American Marconi Wireless News - Galway Drilling Extends Gold Mineralization 300 Meters at the Southwest Deposit, and 350 Meters at the North Deposit

Rob Hincliffe, President and CEO of Galway, said, "We are excited to see gold mineralization continuing 300 meters north, which significantly opens the resource expansion potential of the Southwest Deposit. We have an additional 12 holes with pending assays from this area, which should continue to prove gold continuity and add near surface ounces. The second drill rig has been drilling shallow high-grade gold and antimony mineralization at the North Deposit since January with 23 drillholes currently pending assays. With gold reaching record prices, Galway is positioned to take advantage because we will have drillhole assays, metallurgical results and additional news in the coming weeks and months."

Highlights

• CL-206 intersected 3.4 g/t gold over 5.0m including 11.1 g/t gold over 1.0m (Section 1)

• CL-211 intersected 3.1 g/t gold over 2.9m including 13.2 g/t over 0.5m

  -Extending SW Deposit over 300m to the N-NE from the 2022 MRE models (Section 2)

• CL-209 intersected 0.92 g/t gold over 14.0m

• Twelve additional follow-up drill holes are pending assays for this area

Drill Results Confirm Northern expansion of SW Deposit

The drill holes in this release are located on the northeastern area of the Southwest Deposit (Figure 1) with the purpose of following up on shallow, wide mineralized zones and extending mineralization to the north. The results (Assay and Coordinate Table) now extend the mineralization approximately 300-metres from the 2022 Clarence Stream Resource Estimate. There are an additional 12 holes with pending assay from this area, with the purpose of connecting mineralization along strike and dip with 25-to-50-meter centers. The Southwest Deposit is open for expansion in both directions along strike and at depth.

North Zone drilling expanding mineralization

Since acquiring Clarence Stream in 2016, Galway has increased the North Deposit resource by >240% from 93,000 ounces to 226,000 ounces with under 10,000m drilled. The second rig has been drilling off the North Deposit since January, with the purpose of extending the shallow, flat lying gold-antimony mineralization beyond the current resource pits. There are currently 23 drill holes with pending assays (Figure 2), including hole ND-21 with visible gold at 43.4 meters (Photo). Most of the holes are located outside the 2022 resource, expanding the deposit approximately 350m to the North and East.

Geology and Mineralization

The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled, quartz-vein hosted gold deposits. These deposits consist of quartz veins and quartz stockwork within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet material. The mineralized systems are hosted in intrusive and metasedimentary rocks within high strain zones controlled by regional fault systems. Pyrite, base metal sulphides, and stibnite occur in these deposits along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the form of sericitization and chloritization. A more complete description of Clarence Stream's geology and mineralization can be found at www.galwaymetalsinc.com.

New Brunswick Junior Mining Assistance Program

Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024.

Review by Qualified Person

Jesse Fisher, P.Geo., Project Manager 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.

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%.

About Galway Metals Inc.

Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway Metals also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders.

For additional Information on Galway Metals Inc., Please contact:

Robert Hinchcliffe President & Chief Executive Officer
Telephone: 1-800-771-0680
Email: [email protected]
Website: www.galwaymetalsinc.com
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Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Galway Metals Inc.

View the original press release on ACCESS Newswire

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