Announcement • Apr 23
Galway Metals Inc. Reports Assay Results from Eight Diamond Drill Holes At Clarence Stream Gold Project
Galway Metals Inc. reported assay results from Eight diamond drill holes at the South Deposit within its 100%-owned Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project hosts district-scale potential along an approximately 65-kilometre trend of highly prospective gold showings and anomalies. The Project currently hosts a 2022 Mineral Resource Estimate of 12.4 Mt grading 2.3% Au in the Indicated category (922,000 oz Au) and 16.0 Mt grading 2.6% Au in the Inferred category (1,334,000 oz Au), as outlined in the NI 43-101 technical report titled “Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada” dated March 31, 2022, prepared by SLR Consulting Ltd. Highlights (Plan Map) • CS-418 Intersected 6.1 g/t Au and 0.2% Sb over 19.0m (Section 1), including: 18.3 g/t Au over 3.0m, 20.6 g/t Au over 1.0m • CS-426 Intersected 4.2 g/t Au over 4.0m, including: 15.6 g/t Au and 1.0m • CS-422 Intersected 1.1g/t Au and 0.2% Sb over 12.0m (Section 2) • CS-430 Intersected 2.5 g/t Au and 0.4% Sb over 3.0m and 1.5 g/t Au over 3.0m and 1.3 g/t Au over 5.0m. The eight drill holes reported represent additional results from the 2026 drill program at the South Deposit, which hosts the highest-grade resource within the 2022 Mineral Resource Estimate, comprising 333,000 ounces at 2.99 g/t Au (Indicated) and 325,000 ounces at 4.03 g/t Au (Inferred). Hole CS-418, drilled in the central portion of the South Deposit, is located approximately 30 metres northeast of previously reported hole CS-416, which returned 28.0 metres grading 6.1 g/t Au and 0.7% Sb. This step-out demonstrates strong high-grade continuity and thickness within the South Deposit, with both holes situated within approximately 50 vertical metres of surface and are both contained within the 2022 resource pit shell. For a complete list of South Deposit assays reported in this press release, please refer to the Assay and Coordinate Table. Geology and Mineralization Gold-antimony mineralization at Clarence Stream is structurally controlled and associated with quartz veins and quartz stockwork developed within brittle-ductile fault zones hosted in both intrusive and metasedimentary rocks. Mineralization is associated with pyrite, base-metal sulphides, and stibnite, along with anomalous concentrations of bismuth, arsenic, antimony, and tungsten. Alteration within host rocks is typically confined to a few metres surrounding quartz veins and is characterized primarily by sericitization and chloritization. A more detailed description of the Clarence Stream geology and mineralization is available. Review by Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Jesse Fisher, P.Geo., Project Manager for Clarence Stream and a Qualified Person as defined by National Instrument 43-101. Galway Metals conducts its exploration activities in accordance with CIM Best Practices Guidelines. Quality Control and Reports All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 meters to 1.5 meters in length. 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%.
