Mr. Robert Hinchcliffe reports
GALWAY METALS DRILLS OAK BAY FOR THE FIRST TIME AFIRST HOLE RETURNS 6.0 G/T AU OVER 3.3M WITH FOLLOW-UP HOLES EXTENDING THIS NEW ZONE 110 METRES AT CLARENCE STREAM
Galway Metals Inc. has begun drilling on the Oak Bay property that was optioned in July, 2020. Mineralization at Oak Bay and neighbouring Lily Hill consists of arsenopyrite-rich quartz veining in altered, silicified gabbro dikes in contact with sediments, both of which are mineralized -- a similar geological setting to the South zone. The South zone is located 19 kilometres to the east of Oak Bay and currently hosts the majority of Clarence Stream's gold resource. The zone at Oak Bay has now been drill delineated with strong consistent intersections over 110 m of horizontal distance (strike length). The zone is open in every direction. Most of the assays further down each hole are pending, as are holes 5-8 and 10-13.
Highlights for Galway's initial drill program at Oak Bay include:
Hole OB-01 intersected 6.0 grams per tonne gold over 3.3 metres, including 9.3 g/t Au over 1.1 m, starting at a vertical depth of 13.8 m.Hole OB-02 intersected 2.2 g/t Au over 0.8 m, starting at a vertical depth of 18.2 m.Hole OB-03 intersected 2.3 g/t Au over 6.65 m, including 6.7 g/t Au over 0.6 m, starting at a vertical depth of 5.4 m.Hole OB-04 intersected 1.6 g/t Au over 4.65 m, starting at a vertical depth of 6.2 m.Hole OB-09 intersected 3.5 g/t Au over 4.2 m, including 8.6 g/t Au over 0.6 m, starting at a vertical depth of 31.8 m.Hole OB-14 intersected 5.1 g/t Au over 1.15 m, starting at vertical depths of 4.2 m.Hole OB-15 intersected 4.0 g/t Au over 2.35 m, starting at a vertical depth of 3.7 m.OB05-07** intersected 5.2 g/t Au over 2.5 m, including 11.8 g/t Au over 0.5 m, starting at a vertical depth of 13.2 m.OB05-03** intersected 1.9 g/t Au over 5.5 m, including 8.1 g/t Au over 0.5 m, starting at a vertical depth of 50.2 m.
** Historic drill holes previously released by other operators.
"We have been saying that Galway believes Clarence Stream is an important new gold district in North America -- with every new discovery, this is becoming more self-evident. Now that drilling for the upcoming resource has been completed, Galway plans to accelerate its drilling of the many gold anomalies to further demonstrate Clarence Stream's district scale. Galway plans to release the Clarence Stream resource update in Q4 [20]21," said Robert Hinchcliffe, president and chief executive officer of Galway Metals.
The 19 km between Oak Bay and the South zone is highly prospective
Between Oak Bay and the South zone is a large multiphase gabbro complex. The mineralized gabbro dikes at Oak Bay and the South zone are thought to have originated from this complex. Galway has not yet drilled the gabbro complex or the 19 km between Oak Bay and the South zone, except for the three km trend further north that hosts the Adrian, George Murphy, Richard and Jubilee zones.
The gabbro complex and the area north of it between Oak Bay and the South zone hosts two of the three highest-grade glacial till anomalies (95 and 86 parts per billion Au) at Clarence Stream, extensively anomalous gold-in-soil anomalies that extend several km in both northeast and northwest directions, and boulders and chip samples up to 35.5 and 16.3 g/t Au. Galway plans to follow up on the initial drill program at Oak Bay and to drill several of the targets in this highly anomalous 19 km gap, as well as the gabbro complex in 2022.
