Latest news with #GalwayMetalsInc
Associated Press
14 hours ago
- Business
- Associated Press
Thick Gold Intercepts Continue at Clarence Stream: 2.1 g/t Au over 36.0m Including 3.0 g/t Au over 21.0m
TORONTO, ON / ACCESS Newswire / June 3, 2025 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the 'Company' or 'Galway') is pleased to report results from 8 diamond drill holes at the Southwest Deposit in the Company's 100%-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project has district-scale potential with approximately 65-kilometre strike length of highly prospective gold showings and anomalies. The 2022 MRE includes 12.4 Mt @ 2.3 g/t Au Indicated for 922,000 oz, and 16.0 Mt @ 2.6 g/t Au Inferred for 1.334 M oz. gold from the NI 43-101 technical report titled " Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada " dated March 31, 2022, by SLR Consulting Ltd. Rob Hincliffe, President and CEO of Galway, commented, 'Today's results reinforce Clarence Stream's potential to host wide, high-grade gold mineralization beyond the current resource. Intercepts like 2.1 g/t over 36.0 meters underscore the quality and continuity of mineralization we're targeting. With more than 40 holes pending assays across multiple deposits and two rigs turning, we're positioned for a steady flow of results that can drive meaningful resource growth and demonstrate the scale of this gold system. In addition to the Southwest Deposit, we are drilling shallow holes at the North Zone, where we aim to increase the resource there by 200% to 300%.' Highlights Drill Results Confirm Structural Controls on Gold Mineralization Drill holes CL-222 and CL-223 ( Plan Map ) confirm Galway is targeting a fold structure north of the Southwest Deposit, in an area not yet included in the 2022 Mineral Resource Estimate. This structural zone presents strong potential to host additional thick, high-grade gold mineralization both along strike and at depth. To further test this interpretation, Galway plans to extend drill holes CL-190 and CL-187 into the western limb. All intercepts reported ( Assay and Coordinate Table ) in this release lie outside the current resource and remain open for expansion. Steady Pipeline of Results Expected from Southwest and North Deposits Galway currently has assays pending from 15 additional drill holes at the Southwest Deposit and 32 more from the North Deposit. These results are expected to be released in the coming months and will provide important insight into the scale and continuity of gold mineralization across key deposits at Clarence Stream. With drilling ongoing, Galway remains well-positioned to deliver steady news and drive resource growth across the project. Geology and Mineralization The Clarence Stream deposits can be 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. A more complete description of Clarence Stream's geology and mineralization can be found at New Brunswick Junior Mining Assistance Program Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024. Review by Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Jesse Fisher, Project Manager for Clarence Stream and a Qualified Person as defined by National Instrument 43-101. Mr. Fisher certifies that this news release fairly and accurately reflects the technical information and data presented. Galway Metals conducts its exploration activities in accordance with CIM Best Practices Guidelines. Quality Control and Reports All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 meters to 1.5 meters in length. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%. About Galway Metals Inc. Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway Metals also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders. For additional Information on Galway Metals Inc., Please contact: Robert Hinchcliffe President & Chief Executive Officer Telephone: 1-800-771-0680 Email: [email protected] Website: Look us up on Facebook, Twitter or LinkedIn Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information 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, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, 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, whether as a result of new information, future events or otherwise, other than as required by law. SOURCE: Galway Metals Inc. press release
Yahoo
4 days ago
- Business
- Yahoo
Galway Metals Announces Closing of Oversubscribed Private Placement
