TORONTO, ONTARIO--(Marketwired - Jan. 12, 2017) - Galway Metals Inc. (TSX VENTURE:GWM) (the "Company" or "Galway") is pleased to announce assay results from 13 diamond drill holes (comprising 3,853 meters) from its Clarence Stream gold property. The Company announced, on August 3, 2016, that it had secured an Option Agreement to acquire a 100% interest in the property. Clarence Stream is located 70 kilometres (km) south-southwest of Fredericton in south-western New Brunswick, Canada. As a result of glacial till anomalies identified by the Governments of New Brunswick and Canada, successful soil sampling, geophysical work and drilling by previous operators, and the recently-reported strong results received from Galway's soil, boulder and chip sampling programs, the Company has significantly increased its total land position at Clarence Stream, which stretches 65 km along strike. Galway is now positioned to be the first company to drill, on a regional scale, the many anomalies that have been identified (refer to the December 20, 2016 press release), and to also continue to drill extensions to the existing resource.
The drill results highlighted below are significant because they enhance continuity of wide intersects of near-surface mineralization in the central area of the South Zone.
- 4.6 grams per tonne (g/t) gold (Au) over 30.0 metres (m), including 8.9 g/t Au over 14.0 m (that includes 28.0 g/t over 1.0 m, 20.7g/t over 1.0 m, and 32.1 g/t over 1.0 m) in CS16-343 from 33.0 m to 63.0 m
- 4.3 g/t Au over 23.0 m, including 5.6 g/t Au over 16.0 m (that includes 21.4 g/t over 1.0 m, and 13.6 g/t over 2.0 m) in CS16-344 from 28.0 m to 51.0 m
The following three drill holes are located outside the existing resource, which should provide resource expansion potential in two areas:
- 5.5 g/t Au over 5.5 m in CS16-338 from 331.3 m to 336.8 m (located in the eastern part of the South Zone)
- 1.4 g/t Au over 9.0 m in CS16-340 from 264.0 m to 273.0 m (located in the eastern part of the South Zone)
- 9.0 g/t Au over 1.0 m in CS16-341 from 156.8 m to 157.8 m (located in the parallel structure immediately north of the main part of the South Zone)
Robert Hinchcliffe, President and CEO of Galway Metals, said, "Galway believes that Clarence Stream has significant exploration potential as indicated by the strong till, soil, boulder and chip samples that are highly anomalous for gold but have never been drilled. We are very encouraged by our initial drill results from the South Zone, which are both infill and expansionary in nature. We are also very excited to move the drill rig to the target south of the South Zone, which has not previously been drilled, to test the high-grade boulder and chip samples identified in this area. This area is believed to be closer to the source of the mineralizing fluids that are necessary for gold deposition."
Galway is also pleased to provide the following additional announcements:
- South of the South Zone Target - Soon to be Drilled: A new area has been delineated as having high potential, and plans are in place to test this area beginning in February. This area is located immediately south of the Clarence Stream South Zone, between it and the intrusive that is thought to be the source of the mineralizing fluids (Figure 1). There are no known drill holes in this area, which is of equal size and contains the same types of geological contacts as the known South Zone deposits (that contain 78% of Clarence Stream's total resource ounces). The contact with the intrusive is of particular interest. In this high potential area south of the South Zone, numerous boulders and bedrock chip samples have returned encouraging assays rich in gold, including chip grabs taken by Freewest of 84.3 g/t, 22.8 g/t, 22.0 g/t, 12.1 g/t, 11.6 g/t, 9.3 g/t, and 6.3 g/t (Figure 2). This area also contains three of the nine highest gold-in-soil sample grades taken by Freewest, plus it coincides with a significant gold-in-till anomaly. Chip samples are selected samples and are not representative of the mineralization hosted on the property.
- An Updated Resource on Clarence Stream, dated December 16, 2016, has Been Filed on SEDAR: The resource remains unchanged from the September 2012 estimate, as no new drilling has been incorporated. Both the previous and the current resource estimates were prepared by RPA. Clarence Stream hosts Indicated Resources of 182,000 ounces of gold at 6.9 g/t (241,000 oz at 9.1 g/t uncut), plus Inferred Resources of 250,000 oz at 6.3 g/t (313,000 oz at 8.0 g/t uncut). The resource estimates done to date have reflected the concept that the deposit would potentially be mined totally by underground methods, if a feasibility study warrants development. In light of current and previous shallow drilling results, the next NI 43-101 undertaken by Galway Metals is likely to incorporate an open pit component.
