Market Herald logo


Be the first with the news that moves the market
  • Galway Metals (TSXV:GWM) has announced the latest results from its Clarence Stream property
  • The best new result is 4.6 grams per tonne gold over 13 metres
  • Other results include 1 metre of 1.4 grams per tonne gold
  • All mineralisation extends in a straight line, showing good potential for future mining
  • Galway Metals (TSXV:GWM) is up 5.2 per cent and trading for $0.40 per share, with a $51 million market cap

Galway Metals (TSXV:GWM) has announced assay results from the Richard Zone at the company’s Clarence Stream property in New Brunswick.

The company’s best result was hole 84, which intersected 4.6 grams per tonne gold over 13 metres. It intersected at 92 metres down, and on the same vein as the company’s previous Richard Zone drilling.

Galway has been drilling the Richard Zone in a straight line along the measured mineralisation at the site. Thus far, every drill hole has returned mineralisation.

Furthermore, all the mineralisation along strike sits at the same depth of between 90 and 100 metres down depth.

Along with the Richard Zone, the company has identified two other mineralised zones in Clarence Stream.

Galway’s Jubilee Zone has also returned some good results, albeit some below cut-off point for mining mineralisation.

The best result from Jubilee is 1 metre of mineralisation at 1.4 grams per tonne gold.

Galway Metals’ President and CEO, Robert Hinchcliffe, said “The latest drilling was undertaken at 20-30 metres stepping out from the discovery hole, to prove there is good continuity, to identify the plunge of the veins, and to bring in indicated resources.

“The results are highlighted by good grades and widths in mostly shallow holes. The best assay in each hole lines up in a straight line, which shows a strong plunge with excellent continuity.

“Future drilling will follow this high grade plunge. The new assays received from previously released holes have added a good thickness to the Richard Zone’s western-most hole 93, which is similar to the intersections to the east.

“Galway’s continued strong results demonstrate that Clarence Stream is an emerging gold district in North America,” Robert said.

Galway Metals (TSXV:GWM) is up 5.2 per cent and trading for $0.40 per share at 12:57pm EDT.

More From The Market Herald
Filo Mining

" Filo Mining increases financing to $130M

Filo Mining (TSX:FIL) has increased its non-brokered private placement to raise gross proceeds of $130 million, due to strong demand.

" AJN Resources to acquire interest in a highly prospective Eastern DRC lithium permit

AJN Resources (CSE:AJN) will acquire up to a 70 per cent interest in a highly prospective lithium exploration permit.

" Ready to drill, Mantaro completes pad construction at Santas Gloria

Mantaro Precious Metals (TSXV:MNTR) completed drill pad construction at the Santas Gloria Project, ahead of its maiden drill program.

" Canadian diamond miner to raise $800K for discovery follow up

VR Resources, a Canadian diamond miner, seeks to raise up to $800,000 through a non-brokered private placement.