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Galway Metals Update on Richard and Jubilee at Clarence Stream

Mining News - Published on Fri, 17 Jan 2020

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Galway Metals Inc has reported assay results from drilling at the Richard and Jubilee Zones, and from the gap between the two at the Company's Clarence Stream project in southwest New Brunswick, Canada. The latest drilling continues to fill in the gap between the Richard and Jubilee Zones with high grade intersects such that the gap is now 425 metres, down from 1km when the Richard Zone discovery was first announced in January 2019. Given results in this gap area to date, Galway is demonstrating that its interpretation that the Jubilee, Richard and the George Murphy Zones, which cover 2.5 km of strike length, are part of the same system. None of these three zones are in the existing resource, which will be updated to incorporate them around mid-year 2020.

Highlights of the latest drill results include hole 78, which intersected 20.9 g/t Au over 4.75m (incl. 54.5/0.9m and 64.6/0.6m), plus 2.7 g/t Au over 14.1m (incl. 15.7/1.15m and 12.6/0.65m). These intersections are open toward each other, with assays pending. These intersections are also 122 metres and 116 metres, respectively, southwest of (and at higher elevations) hole 72 at Richard, which was recently reported with intersections of 20.7 g/t Au over 9.5m (incl. 92.0/0.75m, 51.9/0.9m and 23.5/1.1m) plus 14.2 g/t Au over 7.5m (incl. 63.6/0.8m, 49.1/0.5m and 17.5/0.75m). Additional assays received have changed the intersection of 14.2 g/t Au over 7.5m to 4.6 g/t Au over 29.65m (with an additional new incl. of 20.2/1.0m). Note that, at the time when hole 72 was reported on November 13, 2019, it had extended the Richard Zone up to 91m to the southwest, with the new drilling extending it a further 122m.

Robert Hinchcliffe, President and CEO of Galway Metals, said, "The Richard and Jubilee Zones are expanding towards each other, which is what we thought would happen, but at higher grades than expected. Given the strong exploration results and the Company's successful equity financing, Galway has increased its 2020 drilling budget at Clarence Stream to 25,000 metres, up from 15,000 metres previously. Galway Metals believes that Clarence Stream is an emerging new gold district in eastern Canada."

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Posted By : Rabi Wangkhem on Fri, 17 Jan 2020
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