- Galway Metals (TSXV:GWM) released results from seven new drillholes at its 100-per-cent-owned Clarence Stream gold project in New Brunswick, adding conviction to the land package’s district-scale potential
- Highlights include 7.1 grams per ton (g/t) of gold over 10 m, including 13.2 g/t gold over 5 m
- Galway Metals stock has added 48.21 per cent year-over-year, while giving back 76.55 per cent since 2021
Galway Metals (TSXV:GWM) released results from seven new drillholes at its 100-per-cent-owned Clarence Stream gold project in New Brunswick, adding conviction to the land package’s district-scale potential marked by 65 kilometres of strike length hosting numerous showings and anomalies. The results, focused on the Southwest deposit, are highlighted below:
- CL-234: 7.1 grams per ton (g/t) of gold over 10 m, including 13.2 g/t gold over 5 m.
- CL-237: 2.7 g/t gold over 12 m, including 11.4 g/t gold over 2 m; 2.4 g/t gold over 11 m, including 10.4 g/t gold over 1 m; and 2.3 g/t gold over 5 m.
- CL-232: 7.9 g/t gold over 3 m, including 22 g/t gold over 1 m, complementing a previous intersection of 1.1 g/t gold over 88 m.
- CL-233: 1.5 g/t gold over 9 m; and 1 g/t gold over 9 m.
The drilling succeeded in connecting high grades at the margins of Clarence Stream’s 2022 resource estimate from depth to near surface, expanding mineralization beyond the known resource footprint, which currently stands at 922,000 ounces indicated (12.4 million tons at 2.3 grams per ton g/t gold) and 1.334 million ounces inferred (16 million tons at 2.6 g/t gold).
Investors can expect pending assays from 48 drillholes over the coming weeks and months, including 11 near the results reported in Wednesday’s news release.
Management commentary
“High-grade and fairly wide gold intercepts like these excite the management team at Galway Metals, as we continue to build our flagship open-pit resource,” Rob Hinchcliffe, president and chief executive officer of Galway Metals, said in a statement. “That continuity is important as we step beyond the edges of our current resource and assess how much additional mineralization can be captured with further drilling. With gold prices hitting record highs, the opportunity to grow high-quality ounces in a shallow setting has never been more compelling. Our drilling is designed not just to confirm continuity, but to build confidence in new resource potential, and these results reinforce the rationale for advancing Clarence Stream on multiple fronts.”
About Galway Metals
Galway Metals is a Canadian mineral exploration and development company active in New Brunswick, guided by the management team that sold Galway Resources for US$340 million. Besides its flagship Clarence Stream, Galway owns the Estrades project, a past-producing, high-grade and gold-rich polymetallic mine in Quebec’s Abitibi region.
Galway Metals stock (TSXV:GWM) last traded for C$0.83, adding 48.21 per cent year-over-year, while giving back 76.55 per cent since 2021.
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