Toronto - Galway Metals Inc. (TSX-V: GWM; OTCQB: GAYMF) (the 'Company' or 'Galway') is pleased to report an updated Mineral Resource statement disclosed in accordance with NI43-101 standards, prepared by SLR Consulting (Canada) Ltd. on its Clarence Stream property located in southwest New Brunswick, Canada.

The previous resource was disclosed 41/2 years ago in September 2017. Since then, 106,272 metres of drilling in 337 holes were undertaken in the new SW Deposit that have contributed to the significant increases in the resource totals. Galway's objectives over the past 4 years were to make multiple discoveries as exploration moved outward from the North and South Zones, where 100% of the prior resource was located, to demonstrate that Clarence Stream represents an important new gold district in North America. Galway is pleased to note that these objectives have been successfully met. It's also important to note that all Zones included in the resource update are open for significant expansion. Today's announcement simply represents a snapshot in time.

'We are very pleased to have taken a major step forward at Clarence Stream. The Indicated and Inferred open pit estimates of 886,000 ounces at 2.27 g/t Au plus 731,000 ounces at 1.93 g/t Au, respectively, is a great start. These resource grades we are reporting compare very favourably to most other pit-constrained resources in the industry. The next step will be the planning of a preliminary economic assessment. Looking forward, the focus of our drilling program is to continue to expand the existing zones that are all open, to follow-up on 3 previously-made discoveries that weren't included in the resource and to make more discoveries to further enhance this new gold district,' said Robert Hinchcliffe, President and CEO of Galway Metals. 'Galway recognizes the importance that New Brunswickers and First Nations place on natural resources and the environment, and we are committed to advancing the Clarence Stream Project in a manner that respects these values. As the project evolves, we are looking forward to engaging our neighbours and First Nations.'

'We believe that this resource can be significantly expanded and are optimistic about the potential for additional discoveries to further enhance this new gold district. Resources at Clarence Stream are contained within 8.0-km of Galway's 65-km strike length. There are many additional strong targets identified that exhibit coincident highly anomalous glacial tills, soils, boulders and chip samples, along magnetic lows. Galway used these pathfinders to make all 6 of its discoveries to date; we do not see any reason that, given the large number other similar, and oftentimes stronger pathfinders at Clarence Stream, that other important discoveries won't be made in the future. Besides any results coming from this exploration, upcoming catalysts would also include metallurgical and ore sorting tests,' cites Mike Sutton, Vice President, Exploration of Galway Metals.

Clarence Stream's Gold Resource Increase was Driven Mostly by Discoveries at the SW Deposit

The significant increases of gold resources at Clarence Stream was driven principally by Galway's discovery of the Adrian, George Murphy (GMZ) and Richard Zones. Extensive drilling has resulted in the Adrian Zone linking to the GMZ, which links to the Richard Zone, which links to the previously-known Jubilee Zone. These zones now combine for a 3.1km trend of mineralization, which remains open with multiple high-priority targets that Galway plans on following up. These 4 zones are now referred to collectively as the SW Deposit. Also contributing to the resource increase was a lowering of cut-off grades for open pit constrained and underground resources to 0.38 g/t and 2.00 g/t, respectively, from 0.42 g/t and 2.55 g/t previously. These declines in the cut-off grades were driven mostly by an increase in the gold price applied to the resource estimates to $1,650/oz from $1,350/oz. Tighter wireframes around mineralization plus several other small parameter changes also contributed to the resource increase.

The New Updated Resource Does Not Include Several Previously-Made Discoveries

The sections below are provided to demonstrate the significant upside Galway envisions at Clarence Stream. They cover both, previous discovery areas that are not included in the resource, and other targets that have yet to be drilled. The previous discoveries represent high-priority targets outside the resource areas where Galway is planning follow-up drilling in its 150,000-metre program, utilizing 6 drill rigs through 2023. Galway's aim is to expand on these discoveries such that they become significant new deposits. These previous discoveries to be followed up on include the following: Richard Zone mineralization was recently extended 340m north at the east end of Richard with previously-released hole BL-213. This hole intersected 1.1 g/t Au over 8.35m, plus 0.8 g/t Au over 4.15m, plus 2.0 g/t Au over 1.15m (March 30, 2022). These gold-bearing quartz veins could be the western extension of the Adrian Zone, located 970m to the NE. If this is correct, it would parallel the George Murphy Zone located immediately to the south; the Adrian Zone has consistently been expanding in the NE direction, and could expand toward this Richard North discovery to the SW as well.