- The Presence of Additional Strong Gold in Soil Anomalies Exists Within the 15 km2 (5 km strike length) Leverville Grid Area: The new results contained a sample that graded 1,030 ppb Au, which was more than double Freewest's highest grade sample of 432 ppb Au (Freewest drilled the resource and took in excess of 10,000 soil samples), and exceeded Galway's previous highest sample of 694 ppb Au. Galway has now received assay results from approximately 9,000 soil samples with approximately another 1,000 results pending.
- An Expansion of the Clarence Stream Property Through Additional Claim Staking, Where Till and Chip Samples are Anomalous for Gold: Galway's Clarence Stream property is now 60,465 hectares in size, up 11%. Two groups of claims were staked, located on the southwest of Galway's claims and north of the recently acquired Lower Tower Hill property (Figure 3). In the southwest, the area was staked to cover chip samples that returned 15.6 g/t Au and 1.6 g/t Au. Claims to the north were staked to cover an 18 ppb till anomaly, which is immediately north of a 694 ppb Au soil sample (the second-highest taken from the more than 20,000 collected at Clarence Stream), and this property is immediately north of Lower Tower Hill, which contains chip samples that graded 89.1 g/t Au plus 50.4 g/t Au over 0.8m. For comparative purposes, the highest grade glacial till in the South Zone was 24 ppb Au.
- Drilling at Estrades Has Commenced: The Company is planning on drilling 6,000 metres at Estrades in 2017.
Current drilling, and drilling going forward, will primarily attempt to increase inferred resources and to define the limits of known gold zones as recommended by RPA in the current NI 43-101 report. Five mineralized areas of the South Zone, which is steeply dipping and in close proximity to the Sawyer Brook fault, were drilled over a horizontal distance of 1,470 metres.
Central Area of South Zone
Eight of the 14 holes drilled in which assays have been received targeted the central part of the South Zone, with two drilled in a shallow, wide, 100+ metre long central area. An additional three holes were also drilled in this shallow area, with assays pending. Results from the two shallow holes in which assays have been received are as follows:
CS16-343 (azimuth 145°, dip -45°, UTM: 658305E 5023694N)
- (open pit mining using a 0.5 g/t Au cutoff) 30.0 m grading 4.6 g/t Au (29.1 m True Width (TW)); 33.0-63.0 m; including 28.0 g/t over 1.0 m, 20.7 g/t over 1.0 m, and 32.1 g/t over 1.0 m
- OR (underground mining using a 3.0 g/t Au cutoff) 14.0 m grading 8.9 g/t Au (13.6 m TW); 33.0-47.0 m
CS16-344 (azimuth 145°, dip -45°, UTM: 658286E 5023677N)
- (open pit mining) 23.0 m grading 4.3 g/t Au (22.3 m TW); 28.0-51.0 m; including 21.4 g/t over 1.0 m, and 13.6 g/t over 2.0 m
- OR (underground mining) 16.0 m grading 5.6 g/t Au (15.5 m TW); 29.0-45.0 m
The above holes were drilled to enhance continuity, to understand the controls to mineralization, for metallurgical purposes, and to test the area closer to surface to better determine the potential for mineralization to exist that may be amenable for open-pit resource estimation. In this area, mechanized trenching at surface reached bedrock under approximately five metres of overburden, but water infiltration did not allow Galway's geologists to see the veining or to properly channel sample the veins. Nonetheless, samples were ripped up from the bedrock veins and returned gold assays such as 173.0 g/t, 81.1 g/t and 42.1 g/t. Drilling was undertaken at 12-16 metre offsets from holes previously drilled. For example, holes drilled in this 100 metre long area by Freewest in 2001 returned intersections such as:
- 3.2 g/t Au over 30.0 m (2.2 g/t cut; (29.1 m TW) including 7.1 g/t Au over 9.5 m (9.2 m TW) = 3.9 g/t cut), (incl. 90.3/0.5 m, 5.6/2.0 m, 7.6/0.5 m, 8.0/1.0 m)
- 14.3 g/t Au over 21.6 m (6.4 g/t cut; (20.9 m TW) including 15.9 g/t Au over 19.0 m (18.4 m TW) = 7.0 g/t cut) (incl. 147.5/0.5 m, 49.8/0.5 m, 210.8/0.5 m, 49.7/0.5 m),
- 6.7 g/t Au over 12.5 m (6.4 g/t cut; (11.7 m TW) including 7.1 g/t Au over 11.5 m (10.8 m TW) = 6.8 g/t cut) (incl. 25.0/1.0 m, 21.7/0.5 m),
- 5.1 g/t Au over 42.9 m (2.9 g/t cut; (41.9 m TW) including 25.4 g/t Au over 8.0 m (7.8 m TW) = 13.5 g/t cut), (incl. 86.0/0.5 m, 95.8/0.5 m, 95.2/0.5 m; 12.2 g/t cut), and
- 7.3 g/t Au over 15.9 m (15.4 m TW) (including 8.6 g/t Au over 12.9 m (12.5 m TW) (incl. 30.0/0.5 m, 15.5/1.4 m, 15.8/1.0 m).
