TORONTO, ONTARIO–(Marketwired – Feb. 5, 2018) – Galway Metals Inc. (TSX VENTURE:GWM) (the “Company” or “Galway”) is pleased to announce that it has purchased 14 additional claims adjacent to its Estrades polymetallic VMS property located in the northern Abitibi of western Quebec, Canada. The claims are located along the Newiska felsic rhyolite horizon that has had intersections such as 1% copper plus 42 g/t silver over 9.4 metres (true width unknown). The acquired claims are located immediately south of the Estrades mine and existing resource, and includes a regional cross fault that may be an important mineralized feature in the camp. Galway’s claims surround the new claims to the north, east and west. As such, the acquisition will allow for a full, uninterrupted gravity geophysical survey that is planned for March, as well as other exploration activities over time, along the full 16km extent of the Company’s Newiska horizon. The newly acquired claims and area of the geophysical surveys can be seen in Figure 1.
In January, Galway began its 13,000-metre drill program for 2018, which will target extensions to the Estrades resource, deep drilling below the resource and drilling at Newiska. Galway currently has three geophysical programs underway or planned during this winter’s exploration program. Results from these three programs will be used, in conjunction with the approximately 200,000 metres of historic drilling, to assist Galway in prioritizing its drill program in the Company’s search for new mineralized intrusives throughout the property. The geophysics will also allow Galway to identify high chargeability anomalies to depths of up to 2,000 metres in the Company’s search for sulphidic-rich source vents below the existing Estrades resource and elsewhere on the 20,000+ hectare property. The three geophysical programs include the following:
- The reprocessing of a Titan induced polarization (IP) and electromagnetic (EM) survey conducted in 2007 over the Main Zone at Estrades, using improved proprietary software from Quantec Geoscience. This is scheduled for February 2018.
- Conduct a new Titan IP and EM survey over large portions of both the Estrades and Newiska horizons in search of copper-rich vent sources for VMS. This is scheduled for February 2018.
- Conduct a gravity survey over all three mineralized horizons-Casa Berardi, Estrades and Newiska, in search of high density massive sulphide deposits and buried intrusives that could be sources of hydrothermal fluids. This is scheduled for March 2018.
The claims were purchased from Radisson Mining Resources Inc. (TSX VENTURE:RDS) for 150,000 Galway Metals shares plus 75,000 share purchase warrants exercisable during a two-year period from the day of closing at $0.50 per warrant. The shares and warrants have a four-month plus one-day hold period. The transaction is subject to TSX-V approval. For more information on Galway’s Estrades and Clarence Stream projects please go to www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person responsible for the accuracy of this news release. The drill core is sawn in half with one half of the core sample shipped to Swastika Laboratories situated in Swastika, ON, which has accreditation of ISO/IEC 17025. The other half of the core is retained for future assay verification. Other QA/QC measures includes the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish for samples greater than 10 g/Mt gold. Other Metals (Ag, Cu, Pb, Zn, Co, As) have full acid digestion and analyzed by AAS; with over limits (5000 PPM) analyzed by AAS using method dilutions, and the Silver (Ag) over limits (> 200 ppm) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values. For Estrades geology and mineralization, please visit our website at www.galwaymetalsinc.com.
About the Company
Galway Metals is well capitalized with two mine exploration projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after the 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.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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.
A map associated with this press release is available at the following address: http://media3.marketwire.com/docs/GWM_Map.pdf
President & Chief Executive Officer