The Richard North veins could also line up with another previously-reported discovery located 900m to the NNE where hole CL-72 intersected 4.8 g/t Au over 3.1m at a vertical depth of 95m, and was followed up with hole CL-111, which hosted 5 separate veins, the best of which intersected 4.1 g/t Au over 10.25m at a vertical depth of 16.5m (true widths for both of these intersects are unknown) (July 26, 2021). Importantly, this NNE trend that may connect the Richard North veins to the recent discovery follows the east edge of a buried (in this area) intrusion - the same intrusion that the SW Deposit follows along its southern edge. The intersects along this NNE trend were drilled in part to test gold-in-soil anomalies that follow the NNE trending edge of the intrusion.

This discovery area highlighted by holes CL-72 and CL-111 is also located 680m WNW, up-dip from a 385m deep, previously-reported intersect in the Adrian Zone, and may also link to it. The discovery appears to dip gently to the east, draping the interpreted shallow east dip of the buried intrusion toward Adrian where Galway reported 70.3 g/t Au over 1.5m, including 104.2 g/t Au over 1.0m, plus 7.2 g/t Au over 1.5m in hole CL-51 (March 30, 2021). The 4.1 g/t Au over 10.25m intersect in the new discovery appears to trend right toward this deeper high-grade intersect in the Adrian Zone. The deep intersects in hole CL-51 are not included in the resource as they are located too far from the other Adrian holes. These two veins are also near the interpreted location of the Sawyer Brook Fault, which is the main conduit for gold mineralization at Clarence Stream.

The description above represents the potential to link these three zones: Richard to Adrian, Richard to the discovery to the NNE, and the discovery to Adrian. This effectively makes a large triangle with potential to host significant gold mineralization - all outside the current resource areas but in close proximity to them.

A different previously-released discovery returned 186.5 g/t Au over 0.6m from a 35 cm quartz vein that contains very fine sulphides, including arsenopyrite (June 24, 2020). Another similar vein located 13m further downhole returned 2.2 g/t Au over 0.7m. This discovery appears to be located along the same NE-SW trend as the SW Deposit, which begins 950m to the NE and extends 3.1km and remains open. The 186.5 g/t Au over 0.6m discovery is midway between the SW Deposit and a strong 4km+ long soil anomaly that hosts 11 soils that returned between 100 and 681 ppb Au, beginning 1km along strike and along the same magnetic low trend to the SW. Gold in these soils are far stronger than the gold in soils in the SW Deposit, and in the other recent discoveries discussed above. All the known zones at Clarence Stream are located along magnetic lows; they are interpreted as faults and thought to represent structural conduits for gold-bearing fluids.

Another previously-released discovery Galway plans on following up on is called Oak Bay. The South Zone is located 19 km to the east of Oak Bay. The zone at Oak Bay has been drill-delineated with strong consistent intersections over 110m of strike length (horizontal distance). The zone is open in every direction. The first hole, OB-01, intersected 6.0 g/t Au over 3.3m, including 9.3 g/t Au over 1.1m, starting at a vertical depth of 13.8m (October 27, 2021). Other holes include 5.2 g/t Au over 2.5m, including 11.8 g/t Au over 0.5, 3.5 g/t Au over 4.2m, including 8.6 g/t Au over 0.6m, 2.3 g/t Au over 6.65m, including 6.7 g/t Au over 0.6m, and 1.9 g/t Au over 5.5m, including 8.1 g/t Au over 0.5 - all at shallow depths.

About the Company

Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade, gold-rich VMS polymetallic mine in Quebec. The Company began trading on January 4, 2013, after its 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.

Contact:

Robert Hinchcliffe

Tel: 1-800-771-0680

Web: www.galwaymetalsinc.com

CAUTIONARY STATEMENT

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.

(C) 2022 Electronic News Publishing, source ENP Newswire