Oak Bay and Lily Hill host high-grade boulders and chip samples up to 43.0 g/t Au
The Oak Bay claims are host to widespread boulders with grades up to 18.0 g/t Au, while Lily Hill has chip samples to 43.0 g/t Au. Lily Hill is another optioned property just southeast of Oak Bay, containing similar geology; hole LH07-01 (drilled in 2007 by previous operators) intersected 3.7 g/t Au over 3.0 m, which has not been followed up since, where a 23.6 mGabbro dike is entirely mineralized, with the zone in a contact breccia. Strong linear gold soil anomalies at Oak Bay are present grading up to 882 parts per billion Au, which is in the top 10 of the approximately 50,000 soil samples taken at Clarence Stream, while Lily Hill has soil values to 190 ppb Au. Cordierite alteration is present in the sediments that consist of siltstones and slate.
The Sawyer Brook fault, the main conduit for gold-bearing fluids at Clarence Stream, is located close to the drilling at Oak Bay and Lily Hill. Oak Bay contains a two km north-south horizontal (strike) length of drill holes (refer to Aug. 25, 2020, press release) with mineralized gabbro along a magnetic high (gabbro is slightly magnetic whereas sediments are not), which continues north 5.0 km to the Tower Hill showing that assayed as high as 89.1 g/t along a gabbro-sediment contact.
There is a plus-10-kilometre-long intrusion flanking the Oak Bay to Tower Hill area to the west; Clarence Stream is thought to be an intrusion-related gold system. All intrusions at Clarence Stream are encircled by one or more of gold-in glacial tills, soils, boulders and/or chip samples, all of which exist along this plus-10-kilometre Oak Bay to Tower Hill trend.
ASSAY RESULTSHole ID From To Intercept Intercept TWAu (m)(m) (m)(m) (g/t)GWM21OB-01 19.9023.203.306.0GWM21OB-02 21.0021.800.802.2210.00 257.70pendingGWM21OB-037.8014.456.652.3including 7.80 8.600.606.7including12.9513.800.854.9 52.55 105.25pending174.50 364.40pendingGWM21OB-047.2511.904.651.6213.00 255.00pendingGWM21OB-097.9012.85pending 21.2029.00pending 32.3036.504.203.5including34.5535.150.608.6 38.05 115.75pending154.30 212.55pendingGWM21OB-146.20 7.351.155.18.10240.0pendingGWM21OB-155.35 7.702.354.0 45.80 320.45pendingOB05-0718.7021.202.505.2**including20.2020.700.50 11.8**including20.7021.200.508.2**OB05-0371.0076.505.501.9**including73.0073.500.508.1**LH07-0123.5026.503.003.7**6.5023.50 17.00 0.15**True widths are unknown if not noted (dip uncertain until drilled deeper). ** Historic drill holes previously released by other operators.
New Brunswick Junior Mining Assistance Program
Galway would like to acknowledge financial support from the New Brunswick junior mining assistance program, which partially funded drilling of the GMZ, Jubilee and Richard zones.
Geology and mineralization
The discovery of the Richard zone in hole 12 contains elevated levels of bismuth, arsenopyrite and antimony in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. The Richard zone contains multiple zones of quartz veining with sulphides and sericite alteration. In general, mineralization at Clarence Stream consists of 10 per cent to 70 per cent quartz stockworks and veins with 1 per cent to 5 per cent fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. The Jubilee mineralization consists of 2 per cent to 5 per cent disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite and pyrrhotite in sediments with white to smoky grey quartz veining. Locally, there is up to 10 per cent sphalerite and semi-massive galena veinlets. The 2.5-kilometre trend that hosts the GMZ, Richard and Jubilee zones contains a mineralized mafic intrusive locally similar to the South zone, which currently hosts most of the property's last reported gold resources (September, 2017). A more complete description of Clarence Stream's geology and mineralization can be found on the company's website.
Review by qualified person, quality control and reports
Michael Sutton, PGeo, a director and vice-president 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. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, Agat Laboratories and/or Swastika Laboratories. All four labs have ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025 accreditation. All cores are 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 (inductively coupled plasma). The company's quality assurance/quality control (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 5 per cent 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 per cent.
About Galway Metals Inc.
Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade, gold-rich volcanic massive sulphide polymetallic mine in Quebec. The company began trading on Jan. 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the $340-million (U.S.) 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.
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