east. Therefore, recoveries and payables are better understood in zinc-rich areas where production occurred.

Newiska: Another VMS Horizon for Galway To Explore

Galway’s Estrades property hosts three east-west trending mineralized horizons – Casa Berardi (gold) to the north, Estrades (polymetallic) VMS in the middle, and Newiska (polymetallic) VMS horizon to the south. All 3 horizons host existing or historic mines (Figure 2).

Volcanogenic Massive Sulphides (VMS) typically occur in clusters. As such, Galway believes it’s large ~20,000-hectare Estrades land position, which hosts two rhyolite horizons that commonly host VMS’s, has strong potential for additional discoveries. Galway considers the Newiska rhyolite a high-priority exploration target for new discoveries, which is made even more-so by drilling that contained significant copper, zinc, gold and silver intersects. More recent TITAN and Gravity geophysical surveys identified several targets along the Newiska horizon, several of which are in close proximity to previous drilling.

Galway released results from 2,961.5m in seven holes at Newiska from 2018 drilling, which included hole GWM18-NK-01 that intersected 4.2% copper over 0.7 metres in a 22.0 metre interval that returned 0.5% copper, hitting the high grade stringer vein some 93 metres from an historic hole that returned 2.0% copper and 37.4 g/t silver over 1.5m in a 9.4 metre interval that returned 1.1% copper and 41.5 g/t silver (Figure 3). Highlights from Galway’s 2018 Newiska drill program also included 2.1% copper, 6.7% zinc, and 145 g/t silver over 0.6 metres, plus 1.6% copper and 1.9 g/t gold over 1.0 metre in hole GWM18-NK-02, and 4.1% copper over 0.6 metres in a 7.1 metre interval that returned 1.2% copper in hole 3. The high-grade stringer vein intervals in all holes contained chalcopyrite. In hole GWM18-NK-01, high-grade mineralization is part of an extensive 132-metre stringer zone that is present from 328-460 metres. A second stringer zone is present from 141-194 metres. The significance of such stringer zones is that they are commonly found peripheral to VMS deposits.

Subsequent to the drilling, a large I.P. conductor target was identified by a TITAN survey below and west of Galway drilling. Hole GWM19-NK-14B, drilled in 2019 to target this conductor, had to be stopped short due to loss of access with an early spring snow melt. It did return 3.3% Zn over 0.5m from a 1”, 90% sphalerite stringer that is thought to be significant (Figure 4).

Galway results from 2,493 metres in 7 holes at Newiska from 2019 include:
Drill Hole GWM19-NK-14B intersected 3.3% Zn over 0.5m, plus 35 g/t Ag over 1.05m
Drill Hole GWM19-NK-11 intersected 33.4 g/t Ag over 0.7m, 0.5% Cu and 10.8 g/t Ag over 0.6m, plus 0.7% Zn over 0.5m
Drill Hole GWM19-NK-09 intersected 2.6% Cu over 0.5m, 33.0 g/t Ag and 0.4 g/t Au over 0.8m, and 0.08 g/t Au and 331 PPM arsenic (As) over 1.15m in a massive sulphide horizon
Drill Hole GWM19-NK-04 intersected 1.5% Cu over 0.65m, 1.2% Zn over 0.4m, 0.9% Cu over 0.8m, and 0.4% Cu over 0.7m

Hole 14B targeted a very large TITAN geophysical anomaly (a very large electrical conductor) located below and ~1km east of drilling completed in 2017-18. The hole was stopped short of target because early spring snow melt necessitated moving the drill out. The target rhyolite was only drilled for 20m before drilling was stopped. Narrow quartz-ankerite and siliceous stringers carrying sphalerite and chalcopyrite were intersected from 109.8m to the end of hole at 316.9m. A 1”, 90% sphalerite vein that resulted in a grade of 3.3% Zn over 0.5m, found in the basalts south of the rhyolites, is thought to be a FW (footwall) stringer (Figure 5).

Hole 09 targeted an area east of the “Estrades South” TITAN conductor along the Newiska horizon. It intersected 3.1m of massive sulphide (all pyrite) within rhyolite, which is found from the collar to 112m (Figure 5). It is anomalous in arsenic and gold. A 1” quartz-ankerite vein with 50% chalcopyrite in mafic volcanics returned 2.6% copper over 0.5m. A silicified zone with 5% fine disseminated pyrite on the contact between the volcanics and a felsic intrusive to the north returned 0.4 g/t Au.

