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Galway flags Clarence Stream's district potential

Latest exploration drilling by Toronto-based Galway Metals has returned high-grade gold results from the relatively recent Richard Zone discovery, the Jubilee Zone and some wildcat holes at its main New Brunswick project.
Galway flags Clarence Stream's district potential Galway flags Clarence Stream's district potential Galway flags Clarence Stream's district potential Galway flags Clarence Stream's district potential Galway flags Clarence Stream's district potential

Galway Metals thinks the various mineralised zones at its Clarence Stream project, in New Brunswick, is part of a single system

Staff Reporter

The Richard Zone, first reported in January this year, lies midway between the Jubilee Zone and the company's first discovery in 2017 of the George Murphy Zone.

The company is suggesting all three zones, which cover 2.5km of strike length, are part of the same system, and none of the zones are included in the current resource statement.

At the Richard Zone, the company reported an intercept of 20.7 grams per tonne (g/t) gold over 9.5m, including 92g/t over 0.75m, andseveral high-grade intercepts over shorter intervals starting at vertical depths of between 185-151m below surface.

The zone also returned 5.5g/t gold over 16.7m, starting at a vertical depth of 142m below surface. These results complement the Richard discovery intersection of 7.3g/t over 36.7m, including 38.1g/t over 6.5m.

At Jubilee, Galway continues to add gold mineralisation to the deposit. The company reported multiple intersections from holes 47 and 48, including 0.7g/t over 10.45m, including 3.3g/t over 1.3m, which adds to the previously reported 0.5g/t over 11.95m, including 1.7g/t over 0.5m. These results step out 81-92m from previous results.

Meanwhile, the company used its new third drill rig to undertake wildcat exploration drilling on the prospective 60,465ha property. The drill tested two targets 4.8km and 1.5km to the west of the current resource-hosting South Zone, and the targets are interpreted to be extensions of the zone.

The first target had previously returned boulders with up to 56.2g/t and visible gold, while the second target features strong geophysical anomalies, with a single boulder returning 35.5g/t.

The wildcat results showed three distinct mineralised zones, returning modest gold grades starting from 19m below surface to a depth of 277m.

Clarence Stream currently hosts measured and indicated resources of 6.2 million tonnes grading 1.96g/t for 390Moz gold, and another 277Moz grading 2.53g/t inferred.

CEO Robert Hinchcliffe said the company would continue to drill its new discoveries in order to maximise the resource when it updates estimates early next year. "Galway believes that Clarence Stream is an emerging new gold district in eastern Canada."

Company shares traded 5% higher on Thursday at C31c, which capitalises the company at $37 million.