Mining
Friday, March 15th, 2024 3:52 am EDT
Key Points
- Galway Metals Inc. has released assay results from its diamond drilling program at the southwest deposit of the Clarence Stream high-grade gold project in New Brunswick, Canada.
- The results demonstrate good gold continuity, with extended mineralization at both depth and surface, including high-grade intercepts such as 114.1 grams per tonne gold over two meters.
- The company believes the Clarence Stream gold project has district-scale potential, with exploration strike length of approximately 65 kilometers, and additional gold discoveries are expected along the boundaries of felsic intrusions and structures parallel to the Sawyer Brook fault.
Galway Metals Inc. has released assay results from its diamond drilling program at the southwest deposit at the company’s 100-per-cent-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The southwest deposit, as well as the south and north deposits, are open in all directions for expansion. Management believes that the Clarence Stream gold project has district-scale potential with an exploration strike length of approximately 65 kilometres.
Rob Hinchcliffe, president and chief executive officer of Galway, stated: “We are excited about these new results from the southwest deposit because they demonstrate good gold continuity. More specifically we are seeing extensions of mineralization at surface and at depth, including a high-grade intercept extending the southwest deposit 106 metres with spectacular visible gold. With gold prices trading close to an all-time high we remain bullish on the company’s 2024 outlook.”
Extended mineralization at depth:
- BL-251 intersected 114.1 grams per tonne gold over two metres, including 447 g/t gold over 0.5 metre;
- Extending mineralization 106 metres at depth from previously released high-grade intercepts of 44.1 g/t gold over 9.5 metres (BL-87) and 20.7 g/t gold over 9.45 metres (BL-72).
- BL-252 intersected 7.43 g/t gold over six metres, including 20.95 g/t gold over one metre and 3.08 g/t gold over 7.5 metres.
Extended mineralization to surface:
- BL-253 intersected 0.94 g/t gold over 6.5 metres beginning 12.7 vertical metres from the surface;
- BL-249 intersected 0.53 g/t gold over 10 metres beginning at 19 vertical metres from the surface.
Results from drilling
The drill holes in this release are located within the southwest deposit which straddles the Sorrel Ridge granite in proximity to the brittle-ductile Sawyer Brook fault zone. Holes BL-251 and BL-252 were drilled to test the down-dip expansion of high-grade gold mineralization. Both holes intersected visible gold within sericite altered quartz veining and extended the deposit 106 metres from previous high-grade intercepts (BL-72 and BL-87). Holes BL-249, BL-250 and holes BL-253 through BL-258 were testing up-dip extensions to bring gold mineralization to the surface, which was confirmed with these assay results. The intercepts highlighted within this press release are all outside the area that was included in the 2022 mineral resource estimate.
Two additional areas were explored to test:
- The down-dip and western extensions of the southwest deposit;
- Hole BL-220 intersected 0.84 g/t gold over 21 metres and 0.79 g/t gold over six metres, confirming gold mineralization below the known resource;
- Hole BL-202 intersected 2.23 g/t gold over one metre, which is over one kilometre southwest of the southwest deposit;
- Gold-in-soil anomalies on the western side of the Sorrel Ridge granite. Sediments on the southeastern side of the Sorrell Ridge granite host the southwest deposit where gold zones are parallel to the granite contact;
- Hole PL-01 intersected 2.39 g/t gold over 0.8 metre.
These encouraging results show the strong potential for additional gold discoveries along the boundaries with any of the felsic intrusions, and in structures parallel to the Sawyer Brook fault at the Clarence Stream gold project.
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 southwest deposit.
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 on Galway’s website.
Review by qualified person, quality assurance/quality control and reports
Jesse Fisher, PGeo, 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. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, located at 41 Bittern St., Ancaster, Ont., Canada, Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3, and/or Swastika Laboratories situated in Swastika, Ont. All four labs 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 inductively coupled plasma. 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 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 a Canadian mineral exploration and development company focused on advancing its 100-per-cent-owned, high-grade, open-pittable 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-per-cent ownership in the Estrades project, a former-producing high-grade, gold-rich polymetallic volcanogenic massive sulphide mine in the northern Abitibi of western Quebec. Led by a management team with a proven record of creating shareholder value, having sold Galway Resources for $340-million (U.S.), Galway Metals is focused on creating value for all its stakeholders.
We seek Safe Harbor.