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Galway Metals Inc. (TSXV: GWM) ('Galway' or the 'Corporation') is pleased to announce that it has closed a non-brokered private placement (the 'Private Placement') consisting of an aggregate of 7,350,000 flow-through shares of the Corporation ('FT Shares') at a price of $0.36 per FT Share and 4,635,000 units of the Corporation ('Units') at a price of $0.33 per Unit for aggregate gross proceeds to the Corporation of $4,175,550. The original offering was increased as the amount surpassed the Corporation's previous target of $4,000,000. Each Unit consists of one common share of the Corporation, and one common share purchase warrant (a 'Warrant'). Each Warrant will entitle the holder to acquire one non-flow-through common share of the Corporation for an exercise price of $0.50 per share for a period of 3 years from the closing date of the Private Placement. Each FT Share qualifies as 'flow-through shares' within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the 'Tax Act'). The gross proceeds of the Private Placement will be used for 'Canadian exploration expenses' (within the meaning of the Tax Act), which will qualify, once renounced, as 'flow-through mining expenditures', as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm's length with the Corporation at all relevant times) to the subscribers of FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In connection with the closing of the Private Placement, arm's-length finders, Eskar Capital Corporation, Devon Capital Inc., and Generic Capital Corporation will receive an aggregate of $116,640 as cash finders' commissions. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Private Placement are subject to a hold period of four months and one day, expiring on October 1, 2025. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the 'TSXV'). About Galway Metals Inc. Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same success in Canada with our two highly perspective projects. Should you have any questions and for further information, please contact (toll free): Galway Metals Inc. Robert Hinchcliffe President & Chief Executive Officer 1-800-771-0680 Website: Email: info@ us up on Facebook, Twitter or LinkedIn NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events, including with respect to the Corporation's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the use of proceeds from the Private Placement. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of the Corporation, the TSXV not providing its final approval for the Private Placement, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation's publicly filed documents. Investors should consult the Corporation's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Galway Metals Announces Closing of Oversubscribed Private Placement
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Galway Metals Inc. (TSXV: GWM) ('Galway' or the 'Corporation') is pleased to announce that it has closed a non-brokered private placement (the 'Private Placement') consisting of an aggregate of 7,350,000 flow-through shares of the Corporation ('FT Shares') at a price of $0.36 per FT Share and 4,635,000 units of the Corporation ('Units') at a price of $0.33 per Unit for aggregate gross proceeds to the Corporation of $4,175,550. The original offering was increased as the amount surpassed the Corporation's previous target of $4,000,000. Each Unit consists of one common share of the Corporation, and one common share purchase warrant (a 'Warrant'). Each Warrant will entitle the holder to acquire one non-flow-through common share of the Corporation for an exercise price of $0.50 per share for a period of 3 years from the closing date of the Private Placement. Each FT Share qualifies as 'flow-through shares' within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the 'Tax Act'). The gross proceeds of the Private Placement will be used for 'Canadian exploration expenses' (within the meaning of the Tax Act), which will qualify, once renounced, as 'flow-through mining expenditures', as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm's length with the Corporation at all relevant times) to the subscribers of FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In connection with the closing of the Private Placement, arm's-length finders, Eskar Capital Corporation, Devon Capital Inc., and Generic Capital Corporation will receive an aggregate of $116,640 as cash finders' commissions. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Private Placement are subject to a hold period of four months and one day, expiring on October 1, 2025. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the 'TSXV'). About Galway Metals Inc. Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same success in Canada with our two highly perspective projects. Should you have any questions and for further information, please contact (toll free): Galway Metals Inc. Robert Hinchcliffe President & Chief Executive Officer 1-800-771-0680 Website: Email: info@ us up on Facebook, Twitter or LinkedIn NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events, including with respect to the Corporation's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the use of proceeds from the Private Placement. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of the Corporation, the TSXV not providing its final approval for the Private Placement, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation's publicly filed documents. Investors should consult the Corporation's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking in to access your portfolio
