'Since acquiring
Galway released an updated Mineral Resource for
Indicated open pit resources of 886,000 ounces at 2.27 g/t Au, plus
Inferred open pit resources 731,000 ounces at 1.93 g/t Au, plus
Indicated underground resources of 36,000 ounces at 4.1 g/t Au, plus
Inferred underground resources of 603,000 ounces at 4.5 g/t Au
Triangle Area: A Large New Target for Resource Expansion at
The Triangle Area represents a large target relative to the entire size of the SW Deposit resource area. The SW Deposit already represents by far the largest component of Galway's Clarence Stream Resource at 55% and 65% for Indicated and Inferred, respectively. Drilling in two zones (Stewart and
Large Step-Outs from Stewart Highlight Significant Potential from the Top of the Triangle to Adrian
In a
Highlights of Stewart Zone Step-Out Drilling:
Hole CL-111: 4.1 g/t Au over 10.25m, including 33.5 g/t Au over 1.1m, plus 2.6 g/t Au over 2.5m, starting at vertical depths of 16.5m and 108m, respectively
Hole CL-72: 4.8 g/t Au over 3.1m, starting at a vertical depth of 95m
Hole CL-110: 0.9 g/t Au over 3.65m, starting at a vertical depth of 64.5m
Hole CL-104: 4.0 g/t Au over 1.6m, starting at a vertical depth of 53.8m
Hole CL-129:8.6 g/t Au over 2.0m, including 19.6 g/t Au over 0.5m starting at a vertical depth of 61m
Hole BL-246:18.9 g/t Au over 1.0m, plus 2.3 g/t Au over 2.0m, including 5.7 g/t Au over 0.5m starting at vertical depths of 50m, and 30m, respectively
Hole BL-244:13.0 g/t Au over 0.5m (V.G.), plus 3.5 g/t Au over 1.0m, plus 3.4 g/t Au over 1.0m, plus 0.6 g/t Au over 2.55m plus 0.44 g/t Au over 2.5m starting at vertical depths of 116m, 98m, 51m, and 81m, respectively
Hole CL-113: 9.1 g/t Au over 1.0m, starting at a vertical depth of 100m
Hole CL-138: 1.7 g/t Au over 3.0m, plus 1.4g/t Au over 4.0m, including 4.0 g/t Au over 1.0m,plus 0.4 g/t Au over 5.5m, including 1.8 g/t Au over 0.5m starting at vertical depths of 14m, 159m, and 22m, respectively previously-released. A 0.42 g/t Au cutoff grade was used for previously-released intersects, and a cutoff grade of 0.38 g/t Au was used for newly reported intersects. These cutoff grades coincide with the cutoffs applied to the most recently-released resource estimates at the time the intersects were reported.
Some of the intersections in holes CL-138 and in hole BL-246 are significant because they are the furthest step-outs from the
Richard North Veins Expanded over 200m Along Strike from West Edge of Triangle
In another location within the Triangle Area, new drilling has returned multiple wide intersections near the previously-reported discovery of the Richard North Vein of 1.1 g/t Au over 8.35m, located 340m north of the SW Deposit resource. Similar wide intersects were returned, such as 2.6 g/t Au over 9.2m and 1.9 g/t Au over 9.0m, with all of them lining up to form a zone measuring 236 metres horizontally along a NE strike. This is interpreted to be the up-dip extensions to a number of previously-released wide intersects (in holes 188, 189 and 185) that joined up the Richard and GMZ zones (both part of the SW Deposit). Those intersections include 1.4 g/t Au over 34.5m in hole 188, 1.3 g/t Au over 42.0m in hole 189 and 1.4 g/t Au over 13.5m, plus 1.2 g/t Au over 9.0m, plus 0.8 g/t Au over 13.0m, plus 1.3 g/t Au over 5.0m, plus 1.0 g/t Au over 5.0m in hole 185. Despite being strong intersections, none of these were incorporated in the resource due to a lack of drilling. Additional drilling in this area between the 2.6 g/t Au over 9.2m in hole BL-231 and these previously-released intersections could join them up over a 540m down-dip length (Figure 3, Figure 4). The Richard North Veins may link, again within the Triangle Area, to the
Highlights of Richard North Veins:
Hole BL-213: 1.1 g/t Au over 8.35m, including 8.2 g/t Au over 0.5m, plus 2.0 g/t Au over 1.15m, plus 0.8 g/t Au over 4.15m starting at vertical depths of 89m, 77m and 84m, respectively
Hole BL-204: 4.0 g/t Au over 1.35m starting at a vertical depth of 25m
Hole BL-231:2.6 g/t Au over 9.2m, including 13.3 g/t Au over 1.2m and 5.8 g/t Au over 1.0m, starting at a vertical depth of 99m
Hole BL-225:1.9 g/t Au over 9.0m, including 20.4 g/t Au over 0.5m starting at a vertical depth of 104m
Hole BL-214: 1.5 g/t Au over 4.6m, including 6.7 g/t Au over 0.8m, plus 1.1 g/t Au over 0.8m, starting at vertical depths of 100m, and 137m, respectively
Hole BL-222: 4.0 g/t Au over 1.1m, starting at a vertical depth of 92m
The more than doubling and quadrupling, respectively, of Measured and Indicated, and Inferred gold resources at Clarence Stream was driven principally by Galway's discovery of the Adrian,
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T: 1-800-771-0680
Email: info@galwaymetalsinc.com
Website: www.galwaymetalsinc.com
CAUTIONARY STATEMENT
Neither the
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.
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