(Toronto, Ontario, September 9, 2020) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report assay results from drilling on the west side of the Richard Zone at the Company’s Clarence Stream project in southwest New Brunswick, Canada (Figure 1 and Figure 2). The latest results are highlighted by:
Hole 106 intersected 54.7 grams per tonne (g/t) Au over 2.5 metres (m), including 191.0 g/t Au over 0.5m Visible Gold (VG) (previously released), plus 0.9 g/t Au over 54.2m (VG at 200.45m assayed 14.6 g/t Au over 0.5m), plus 10.0 g/t Au over 4.5m, starting at vertical depths of 86m, 196m, and 330m below surface, respectively (Figure 3).The VG at 200.45m is 30m west of an intersection of 44.1 g/t Au over 9.5m (within 10.6 g/t Au over 47.0m) in hole 87. The 10.0 g/t Au over 4.5m is the deepest intersection in the Richard Zone and is generally in-line with the deepest intersects in hole BL20-88 at the neighboring George Murphy Zone that returned 6.5 g/t Au over 14.05m and 4.9 g/t Au over 2.35m at vertical depths of 321m and 335m, respectively.
Hole 109 is the first of 5 new holes located 100 metres west of the Richard Zone (Figure 4, and Figure 5). It intersected 4.1 g/t Au over 16.0m, including 22.7 g/t Au over 1.0m, and 65.7 g/t Au over 0.5m, plus 1.0 g/t Au over 14.0m, including 7.6 g/t Au over 1.0m, plus 1.3 g/t Au over 5.0m (VG assayed 2.2 g/t), including 3.4 g/t Au over 1.0m starting at a vertical depths of 180m, 221m, and 155m below surface. The other 4 holes are pending assays.
Robert Hinchcliffe, President and CEO of Galway Metals, said, “The Richard Zone has been extended 100 metres west with continuous mineralization now over 400 metres along strike. It has also been extended to depths in-line with the deepest intersections in the George Murphy Zone, and all Zones at Clarence Stream remain open at depth, along strike and laterally. With $22M in cash, Galway’s recently expanded 75,000m drill program is fully-funded through the end of 2021. Our aim is to not only expand the existing zones, but to also continue making new discoveries to further demonstrate that Clarence Stream is an important new gold district in North America.”
Hole 109 is the first of 5 new holes located 100 metres west of the previous western limit of the Richard Zone; the rest are pending assays (Figure 5). The mineralization lines up nicely with the main (middle) vein. Hole 106 also intersected the main (middle) vein with 0.9 g/t Au over 54.2m, and an interpreted splay structure that returned an interval of 10.0 g/t Au over 4.5m. This latter intersection is the deepest in the Richard Zone. The southern zone (previously-released 54.7 g/t Au over 2.5m) was also intersected in hole 106, and this intersection is interpreted to be the western extension of the discovery hole intersection that returned 7.3 g/t Au over 36.7m, located 184m to the east. Hole 94 was drilled out of the western plunge of the zones, and so missed the mineralization.
Galway’s drill program over the next several months is to utilize 5 rigs, up from 3, in the following ways:
to continue drilling the 2 gaps between the George Murphy, Richard and Jubilee Zones;
to tighten drill spacings in these zones – generally to 50 metres for inclusion in the Q1/21 resource update;
to follow-up on the recent 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;
to follow-up on the recent new discovery that returned 13.4 g/t Au over 12.95m 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, which is part of several new veins that had been discovered 75 metres north of the George Murphy Zone (GMZ) and will also be followed up, and
wildcat drilling will also take place north of the North Zone, east and north of the GMZ, the new properties acquired in August (following up on historical intersections of 5.2 g/t Au over 2.5m and 3.7 g/t Au over 3.0m, etc., 20 km west of the South Zone), and on the 4km+ high-grade gold-in-soil anomaly beginning 1km on strike to the SW of the new 186.5 g/t Au over 0.6m discovery.
Table 1. Assay Results
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