Hole 04 targeted the “Estrades South” TITAN conductor along the Newiska horizon, located 2,200m south of Estrades. It intersected a semi-massive sulphide zone over 3.55m (pyrite) with 25-60% pyrite at 492.35-495.9m within a rhyolite unit from 306.5 -530.8m. Narrow quartz-ankerite and siliceous stringers carrying sphalerite and chalcopyrite were intersected from 313.9-361.35m. Talc is common. The best assays are 1.2% zinc over 0.9m, and 1.5% copper over 0.65m. A felsic intrusive was intersected from 616.7-626.85m.

Hole 11 targeted a gravity high anomaly south of Estrades that is in proximity to an interpreted rhyolite (Figure 6). While it did not intersect anything that explained the anomaly, it did intersect narrow quartz-ankerite and siliceous stringers carrying sphalerite and chalcopyrite from 100.1m to 312.05m, all in mafic volcanics, with the best assays being 0.5% copper over 0.7m, and 33.4 g/t Ag over 0.7m.

Hole 08 targeted east of an historic hole that returned 4.7% copper over 0.6 metres in a stringer zone. Hole 08 intersected felsic intrusive instead of the targeted rhyolite.

Galway Completed TITAN and Gravity Geophysical Programs at Estrades in Search of Intrusives

Galway commissioned three geophysical programs for 2018, two TITAN programs and one gravity survey that were completed in 2018 and early 2019. Results from these three programs will be used, in conjunction with the approximately 200,000 metres of historic drilling, to assist Galway in prioritizing its drill program in the Company’s search for VMS deposits along the rhyolite horizons and for buried intrusives in the vicinity of the Casa Berardi Break. Intrusives are important for heat sources for mineralized fluids. The TITAN geophysics surveys have enabled Galway to identify several high chargeability/low resistivity anomalies to depths of up to 2,000 metres in the Company’s search for sulphidic-rich source vents below the existing Estrades resource and elsewhere along the Estrades and Newiska horizons.

The gravity survey was undertaken by CGG Canada Services Ltd., the leading international gravity survey company, using its HeliFalcon Airborne Gravity Gradiometer (AGG) survey system that is the most advanced airborne system in the industry. An aeromagnetic survey was also done. A combined total of 1056 line kilometres of data was acquired at 100m-150m line spacings along the 3 main mineralization horizons – the Casa-Berardi Break (and splays), the Estrades rhyolite horizon, and the Newiska rhyolite horizon (Figure 7). The gravity survey identified the eastern portion of the mine (Figure 8). The western portion of the mine doesn’t show up because 200 metres vertical was mined (only backfill and void space is there now). The gravity survey identifies lithologic contacts very well – including the host rhyolites along Estrades and Newiska. A number of unexplained gravity highs are high-priority targets for exploration. Of particular interest is a gravity high that corresponds with a massive sulphide (pyrite) zone west of the Estrades deposit. It is common to have pyrite massive sulphide overlying zinc/copper in VMS systems. Other high-priority targets include the co-incident gravity high where hole 14B was targeting the TITAN conductor at Newiska east, and several unexplained targets south of the Estrades mine.

Table 1: Drill Results: Estrades Metallurgical-Ore Sort and Highlight Holes

Hole ID From
(m) To (m) Intercept (m) Au (g/t) Ag (g/t) Zn (%) Cu (%) Pb (%) TW TRUE WIDTH Type**
GWM-19E-49 104.4 106.25 1.85 1.6 130.8 4.6 5.7 0.9 MSS
incl 105.5 106.25 0.75 1.7 169.3 4.7 7.8 0.4 MSS
GWM-19E-50 132.75 137.45 4.70 1.8 81.8 10.3 2.0 0.4 1.9 DSS
incl 132.75 133.50 0.75 0.6 93.4 0.7 3.2 0.3 DSS
incl 136.90 137.45 0.55 5.0 167.1 1.3 5.3 0.2 DSS
GWM-19E-56 154.75 160.40 5.65 5.2 176.2 19.6 0.3 1.9 1.3 MSS
162.80 168.00 5.20 8.5 57.0 4.2 1.2 MSS

Notes:
* Ore Sorting and Metallurgical Test Holes – True widths are unknown – holes were drilled at an acute angle to the veins in order to recover sufficient material for ore sorting and metallurgical tests. ** MSS = massive sulphide, SMS = semi-massive sulphide, DSS = disseminated and stringer sulphides. DDH 53 did not intersect the target and instead intersected FW copper stringer zones grading up to 1.9% Cu.

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