The first intervals use a 0.5 g/t Au cut-off while the bracketed intervals use 3.0 g/t. These drill intersects are all within 19-56 metres of surface. Other strong zones of mineralization that exist at depths of 38 to 50 metres are located a further 100 metres west, which contained:
- 5.7 g/t Au over 13.2 m (12.9 m TW) (5.3 g/t cut; including 9.3 g/t Au over 7.7 m (7.5 m TW) = 8.7 g/t cut), and
- 3.6 g/t Au over 19.0 m (18.6 m TW) (3.5 g/t cut; including 5.9 g/t Au over 8.5 m (8.3 m TW) = 5.8 g/t cut).
Similarly, a further 150 metres east and at depths of 33 to 56 metres contains intersections such as:
- 6.3 g/t Au over 27.0 m (26.5 m TW) (2.3 g/t cut; including 32.2 g/t Au over 5.0 m (4.9 m TW) = 10.3 g/t cut) (incl. 236.0/0.5 m; 10.3 g/t cut), and
- 6.4 g/t Au over 8.3 m (8.1 m TW) (including 6.8 g/t Au over 7.5 m (7.4 m TW)).
Overburden along the entire 2.0 km of the known mineralization in the South Zone is generally thin.
Hole CS16-343 is located midway between hole intersections of 3.2 g/t Au over 30.0 m, and 5.1 g/t Au over 42.9 m. Hole CS16-344 is located midway between the hole intersections of 3.2 g/t Au over 30.0 m and 6.7 g/t Au over 12.5 m.
Another hole, CS16-348, was drilled more than 100 metres below holes CS16-343 and CS16-344 in the central part of the South Zone; assays are pending but abundant visible gold in a 3.55 metre quartz vein is present. An additional six holes were drilled in the significantly deeper portion of this central area in an effort to upgrade resources from inferred (100 m centres) to indicated categories, and to better understand the controls and plunge of the mineralization. Highlights from this deeper drilling were as follows:
CS16-331, Previously Released (azimuth 147°, dip -54°, UTM: 658089E 5023925N)
- 1.0 m grading 6.3 g/t Au (1.0m TW) (in 6.0 m of 2.1 g/t Au = 5.9 m TW); 332.4-333.4 m and 332.4-338.4 m
CS16-332 (azimuth 145°, dip -60°, UTM: 658149E 5023920N)
- 1.0 m grading 3.7 g/t Au (1.0 m TW); 170.2-171.2 m
CS16-333 (azimuth 140°, dip -47°, UTM: 658166E 5023990N)
- 0.5 m grading 3.8 g/t Au (0.5 m TW); 291.45-291.95 m
- 0.8 m grading 2.6 g/t Au (0.8 m TW); 213.0-213.8 m
CS16-334 (azimuth 158°, dip -71°, UTM: 658089E 5023933N)
- 2.2 m grading 1.1 g/t Au (1.6 m TW); 379.46-381.7 m
CS16-335 (azimuth 145°, dip -53°, UTM: 658141E 5023797N)
- 10.0 m grading 0.9 g/t Au (9.3 m TW); 201.0-211.0 m
CS16-336 (azimuth 138°, dip -53°, UTM: 658021E 5023840N)
- 1.0 m grading 20.0 g/t Au (0.9 m TW); 301.25-302.25 m
Intersections of 20.0 g/t Au over 1.0 m (CS16-336), 0.9 g/t Au over 10.0 m (CS16-335), and 6.3 g/t Au over 1.0 m (in 6.0 m of 2.1 g/t Au) (previously released CS16-331) have been returned within the resource. The two wider intersections appear be along the periphery of the down-plunge extension of the wide, high-grade zone drilled near surface. Strong quartz veining with abundant arsenopyrite and antimony are present in these holes. They are drilled 50 metres above and below old hole CS07-271 that returned 5.1 g/t Au over 4.0 m (3.9 m TW) (incl. 28.2/0.5 m), and the 6.0 m of 2.1 g/t Au is located 50 metres above hole CS08-272 that returned 8.3 g/t Au over 11.5 m (9. 