Source: Galway Metals

Galway Metals (TSXV:GWM) has announced the results of its diamond drilling program at the Southwest Deposit, part of the company’s 100%-owned Clarence Stream gold project in New Brunswick, Canada. The drilling program has successfully extended high-grade gold mineralization and confirmed the potential for further expansion of the Southwest, South, and North Deposits, which remain open in all directions. The Clarence Stream gold project is believed to have district-scale potential with an exploration strike length of approximately 65 kilometres.

The drill holes reported are located within the Southwest Deposit, which straddles the Sorrel Ridge Granite near the brittle-ductile Sawyer Brook Fault Zone. Holes BL-251 and BL-252 were drilled to test the down dip expansion of high-grade gold mineralization and intersected visible gold within sericite altered quartz veining. These holes extended the deposit 106 metres from previous high-grade intercepts (BL-72 and BL-87). Holes BL-249, BL-250, and BL-253 through BL-258 tested up-dip extensions to bring gold mineralization to the surface, which was confirmed by the assay results. The intercepts highlighted were all outside the area included in the 2022 Mineral Resource Estimate.

Rob Hinchcliffe, President and CEO of Galway, commented in a press release: “We are excited about these new results from the Southwest Deposit because they demonstrate good gold continuity. More specifically we are seeing extensions of mineralization at surface and at depth including a high-grade intercept extending the Southwest Deposit 106 metres with spectacular visible gold (Link to figure 1). With gold prices trading close to an all-time high we remain bullish on the Company’s 2024 outlook”.

The results suggest a strong potential for additional gold discoveries along the boundaries with felsic intrusions and in structures parallel to the Sawyer Brook Fault at the Clarence Stream gold project. Galway Metals acknowledged the financial support from the New Brunswick Junior Mining Assistance Program, which partially funded the drilling of the Southwest Deposit.

Source: Galway Metals

The Clarence Stream deposits are characterized as intrusion-related, structurally-controlled, quartz-vein hosted gold deposits. These deposits consist of quartz veins and quartz stockwork within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet material. The mineralized systems are hosted in intrusive and metasedimentary rocks within high strain zones controlled by regional fault systems. Pyrite, base metal sulphides, and stibnite occur in these deposits along with anomalous concentrations of bismuth, arsenic, antimony, and tungsten. Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the form of sericitization and chloritization.

As Galway Metals continues its exploration efforts at the Clarence Stream gold project, the company remains optimistic about the potential for further discoveries and the expansion of the existing deposits. The successful drilling program at the Southwest Deposit highlights the project’s potential and reinforces the company’s commitment to developing the Clarence Stream gold project.

Highlights from the results are as follows:

Extended Mineralization at Depth

  • BL-251 intersected 114.1 g/t gold over 2 metres including 447.0 g/t gold over 0.5 metres
    • Extending mineralization 106 metres at depth from previously released high-grade intercepts of 44.1 g/t gold over 9.5 metres (BL-87) and 20.7 g/t gold over 9.45 metres (BL-72)
  • BL-252 intersected 7.43 g/t gold over 6 metres including 20.95 g/t gold over 1.0 metre and 3.08 g/t gold over 7.5 metres

Extended Mineralization to Surface

  • BL-253 intersected 0.94 g/t gold over 6.5 metres beginning 12.7 vertical metres from the surface
  • BL-249 intersected 0.53 g/t gold over 10 metres beginning at 19 vertical meters from the surface

Two Additional Areas were Explored to Test

  • The down-dip and western extensions of the Southwest Deposit
  • Hole BL-220 intersected 0.84 g/t gold over 21 metres and 0.79 g/t gold over 6 metres, confirming gold mineralization below the known resource
  • Hole BL-202 intersected 2.23 g/t gold over 1.0 metre, which is over 1 kilometre SW of the Southwest Deposit.
  • Gold in soil anomalies on the western side of the Sorrel Ridge granite. Sediments on the southeastern side of the Sorrell Ridge granite host the Southwest Deposit where gold zones are parallel to the granite contact
    • Hole PL-01 intersected 2.39 g/t gold over 0.8 metres

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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