TORONTO, ONTARIO--(Marketwired - Dec. 18, 2017) - Galway Metals Inc. (TSX VENTURE:GWM) (the "Company" or "Galway") is pleased to announce a new discovery of mineralization 2 km east of the Jubilee Zone, and 4 km west of the Clarence Stream South Zone. Partial assay results from the first five holes (831m) include 2.2 grams per tonne of gold over 11.9m (hole GWM17CL-04), and 5.3 grams per tonne of gold over 0.5m (GWM17CL-05-visible gold present). These intersections are located at 120m and 175m below surface, respectively.
Robert Hinchcliffe, President and CEO of Galway Metals, said, "Discovering yet another new zone of mineralization is extremely positive for our project. So far, every soil anomaly tested to date overlies mineralization. This increases the urgency to test the numerous other soil anomalies, many of which are stronger than those found above the four zones of mineralization found to date."
New Discovery Drill Results
The new discovery was found by drilling in the immediate vicinity of a 700m long soil anomaly where boulders were found by George Murphy (prospector) that contained gold. There appears to be two zones that trend the same direction as the Jubilee and Clarence South Zones. The dip is uncertain but the angles of the quartz veins to the core is 30-70 degrees. The mineralization consists of 10-70% quartz stockworks and veins with 1-2% fine pyrite plus pyrrhotite plus arsenopyrite in sericite altered sediments. Of note is the existence of a massive zone of quartz (70-100% generally) in hole 3 from 16-47m that only assayed anomalously. This new zone will be named the George Murphy Zone. Figure 1 shows the location of the new discovery relative to other zones and soil anomalies. Figure 2 shows the holes and the 300m gap in drilling between the zones in holes 4-5 and the zones in holes 1-3. This gap is up-ice from the boulders that assayed 16.5 g/t, 11.5 g/t, and 7.9 g/t for gold. Unlike the South Zone and Jubilee Zone, this new discovery is located north of the Sawyer Brook Fault. Galway will drill immediately, to determine continuity of this new zone toward surface, filling in the 300m gap and along strike.
New Discovery Assays
*VG (visible gold)- assayed by metallic screens method. Drill holes 1 and 3 contained anomalous assays up to 348 ppb; No upper cutoff grade was applied; 0.42 g/t was used for the bottom cut-off; True widths are unknown.
Assays have also been received from Galway's 11-hole, 1,766-metre drill program designed to follow up on previous gold intersections reported by Jubilee Gold and Union Gold. Partial assays from the first two were previously reported on October 12, 2017.
*erroneously previously reported as 8.9; hole 9 had no significant value; No upper cutoff grade was applied; 0.42 g/t was used for the bottom cut-off; True widths are unknown
At least three horizons of mineralization appear to be present. In general, the zones appear to trend in the same direction as the South Zone, and it appears that the zones could be dipping to the South at ~45°. Figure 3 shows the locations of the new intersections.
Jubilee Geology and Mineralization
Jubilee geology and mineralization can be found on Galway's website at www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., 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%.
|Hole ID||Azimuth||Dip||Northing||Easting||Total Depth (m)|
|George Murphy Zone|
About the Company
Galway Metals is well capitalized with 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 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.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that 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 statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, 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 contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.