Sat, 14 Dec 2019

TORONTO, ON / ACCESSWIRE / November 13, 2019 / Galway Metals Inc. (TSX-V:GWM) (the 'Company' or 'Galway') is pleased to report assay results from drilling at the recent Richard Zone discovery, the Jubilee Zone, and some exploratory wildcat holes. The Richard Zone was first reported in January, 2019, and lies midway between the Jubilee Zone and the Company's first discovery, the George Murphy Zone (initially reported in December, 2017). It is thought that all 3 zones (the George Murphy, Richard and Jubilee), which cover 2.5 km of strike length, are part of the same system. None of these zones are in the resource. (Figure 1)

Robert Hinchcliffe, President and CEO of Galway Metals, said, 'The Richard Zone discovery hole returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m, and the latest drilling has returned high grades over multiple wide zones. Galway Metals will continue to drill our new discoveries in order to maximize the resource that will be undertaken in early 2020. The new intersections represent step-outs of 54m to 91m to the west at Richard. Galway Metals believes that Clarence Strem, is an emerging new gold district in eastern Canada.'

Richard Zone Highlights

19BL-72: 20.7 grams per tonne (g/t) Au over 9.5 metres (m) (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m and 23.5 g/t Au over 1.1m) plus 14.2 g/t Au over 7.5m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, and 17.5 g/t Au over 0.75m) starting at vertical depths of 185 m, and 151 m below surface

19BL-69: 5.5 g/t Au over 16.7m (including 50.7 g/t Au over 0.5m, 9.5 g/t Au over 0.5m, 8.4 g/t Au over 0.6m, 32.4 g/t Au over 0.5, 43.2 g/t Au over 0.6m, and 11.7 g/t Au over 0.6m) starting at a vertical depth of 142 m below surface

The Richard Zone continues to return high grade gold over significant widths

At the new Richard Zone discovery, RUSH assays have been returned for parts of two drill holes that have Visible Gold in multiple spots. Hole 72 intersected 20.7 g/t Au over 9.5m (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m and 23.5 g/t Au over 1.1m) plus 14.2 g/t Au over 7.5m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, and 17.5 g/t Au over 0.75m) (Figure 2). The 20.7/9.5m and 14.2/7.5m are thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 91m and 66m west of it respectively. The two intersections are separated by 25.7m of 0.32 g/t.

Hole 69 intersected 5.5 g/t Au over 16.7m (including 50.7 g/t Au over 0.5m, 9.5 g/t Au over 0.5m, 8.4 g/t Au over 0.6m, 32.4 g/t Au over 0.5, 43.2 g/t Au over 0.6m, and 11.7 g/t Au over 0.6m.) The 5.5/16.7m is thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 54m west of it. The intersections in holes 72 and 69 are 181m, 153m, and 140m respectively from the discovery hole intersection.

The discovery hole, BL18-12, returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m (previously released) in multiple quartz veins containing abundant visible gold, starting only 51 metres downhole and 36 metres vertical. Follow-up drilling in hole BL19-15 intersected 5.4 g/t Au over 11.0m, including 20.9 g/t Au over 2.55m (previously released), plus 1.4 g/t Au over 9.0m, and plus 1.5 g/t Au over 7.5m. The original drilling consisted of 1,222m in 4 holes. Drilling was stopped early 2019 due to the rapid snow melt and subsequent flooding in New Brunswick. Since resumption of drilling in early June, 2,438m in 12 holes have been drilled (all are pending assays, including non-RUSH assays from the holes reported herein), with multiple gold-bearing structures intersected in multiple drill holes (Figure 2).

With the interpretation of the horizontal trend (strike) for the Richard Zone as being identical to the NE trends of the Jubilee and George Murphy Zones (generally following the granite contact to the NW that might be the source of the gold-bearing fluids), and dipping south, the new intersections appear to line up with the middle of 3 vein zones at Richard.

Jubilee Zone Highlights

BL19-48: 2.2 g/t Au over 2.2m (1.4m True Width (TW)), plus 0.9 g/t Au over 4.5m (3.0m TW), plus 1.9 g/t Au over 2.4m (1.6m TW) starting at vertical depths of 79m, 128m, and 166m below surface

BL19-46: 0.7 g/t Au over 10.45m (10.3m TW) (including 3.3 g/t Au over 1.3m), plus (previously reported) 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m), plus several narrow low-grade zones, starting at vertical depths of 75m and 43m below surface

BL19-47: 1.0 g/t Au over 5.3m (3.5m TW) (including 5.6 g/t Au over 0.6m), plus 0.7 g/t Au over 5.0m (3.4m TW), plus 3.5 g/t Au over 0.7m (0.5m TW), plus 0.5 g/t Au over 4.8m (3.2m TW), plus 4.1 g/t Au over 0.5m (0.3m TW), starting at vertical depths of 122m, 99m, 173m, 182m, and 158m below surface

Jubilee Zone has wide, near-surface intersects

At Jubilee, Galway continues to add gold mineralization to the deposit. Pending assays were received from hole 46 since the last press release. Multiple intersections have been received from holes 47 and 48.