8 m TW) (incl. 84.9/0.5 m, 50.2/0.5 m; 5.1 g/t cut). The 20.0 g/t Au over 1.0 m intersect is located 30 metres below hole CS07-268 that returned 4.0 g/t Au over 4.0 m (3.9 m TW) (incl. 11.6/0.5 m). Galway is planning a series of additional holes below CS16-348 where significant visible gold was encountered, and above the 8.3 g/t Au over 11.5 m intersect in hole CS08-272 to expand the resource and to define the plunge and controls of mineralization in the area.
Other Areas of South Zone
One hole was drilled 100 m east of the central portion of the South Zone. Assays included the following:
CS16-337 (azimuth 151°, dip -52°, UTM: 658403E 023848N)
- 2.0 m grading 1.6 g/t Au (1.9 m TW); 141.8-143.8 m
Three holes were drilled in the eastern part of the South Zone, with results as follows:
CS16-338 (azimuth 143°, dip -50°, UTM: 659024E 5024498N)
- 5.5 m grading 5.5 g/t Au (5.2 m TW); 331.3-336.8m; including 13.2g/t over 1.5m
CS16-339 (azimuth 162°, dip -71°, UTM: 659091E 5024482N)
- 0.6 m grading 2.8 g/t Au (0.5 m TW); 349.12-349.72 m
CS16-340 (azimuth 146°, dip -66°, UTM: 659032E 5024383N)
- 9.0 m grading 1.4 g/t Au (7.4 m TW); 264.0-273.0 m
Intersections of 5.5 g/t Au over 5.5 m (CS16-338) and 1.4 g/t Au over 9.0 m (CS16-340) have been returned to the east, outside the current resource. The 1.4 g/t Au over 9.0 m intersect is located 61 metres below and east of an old intersection of 1.7 g/t Au over 10.5 m (8.2 m TW) (incl. 8.1 g/t Au over 1.0 m) in hole CS08-307. The intersection of 5.5 g/t Au over 5.5 m is located 39 metres below and east of an old intersection of 9.5 g/t Au over 3.0 m (2.2 m TW) (incl. 23.7 g/t Au over 0.5 m) in hole CS08-309, and 50 metres above and west of an old intersection of 8.8 g/t Au over 2.5 m (2.4 m TW) (incl. 33.3/0.5 m, 50.2/0.5 m; 8.1 g/t cut) in hole CS13-319. Hole CS16-339 is located 30 metres below and west of the intersection in CS13-319.
Two holes were drilled on a vein that parallels the main part of the South Zone approximately 80 metres to the north. Highlights were as follows (hole CS16-342 didn't return significant assays):
CS16-341 (azimuth 135°, dip -62°, UTM: 657883E 5023687N)
- 1.0 m grading 9.0 g/t Au (0.9 m TW); 156.8-157.8 m
- 1.0 m grading 2.1 g/t Au (0.9 m TW); 151.8-152.8 m
An intersection of 9.0 g/t Au over 1.0 m (CS16-341) has been returned on a vein that parallels the main part of the South Zone to the north, outside the current resource, in an area of poorly understood plunges to mineralization. It is located 38 metres below and east of an old intersection of 21.8 g/t Au over 4.0 m (3.7 m TW) (including 124.0 g/t Au over 0.5 m) in hole CS08-290. Hole CS16-342 returned nothing significant located 44 metres below and east of an old intersection of 8.0 g/t Au over 3. 0m (2.9 m TW) (including 21.8 g/t Au over 1.0 m) in hole CS06-215.
