TORONTO, ON / ACCESSWIRE / July 30, 2024 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to announce that it has commenced a NI 43-101 Mineral Resource Estimate and concurrent metallurgical test program at its Estrades property in the Northern Abitibi of Western Quebec 100% gold and zinc Estrades property. 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 1990-1991 totalling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 173.3 g/t Ag .
Rob Hinchcliffe, President and CEO of Galway stated "With metal prices significantly higher, particularly gold prices the company has initiated a new mineral resource estimate. After carrying out two internal scoping studies, management has identified areas of improvement for the economics of the project, the main factor being the rising gold price. We have engaged Metallurgist, Ken Roberts to design and improve the recoveries of the payable metals of the project. The results of both will be released in the fourth quarter."
Updated Mineral Resource to Use 38% Higher Gold and 13% Higher Zinc Prices
The Estrades project is a precious metal rich VMS deposit on the Casa Berardi trend, and with recent gold prices reaching near peak highs, the gold resource has become the most economically important metal in the deposit. As a result, Galway has contracted SLR Consulting (Canada) Ltd. to undertake the NI 43-101 Updated Mineral Resource Estimate (MRE). The resource will include 42,099 metres of drilling completed since the 2018 MRE (see location and intercept table), incorporate the results of the new metallurgical test work being undertaken concurrently, and to reflect the current metal prices. Table 1 presents the current Mineral Resource estimate (RPA, 2018).
Category | Tonnes | Au | Ag | Zn | Cu | Pb |
Total, Indicated | 1,497,000 | 3.55 | 122.9 | 7.20 | 1.06 | 0.60 |
Total, Inferred | 2,199,000 | 1.93 | 72.9 | 4.72 | 1.01 | 0.29 |
Table 1) Updated Mineral Resource Estimate for the estrades Polymetallic VMS Deposit, Quebec, by RPA inc., September 10, 2018
Table 2 below shows a 38% increase in gold prices , 28.6 % increase in copper prices, 19.0% increase in silver prices and a 13.0% increase in Zinc prices since the previous resource estimate.
Year | Gold (US$/oz) | Silver (US$/oz) | Zinc (US$/lb) | Lead (US$/lb) | Copper (US$/lb) |
2018 | 1,450 | 21 | 1.15 | 1.00 | 3.50 |
2024 | 2,000 | 25 | 1.30 | 1.00 | 4.50 |
Table 2) Price deck from 2018 Mineral Resource Update compared to prices being used in 2024 Mineral Resource.
Metallurgical Study Designed for Estrades VMS Project
Galway Metals Inc. is continuing to advance and study the metallurgical response of the Estrades project located in Quebec, Canada. Efforts for the study will be focused on building upon the historical test work completed in 2008 as well as expanding the composites selection from the previous study to include four key zones identified as Main, Central, Central East, and Copper East. The test work will also include initial XRT ore sorting work to establish a better understanding of the deposits potential to sort out costly waste dilution.
Galway has selected Base Metal Laboratories to perform the metallurgical testing and have acquired the services of KJRoberts Metallurgical Services, Principal Metallurgist Mr. Ken Roberts to design and direct the testing program. The key objectives for this project will be to improve the recoveries of the payable metal units for Cu, Pb, Zn, Au and Ag as well as minimize Capital Expenditures and predicted Operating Costs for the Project.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Kamil Khobzi, P.Geo., is the Qualified Person responsible for the accuracy of this news release. Mr Reno Pressacco, P. Geo., is the Qualified Person responsible for preparation and disclosure of the Estrades Mineral Resource estimate and is independent of Galway. The drill core is sawn in half with one half of the core sample shipped to Swastika Laboratories situated in Swastika, ON, which has accreditation of ISO/IEC 17025. The other half of the core is retained for future assay verification. Other QA/QC measures include the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish for samples greater than 10 g/Mt gold. Other Metals (Ag, Cu, Pb, Zn, Co, As) have full acid digestion and analyzed by AAS; with over limits (5000 PPM) analyzed by AAS using method dilutions, and the Silver (Ag) over limits (> 200 ppm) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values.
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: info@galwaymetalsinc.com
Website: www.galwaymetalsinc.com
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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.
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