Hole 46 contains 5 intersections, with the best being 0.7 g/t Au over 10.45m (10.3m TW) (including 3.3 g/t Au over 1.3m), plus (previously reported) 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m). These are located 81-92 m from the 1.9 g/t Au over 43.3 m (35.7m TW), including 21.2 g/t Au over 2.35m in hole BL19-21 (previously released).

Hole 47 contains 9 intersections, with the best being 1.0 g/t Au over 5.3m (3.5m TW) (including 5.6 g/t Au over 0.6m), plus 0.7 g/t Au over 5.0m (3.4m TW), plus 3.5 g/t Au over 0.7m (0.5m TW), plus 0.5 g/t Au over 4.8m (3.2m TW), plus 4.1 g/t Au over 0.5m (0.3m TW). These are located 42-82m from the 1.9 g/t Au over 43.3 m.

Hole 48 contains 4 intersections, with the best being 2.2 g/t Au over 2.2m (1.4m TW), plus 0.9 g/t Au over 4.5m (3.0m TW), plus 1.9 g/t Au over 2.4m (1.6m TW). These are located 69-85m down-dip and east from the 1.9 g/t Au over 43.3 m.

Other intersections of note in the west end of Jubilee (previously released) include 1.2 g/t Au over 20.5m (19.3m TW) in hole 19-20A, and 2.3 g/t Au over 10.0m (8.0m TW) (including 32.9 g/t Au over 0.5m), plus 1.2 g/t Au over 16.4m (13.2m TW) in hole 19-43. Jubilee was also extended to the NE by 175 metres previously with an intersection of 2.1 g/t Au over 7.0m (6.9m TW) in hole BL19-17 such that a resource on Jubilee would extend approximately 465 metres (365m between intersections). Since resumption of drilling in mid July, 2,765 m in 11 holes have been drilled in Jubilee on the west side (most pending all assays). To the east, wildcat drilling for Jubilee is 1,740m in 6 holes to date.

The Jubilee Zone horizons appear to trend northeast, parallel to the granite intrusive located to the northwest. True widths for all drill holes to date at Jubilee have now been calculated, based on an interpreted horizontal trend (strike) of 50° and south dips of -52°. The George Murphy Zone, located 2 km northeast of Jubilee, is interpreted to have a similar horizontal trend (strike) but is steeper dipping. The newly-discovered Richard Zone is half way between. (Figure 1 and Figure 3).

Wildcat Drilling Highlights

SW19-01: 0.4 g/t Au over 1.0m (unknown TW), starting at a vertical depth of 138m below surface

SW19-03: 1.8 g/t Au over 1.0m (unknown TW), starting at a vertical depth of 19m below surface

SW19-05: 0.6 g/t Au over 0.75m (unknown TW), starting at a vertical depth of 277m below surface

Wildcat Drilling intersected what appears to be extensions of the South Zone

Wildcat drilling was undertaken using the newly ordered third drill in two locations west of the resources from the South Zone. The two locations are 4.8 km and 1.5 km to the west and are interpreted to be extensions of the South Zone. The target at 4.8 km away trends parallel to high soil anomalies of greater than 300 ppb Au, and is located where boulders returned up to 56.2 g/t Au with visible gold. The target at 1.5 km away features soil, till, and geophysical anomalies and where a boulder was found that returned 35.5 g/t Au (Figure 3).

Three zones of mineralization were returned from the first hole (BL19-44)- two with significant widths of 20-40% quartz veining (18 and 22m) and 2% arsenopyrite, plus 5% pyrite, plus 5% pyrrhotite, and one zone being a mineralized gabbro dyke (similar to the South Zone) that returned up to 0.5 g/t Au over 1.15m. The third and northern-most structure appears to be the down-dip extension of the Jubilee Zone, while the southern two structures are on-strike with the South Zone. Assays are pending from other holes. A previous drill hole (GWM17CL-09) located midway between this hole and the South Zone (2.4 km from each) had intersected a similar 14.15m wide mineralized structure consisting of 10-20% quartz veining with up to 0.4 g/t Au over 0.65m. The drilling 1.5 km west of the South Zone also intersected quartz veining and altered gabbros. The best assay returned to date is 1.8 g/t over 1.0m in an altered gabbro. A strongly mineralized arsenopyrite-bearing quartz vein in hole SW-05 returned 0.6 g/t over 0.75m.

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