Associated Press
14-05-2025
- Business
- Associated Press
Galway Metals Confirms Improved Au and Sb Recovery with Process Optimization
TORONTO, ON / ACCESS Newswire / May 14, 2025 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the 'Company' or 'Galway') is pleased to report improved gold recovery, and the capture of antimony as a potential bi-product following the recent completion of Q1 2025 test work on diamond drill hole samples from the Southwest, South and North Deposits at the Company's 100%-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project has district-scale potential with approximately 65-kilometre strike length of highly prospective gold showings and anomalies; and a 2022 MRE of 12.4 Mt @ 2.3 g/t Au Indicated for 922,000 M ozs Au, and 16.0 Mt @ 2.6 g/t Au Inferred for 1.334 M ozs Au (at $1650 Au price) from the NI 43-101 technical report titled " Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada " dated March 31, 2022, by SLR Consulting Ltd. Rob Hinchcliffe, President and CEO of Galway Metals, commented, 'We're very encouraged by the strong gold recoveries from both low-grade and high-grade antimony mineralization at Clarence Stream, demonstrating the robustness of our new processing strategy. Working with Steve Haggarty, in just under a year we've made great progress advancing our hybrid flowsheet. These results highlight the potential to capture additional value from antimony. With two rigs drilling, we're focused on expanding high-quality gold ounces and improving metallurgical recoveries. Together, these efforts are building a stronger foundation to support future economic assessments of Clarence Stream.' Metallurgical Highlights Studies to Improve Overall Gold Recovery and Target Antimony Recovery Recent test work evaluated a novel hybrid process configuration that is applicable to all material types within the deposit over a range in Au, Sb and sulfide content. Realized Au recoveries varied from 85 to 94% Au recovery in the presence of elevated antimony content up to 5%, with an associated 55 to 85% recovery of antimony. This is particularly significant given Clarence Stream hosts over 25 million pounds of antimony ( 2022 MRE ), and recent Chinese export restrictions have driven antimony prices up from roughly US$5 per pound to about US$15 per pound, underscoring the value of capturing this strategic by-product. The process strategy maximizes Au recovery to doré bullion, with an ability to recover antimony to an Au-Sb concentrate for secondary processing. Associated test work was pursued by Galway Metals, involving Haggarty Technical Services (Burlington, Ontario), and was completed at SGS-Lakefield. Process Metallurgy Optimization The amenability of Clarence Stream mineralization to cyanidation has been confirmed with 89-95% Au extraction from material containing less than 100 ppm Sb at a grind size of 80% passing 75 µm. An estimated 75% of mineralization present in the deposit is associated with trace levels of Sb and is expected to yield relatively high Au recovery. The passivating influence of antimony on gold cyanidation is well known in the mining industry at antimony levels greater than 100 ppm Sb. The hybrid process scheme provides the flexibility required to pursue the recovery of soluble Au values in cyanidation, followed by cyanide destruction and the flotation of remnant values to a low tonnage gold-antimony concentrate for secondary processing. Secondary treatment of the gold-antimony concentrate is often pursued with off-site smelting. Alternatives for the Clarence Stream project could consider on-site, low pressure, low temperature alkaline sulfide leaching to yield incremental Au recovery to doré bullion, and a marketable crystalline sodium antimonate biproduct. As a technology, alkaline sulfide leaching has been successfully applied on an industrial scale since 1942 treating similar concentrates. Depicted in the simplified process schematic, the hybrid process involves conventional technology, with a focus on maximizing Au recovery to doré bullion, while enabling the potential for bi-product recovery of Sb values from secondary treatment of an Au-Sb concentrate. Additional test work is in progress by Galway Metals over a range in Sb head grade to confirm the potential upside and incremental Au and Sb recovery that could be expected from the hybrid process strategy which will benefit project financials. Clarence Stream Project - simplified hybrid process schematic Geology and Mineralization The Clarence Stream deposits can be 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. A more complete description of Clarence Stream's geology and mineralization can be found at New Brunswick Junior Mining Assistance Program Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024. Review by Qualified Person Jesse Fisher, Project Manager for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. Metallurgical test work was reviewed and approved by Steve Haggarty, P. Eng., Managing Director of Haggarty Technical Services Corp. Quality Control and Reports All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 meters to 1.5 meters in length. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%. About Galway Metals Inc. Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway Metals also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders. For additional Information on Galway Metals Inc., Please contact: Robert Hinchcliffe President & Chief Executive Officer Telephone: 1-800-771-0680 Email: [email protected] Website: Look us up on Facebook, Twitter or LinkedIn Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain 'forward-looking statements' and 'forward-looking information' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information 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, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development, and those risks set out in the Company's public documents filed on SEDAR+ at Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, 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, whether as a result of new information, future events or otherwise, other than as required by law. SOURCE: Galway Metals Inc. press release
Yahoo
27-01-2025
- Business
- Yahoo
Dramatic Increase in Gold Recovery Significantly Improves the Business Options for Past-Producing High-Grade Gold Zinc Estrades Mine - Scoping Study to be Initiated
TORONTO, ON / / January 27, 2025 / Galway Metals Inc. (TSX-V:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to report an updated Mineral Resource Estimate prepared by SLR Consulting Ltd. and updated metallurgical testing performed at Base Metal Laboratories under the design and direction of Principal Metallurgist Mr. Ken Roberts on the Estrades property located in the northern Abitibi of Western Quebec, Canada. The 100% owned Estrades project, is a high-grade gold and zinc deposit. Historically, Breakwater Resources Ltd, spent CAD$20 million developing the precious metal rich VMS deposit which was previously mined via a 200-metre-deep ramp with production in 1990-91 totalling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu, and 173.3 g/t Ag. "We are extremely excited about 31% increase in gold recovery and its significant impact on the potential economics of the project. We had previously undertaken 2 internal Scoping Studies that indicated to us that absent a new discovery at the Estrades project, the next biggest improvement we could make at Estrades was increasing the gold recovery. Which is exactly what Galway accomplished as can be seen below, we also achieved improvements in copper, silver and lead recoveries." States Rob Hinchcliffe, President and CEO of Galway. Adding, "A positive Scoping Study would facilitate our quest to move the project forward by establishing a more relevant value in the marketplace. There are several operating mills in the area it is worth mentioning. The Clarence Stream gold project, located in southwest New Brunswick, remains our flagship project where the vast majority of the company's resources and attention is focused. We are currently drilling at Clarence Stream, and we remain quite bullish about the company's prospects as we look forward to 2025." Metallurgical and Mineral Resource Estimate Highlights Gold recoveries have improved by 31% and now stand at 86.6% with further room for additional improvement. Moreover, for Ag we find that recoveries stand at 45%, improving by just under 9%. With strong precious metal prices gold now accounts for 48% of the total NSR (net smelter return) of Indicated Mineral Resources and 41% for the total NSR of Inferred Mineral Resources. Open circuit testing produced marketable concentrates for copper that assayed 28% Cu with low lead and zinc content with 95% copper recovery vs previous results of 22% assayed copper and 44% recovered. Strong Exploration Potential: With 31 kilometres of strike length on the Casa Berardi Fault for lode gold exploration and 17 km of the highly prospective Newiska Horizon for gold and polymetallic VMS exploration, we believe the upside potential for making new discoveries at Estrades is very high. We see a modest increase in tonnage with the new mineral resource estimate with a 17% increase in Indicated Resource and a 22% increase in Inferred Resource compared to 2018 Estrade Resource Estimate conducted by SLR Consulting Inc. (at a $150/t NSR cutoff compared to $140/t used in 2018). Updated Mineral Resource Estimate for the Estrades Deposit by SLR Consulting