Galway Metals confirms high-grade gold discovery in New Brunswick
- Galway Metals Inc. reported promising assay results from the South Deposit at the Clarence Stream project.
- Notable drilling results include high-grade gold intersected in several drill holes, confirming continuity at depth.
- The company aims to expand the resource in this deposit, signaling strong potential for future development.
In New Brunswick, Canada, Galway Metals Inc. announced the assay results from 11 diamond drill holes in their South Deposit at the Clarence Stream high-grade gold project. The results demonstrated high-grade gold continuity at depth, with the notable intersection from hole CS-407 revealing 29.1 grams of gold per tonne over 4.0 meters, which included a more concentrated segment of 68.2 grams per tonne over 1.5 meters. This new data confirms the ongoing mineralization and suggests that the South Deposit may serve as the starter pit for future development. Rob Hinchcliffe, the President and CEO of Galway, expressed that expanding the South Deposit is a top priority, indicating that more assay results are expected to be released in the weeks ahead. Additionally, follow-up drilling at a nearby Southwest deposit has reported intersections of two zones containing visible gold, suggesting an expansion of mineralization and anticipation of further results in early 2025. The significance of these findings has been underscored by the results aligning with previous geological assessments documented in a technical report by SLR Consulting Ltd., which labeled the project as containing intrusion-related, structurally controlled, quartz-vein hosted gold deposits. The ongoing exploration efforts at Clarence Stream hold potential for increasing the overall mineral resource, as past and new drilling results continue to demonstrate promising gold concentrations in complex geological structures. Galway intends to maintain a dedicated drilling rig throughout the winter to facilitate the exploration of the Southwest deposit. Given the high core recovery rate of 99% in the mineralized zones reported in this and prior results, the company is optimistic about potential resource expansion, which is vital for supporting future project development. Finally, as the economic landscape for developers in the gold mining industry remains dynamic, Galway Metals is positioning itself to capitalize on favorable market conditions and the increasing interest in gold exploration in New Brunswick.