The previous resource was disclosed 41/2 years ago in
'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
'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
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,
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:
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) (
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
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 (
Another previously-released discovery Galway plans on following up on is called
About the Company
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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.
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