Inc., December 6, 2024 Category Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t) Indicated 1,750,000 0.97 0.48 5.76 2.86 94.4 Inferred 2,680,000 0.86 0.28 4.75 1.81 77.4 Notes: CIM (2014 definitions were followed for Mineral Resources. Mineral Resources are estimated at long-term metal prices (U$) as follows: Zn $1.30/lb, Cu $4.50/lb, Pb $1.00/lb, Au $2,000/oz, and Ag $25.00/oz. Mineral Resources are estimated using an average long-term foreign exchange rate of C$1: US$0.73. Mineral Resources are estimated at a Net Smelter Return (NSR) cut-off value of C$150/tonne. NSR values were calculated based on metal prices, metallurgical recoveries, and typical off-site charges applicable to concentrates. The cut-off value corresponds to the projected operating costs for a conceptual operating scenario. There are no Mineral Reserves estimated at the Estrades Project. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers may not sum due to rounding. Details of the Estrades Mineral Resource Update The Mineral Resource update was done to reflect current metal prices, with the gold price having increased 38%, and to include in-fill drilling conducted since 2018. SLR's Mineral Resource update also includes a sensitivity analysis at the same $140/t NSR cutoff as used in 2018. That apples-to-apples comparison at the same 2018 $140/t NSR cutoff shows that infill drilling and current metal prices resulted in the tonnage increase of 19% for Indicted and 25% for Inferred, with a decrease in average grade of 11 to 15% for all metals, resulting in a minimal net change in total metal content. Metallurgical Improvements from Previous Work Further metallurgical testing has been completed at Base Metallurgical laboratories (Base Met Labs, now Intertek) on the Estrades Project to determine if improvements could be made in both metal recoveries and upgrading of the concentrates. The previous work had been completed in 2007 and 2008. Highlights for the program are as follows. The following are excerpts from the report "Metallurgical Update Study for the Estrades Project, by Base Met Labs, August 2, 2024: "Testing compared Full Sequential vs. Bulk Cu/Pb Sequential Zn, the Bulk option was initially thought to produce higher copper and precious metal recoveries." "Locked cycle testing on the Bulk flowsheet option generated recoveries to separate concentrates of 58% Cu, 44% Pb and 85% Zn. Precious metal recovery to Cu and Pb concentrates was demonstrated to be 86.6% Au and 45% Ag." "Open circuit testing produced marketable concentrates for copper that assayed 28% Cu with low Pb and Zn content with 95% Copper recovery, the zinc concentrate assayed 54.6% Zn with 82% recovery." "Precious metals recovered to the copper and lead concentrate (with additional recovered from solution) were 86% Au and 45% Ag". Additional testing was recommended. Locked Cycle Test Results (Base Met Labs, 2024):: Ore Sorting Discussion Ore sorting results suggested XRT based sensors were successful in rejecting dilution/waste for all material types except Central East which did not demonstrate an amenability to sorting. QEMSCAN analysis indicated that the ore is classified as ultra-fine textured massive sulphide polymetallic. The current program tested grind sizes down to a k80 of 13 μm. It is likely regrind sizes in the sub 5 μm range may be required to produce more favorable separations of the base metals, particularly the zinc. The (locked cycle copper concentrate contained too much zinc and). Future studies should evaluate finer regrind sizes in the sub k80 of 10 or even 5 μm size ranges to reduce the amount of zinc in the copper concentrate. Qualified Persons The Mineral Resource Estimate and other scientific and technical information in this news release has been prepared and approved by independent qualified persons for purpose of NI 43-101: Reno Pressaco of SLR Consulting Inc., Principal Metallurgist Kenny Roberts of KJRoberts Metallurgical Services Inc., and from Principal Metallurgist Jake Lang of Base Metallurgical Laboratories Ltd. About Galway Metals Inc. Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and the existing resource is open in virtually all directions. Galway Metals also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders. For additional Information on Galway Metals Inc., Please contact: Robert Hinchcliffe President & Chief Executive OfficerTelephone: 1-800-771-0680Email: info@ us up on Facebook, Twitter or LinkedIn Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information 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, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, 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, whether as a result of new information, future events or otherwise, other than as required by law. SOURCE: Galway Metals Inc. View the original press release on ACCESS Newswire Sign in to access your portfolio
