Galway Metals Intersects New Wide Vein with Significant Visible Gold 320 Metres NE of GMZ’s New Veining at Clarence Stream

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Overig advies 29/07/2020 17:38
(Toronto, Ontario, July 29, 2020) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report that hole CL20-65 contains abundant Visible Gold (VG) (see photos; assays pending) in a new massive quartz vein that is 14.4 metres (m) in core length, located 320 metres NE of a previously-reported new vein intersection of 11.4 g/t Au over 2.0m, including 43.5 g/t Au over 0.5m in hole CL20-58. The intersection in hole 58 had been discovered 75 metres north of the George Murphy Zone (GMZ) at the Clarence Stream Gold Project in SW New Brunswick (Figure 1, Figure 2, Figure 3).

Numerous other intersections reported here are follow-up to the 2 new veins discovered 75 metres and 150 metres north of the George Murphy Zone (April 29, 2020 press release). Additional intersections reported here are new veins discovered north and south of the GMZ, and step-outs to known veins. The latest results are highlighted by:
Hole CL-65 intersected a new massive quartz vein that is 14.4m core length from 242.1-256.5m that contains 29 visible gold (VG) splashes located 246.5-246.8m, 248.2m, 252.4-253.2m, and 255.1-255.2m downhole (photos; assays pending) starting at a vertical depth of 171m below surface. The new vein appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property – the Sawyer Brook Fault (Figure 3).
4.3 grams per tonne (g/t) Au over 3.8 metres (m), 1.9 g/t Au over 13.15m, 1.7 g/t Au over 4.7m, and 1.0 g/t Au over 5.4m and many more intersections in at least 4 new veins at the GMZ, located north of the previous northern limit (Figure 4)
2.8 g/t Au over 8.4m, 1.3 g/t Au over 6.0m, 1.3 g/t Au over 5.2m, and 0.7 g/t Au over 5.9m and many more intersections in at least 3 new veins at the GMZ, located south of previously identified veins
4.5 g/t Au over 8.45m, 0.8 g/t Au over 21.25m, 1.6 g/t Au over 19.9m, and 1.1g/t Au over 9.8m in known veins at the GMZ (Figure 1, Figure 5, Figure 6)

“Galway has made tremendous progress during the past month. The Company raised $17 million to top up its treasury to $22 million. In doing so, we more than doubled the number of institutional shareholders to approximately 30 and fully-funded our 75,000-metre, 200 hole Clarence Stream drill program through the end of 2021. We also made two new discoveries – one approximately 1.0 km SW and along strike of the Jubilee Zone, Clarence Stream’s western-most known deposit by intersecting 186.5 g/t Au over 0.6m, and we made another new discovery 3.7 km to the NE with 14.4 metres of massive quartz veining hosting 29 splashes of visible gold reported here. We also bought back 2 NSR royalties, of which most payments can be made with Galway shares over a 5-year period. With 5 rigs turning, Galway is looking forward to following up to expand both new discoveries and the known deposits within and beyond the 3.7km-long mineralized system,” cites Robert Hinchcliffe, President and CEO of Galway Metals.

Assay Highlights
CL20-60: 1.7 g/t Au over 4.7m, plus 1.0 g/t Au over 5.4m, including 2.8 g/t Au over 1.0m, plus 2.1 g/t Au over 1.05m, at vertical depths of 217m, 56m, and 28m below surface, respectively
CL20-59: 4.5 g/t Au over 8.45m, including 35.3 g/t Au over 0.7m, plus 2.8 g/t Au over 8.4m, plus 1.3 g/t Au over 6.0m, plus 6.7 g/t Au over 0.8m at vertical depths of 97m, 156m, 177m, and 140m below surface, respectively
CL20-57: 1.9 g/t Au over 13.15m, including 7.8 g/t Au over 1.0m and 4.4 g/t Au over 0.75m, plus 0.8 g/t Au over 21.25m, including 2.1 g/t Au over 1.0m and 2.2 g/t Au over 0.85m, plus 0.7 g/t Au over 5.05m, plus 0.7 g/t Au over 4.55m, plus 0.8 g/t Au over 3.25m at vertical depths of 164m, 6.0m, 131m, 191m and 197m below surface, respectively
CL19-44A: 1.3 g/t Au over 5.15m, including 4.2 g/t Au over 0.75m, plus previously reported 6.5 g/t Au over 7.35m, including 31.9 g/t Au over 0.6m, at vertical depths of 65m and 34m below surface, respectively
CL19-43: 4.3 g/t Au over 3.8m, including 8.4 g/t Au over 1.0m, at a vertical depth of 43m below surface
CL19-40: 1.1 g/t Au over 9.8m, including 4.1 g/t Au over 0.85m, plus 1.2 g/t Au over 3.65m, plus 0.7 g/t Au over 5.9m, including 2.5 g/t Au over 0.75m, at vertical depths of 54m, 69m, and 135m below surface, respectively
CL19-38: previously reported 0.8 g/t Au over 5.0m is now 1.6 g/t Au over 19.9m including 24.2 g/t Au over 0.5m, at a vertical depth of 214m below surface