An additional four drill holes have been completed at Clarence Stream with assays pending. Two of the holes contain visible gold, including one at -126 metres in the wide, high-grade central part of the South Zone. All holes drilled to date are in the South Zone area.
NOTE: TW= true width; pit done at 0.5 g/t cut-off; rest done at approximately 3.0 g/t cut-off. For full table of drill results, please see Table 1 on our website.
Current 43-101 and Open Pit Potential
Galway Metals has filed an updated resource estimate for Clarence Stream that was prepared by Roscoe Postle Associates, Inc. (RPA) under the Company's issuer profile on SEDAR and on the Company's website at galwaymetalsinc.com. The resource estimate remains unchanged from the September 2012 estimate, except that RPA re-examined the assumed parameters and changed them slightly to better reflect current costs, gold prices and exchange rates. Clarence Stream hosts Indicated Resources of 182,000 ounces of gold at 6.9 g/t (241,000 oz at 9.1 g/t uncut), plus Inferred Resources of 250,000 oz at 6.3 g/t (313,000 oz at 8.0 g/t uncut). The property also hosts antimony, with Indicated Resources totaling 7.3 mm lb at 2.9% Sb. This resource statement uses a 3.0 g/t Au lower cut-off threshold, which reflects the concept that the deposit would potentially be mined totally by underground methods if a feasibility study warrants development. In light of current and previous shallow drilling results, the next NI 43-101 undertaken by Galway Metals is likely to incorporate an open pit component where a critical mass of lower-grade bulk-tonnage mineralization that is currently left out of the resource (e.g. 0.5 g/t to 3.0 g/t) might be included. Considerable infill assaying of historical core that was not previously assayed will be undertaken. Galway will endeavour to study the use of ore sorting technology to understand how much a bulk mineable tonnage could be concentrated for processing off-site. It is thought that the mineralization would lend it itself to such sorting with the use of colour and conductance.
Galway Metals has undertaken a very aggressive soil sampling program consisting of more than 10,000 samples located along 12 km of the Sawyer Brook Fault System, and from discreet areas located to the north of it (at similar distal proximities as the North Zone is to the main Sawyer Brook structure). This sampling was undertaken to cover areas that contained high gold, arsenic and bismuth glacial till samples that were previously taken by the New Brunswick and Canadian governments. Such strong till anomalies on/near the Clarence Stream deposit lead to its discovery. Follow-up soil sampling, which led to the identification of drill targets, resulted in the delineation of the North and South Zones, along with some other anomalous showings that remain untested by drilling. The highest soil anomaly ever recorded in the area has been returned that is higher grade than those taken by previous operators, such as Freewest Resources, Wolfden Resources and Jubilee Gold Exploration. These samples were taken at 25 metre intervals along lines 100 metres apart. In the current program, similar sample intervals were used and some strong and laterally extensive anomalies have been delineated.
The Leverville soil survey (Figure 4) was designed to cover an area 8.5 km to 18.5 km west of and along strike of the Clarence Stream South Zone. At least 7 anomalous linear trends have been delineated, with a high assay of 1,030 ppb Au. This exceeded Galway's previous high sample of 694 ppb Au located north of Leverville and Freewest's high of 432 ppb Au located in the North Zone area. None of these three high gold-in-soil anomalies have been drilled.
Soil samples are the brown soils directly below the roots and other organic matter that contain chemically (and mechanically) concentrated gold and other elements, whereas till samples are located below the soils in glacial till (gravel) that contains gold and other elements that are mechanically transported by glaciers. The tills in the region are generally thin (1-5 metres) and are thought to have been transported short distances (generally less than 350 metres).
Soil anomalies, both from prior surveys and from the Galway Metals surveys, will be drilled in future months as recommended by RPA in the current 43-101 report.
Newly Staked Claims
Galway increased its land position at Clarence Stream by 11% to 60,465 hectares (149,412 acres) by staking 254 claim units because of the success in delineating targets with soil and chip samples where till samples are also anomalous for gold. Two groups of staked claims were added to the land package, located on the southwest of Galway's claims and north of the recently acquired Lower Tower Hill property (Figure 3). In the southwest, the area was staked to cover chip samples that returned 15.6 g/t Au and 1.6 g/t Au. The area above Lower Tower Hill covers a glacial till anomaly of 18 ppb Au. For comparative purposes, the highest grade glacial till in South Zone sampling was 24 ppb Au. Lower Tower Hill contains 89.1 g/t Au plus 50.4 g/t Au over 0.8m, and the area immediately north contains the second-highest soil sample result of 694 ppb Au from the more than 20,000 samples taken at Clarence Stream. The newly staked claims in this north area are immediately north of the high-grade soil sample, which is immediately north of Lower Tower Hill.
Drilling at Estrades in northwest Quebec has commenced. Drilling can occur only during the winter freeze period, and as such is expected to last approximately three to four months. This should allow Galway to complete its budgeted 6,000 metres of drilling. The Company is also planning on completing a paired downhole induced polarization (IP) program at both Estrades and its nearby Newiska properties to search for deeper source vents rich in copper and other metals. This IP program is expected to enhance Galway's ability to find areas rich in sulphides, which often hosts copper and other metal-bearing minerals. Drilling will initially focus on near surface targets that are outside the resource, and will shift to deeper targets once the IP results have been received and interpreted.
Clarence Stream Geology and Mineralization
The following is taken from various sections of RPA's NI 43-101 report on the Clarence Stream Property, dated September 7, 2012. Clarence Stream is located near the boundary of the Gander and Avalon terranes of the Canadian Appalachians. In southwest New Brunswick, the boundary between these major terranes is obscured by Palaeozoic age sedimentary rocks of the Mascarene Basin and the St. Croix terrane, which are the primary hosts of gold mineralization at Clarence Stream. The Sawyer Brook Fault separates these two groups of metasedimentary rocks and is interpreted as a dextral strike-slip fault and may be part of a regional, belt-parallel fault system.
The Clarence Stream deposits can be characterized as intrusion-related 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.
Gold-bearing minerals at Clarence Stream include aurostibite (AuSb2), electrum (20%-34% Ag), native gold, arsenopyrite (FeAsS), gudmundite (FeSbS), berthierite (FeSb2S3), jamesonite (Pb4FeSb6S14), and stibnite (Sb2S3). Pyrite (FeS2) and pyrrhotite (Fe1-xS) are common but not associated with gold.
Gold mineralization has been discovered in two main areas of the Clarence Stream property, each with unique host rocks and deposit geometry. The South Zone lies immediately to the northwest of the Saint George (Magaguadavic) Batholith, while the Anomaly-A (North) Zone lies 3.5 km further northwest.
South Zone Geology and Mineralization
The South Zone lies within a steeply dipping, east-northeast trending high-strain zone. RPA outlined 38 individual lenses over a strike length of two km, to a maximum depth of 350 metres. Gold mineralization is commonly hosted in quartz veins, quartz stockwork, and along the contacts and within sheared and altered metagabbro and microgranite sills and dikes that crosscut the meta-sedimentary rocks of the Waweig Formation. There is a strong spatial relationship between veining and the microgranitic dikes and sills that, in detail, crosscut and post-date the gabbro. Evidence suggesting that the South Zone is related to the St. George (Magaguadavic) Batholith includes the close spatial relationship of gold mineralization with the batholith, the presence of hornfels and veined and altered auriferous microgranite dikes, and high concentrations of Bi, As and Sb.
North Zone Geology and Mineralization
RPA outlined five lenses within a one km by two km area known as Anomaly-A (North Zone). The lenses are primarily hosted within metagreywacke and argillite of the Kendal Mountain Formation. The AD-MW Lens, which dominates the mineralized veins in the North Zone, forms a bowl-shaped structure with an average vertical thickness of approximately three metres that outcrops at surface and reaches a depth of 100 metres. The geometry of the Murphy Lens is less understood due to widely spaced drilling. Gold generally occurs in areas of strong quartz veining and cataclasite. Stringer and semi-massive stibnite, arsenopyrite, and pyrite are common. Traces of sphalerite, chalcopyrite, and visible gold occur locally. The best gold values are found in shallow-dipping sediment-hosted quartz veins and stockwork exhibiting brecciation and the emplacement of a second generation of sulphides, and in clear hairline quartz veinlets.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. 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 the Company
Galway Metals is well capitalized with approximately CAD$9.7 million at September 30, 2016, after accounting for the Clarence Stream and Estrades acquisitions. 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.