On June 24, Galway announced a different new discovery that returned 186.5 g/t Au over 0.6m, located 950m SW and along strike of the western-most intersection of the Jubilee Zone (Figure 2). That Jubilee intersection had returned 1.9 g/t Au over 43.3m (35.7m true width (TW)), including 21.2 g/t Au over 2.35m, starting at a vertical depth of 36m below surface (September 5, 2019). Another similar vein to the discovery is located 13m further downhole and returned 2.2 g/t Au over 0.7m. Galway plans on following up on this discovery in coming days.

The GMZ is 730m long to date (excludes the new discovery), with multiple structures over 310m horizontal thickness (width), and with all veins open in every direction (Figure 1). The new 14.4 metre quartz vein in hole 65 appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property – the Sawyer Brook Fault (Figure 3). It directly underlies a soil anomaly that gave a grade of 19 ppb. The anomaly is present on the next line 100m to the east that gives it a strike along the magnetic low. It also lines up nicely with another soil anomaly located a further 320m east that grades 53 ppb. The anomalies extend for another 1.6 km east beyond that. They also extend 1.0 km SW of the vein. Soil anomalies, in conjunction with glacial till and stream sediment anomalies led to the discovery of all 5 known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies. As Galway continues to make new discoveries, it is becoming apparent that Clarence Stream is an important new gold district in North America.

Table 1. Assay Results

Hole ID From (m) To (m) Intercept (m) Intercept (m) TW Au g/t
GMZ NORTH TREND GWM20CL-60 32.60 33.65 1.05 2.1
65.80 71.20 5.40 1.0
see &

Toronto, ON – July 28, 2020 – Galway Metals Inc. (TSXV: GWM) (“Galway Metals” or the “Company“) is pleased to announce that it has entered into an agreement dated July 27, 2020 (the “Agreement”) with an arm’s length third party royalty holder to buy back a one percent (1.0%) net smelter returns royalty (the “Royalty”) covering certain mineral claims at the Company’s Clarence Stream property in southwest New Brunswick (the “Property”). This is a separate royalty and is in addition to the royalty purchase announced on July 21, 2020. The mineral claims subject to the Royalty cover the Jubilee Zone, parts of the Richard Zone, the recently reported new discovery of 186.5 g/t Au over 0.6m located 950m SW of the Jubilee Zone and other prospective properties.

The original agreement allowed only for buyback of one-half percent (0.5%) of the royalty for $500,000. Galway was able to negotiate with the royalty holder to purchase the royalty in its entirety. Under terms of the Agreement, Galway Metals will pay a total purchase price of $580,000 comprised of a cash payment of $100,000 and 400,000 common shares in the capital of the Company at a deemed price of $480,000 ($1.20 per Share).

The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Robert Hinchcliffe, President, Chief Executive Officer & Director, commented, “We are pleased to complete a second royalty acquisition at the Clarence Stream Project, and, just as with our first royalty buyback, will contribute meaningfully to further unlocking value of the Clarence Stream land package beyond what we have already accomplished. The royalty holder’s willingness to receive the majority of payment as shares in Galway demonstrates belief in the property and in the Company’s future.”

Review by Qualified Person, Quality Control and Reports

Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, 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%.

About Galway Metals Inc.

Galway Metals is focused on two gold 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 the successful spinout to existing shareholders from Galway Resources Ltd. 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 Ltd.

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