202629 releases
Galway Metals Announces Closing of $14 Million Brokered Private Placement Led by Michael Gentile
A brokered best-efforts private placement closed with 19,437,000 flow-through units issued at $0.72 per unit for gross proceeds of approximately $14 million, with Beacon Securities as sole agent and a cash commission of $606,434.40. Each unit includes one share and one warrant exercisable at $0.80 for 36 months. Proceeds will fund Canadian exploration expenses at the Clarence Stream gold project in New Brunswick by December 31, 2027. Michael Gentile now holds about 10.94% of shares outstanding and agreed to a 12-month lock-up.
FinancingGalway Metals Drilling Highlights Potential for Deeper Resource Expansion at Southwest Deposit
Drilling southwest of Craig Lake at the Southwest Deposit, part of the 100%-owned Clarence Stream gold project in New Brunswick, returned 2.8 g/t gold over 48.0 metres, including 16.7 g/t over 5.0 metres, plus 3.9 g/t over 30.0 metres and 4.5 g/t over 13.0 metres in BL-332; BL-333 returned 8.3 g/t over 6.0 metres and BL-334 6.4 g/t over 7.0 metres. Holes BL-332 and BL-333 intersected mineralization outside current resource wireframes, in a gap along an interpreted southwest plunge.
Drill resultsGalway Metals Announces $14 Million Brokered Private Placement Led by Michael Gentile
A best efforts brokered private placement of up to 19,437,000 flow-through units at $0.72 per unit for gross proceeds of up to approximately $14 million has been agreed with Beacon Securities as sole agent, with each unit comprising one flow-through share and one warrant exercisable at $0.80 for 36 months. Michael Gentile will subscribe for 17,150,000 units, taking about 11.04% of shares and a 12-month lock-up. Proceeds fund Canadian exploration expenses at Clarence Stream, New Brunswick; closing expected about October 14, 2026.
FinancingGalway Metals Settles Claim by Former Employee with Cash and Share Payments
A settlement agreement has been reached resolving litigation brought by a former employee against Galway Metals, under which the Company will pay $800,000 comprised of $500,000 in cash and $300,000 in common shares. The share component is to be settled through the issuance of 619,834 common shares at a deemed price of $0.484 per share, subject to TSX Venture Exchange acceptance. The shares will carry a four month and one day hold period, and no insiders are participating.
CorporateGalway Metals Completes 5,000-Metre Drill Program at Estrades Amid Strong Metal Prices
A 13-hole, approximately 5,000-metre diamond drill program was completed at the end of August 2026 at the Estrades Project in the northern Abitibi region of western Québec, with assays pending. The drilling, part of Phase I under the Option and Joint Venture Term Sheet with DOWA METALS & MINING CO., LTD. announced in January 2026, targeted the Main, Central and East zones to provide material for metallurgical testwork at SGS Canada's Burnaby facility. A winter infill and expansion drill program is planned.
Drill resultsGalway Metals Announces Filing of NI 43-101 Technical Report for Updated Clarence Stream Mineral Resource Estimate
An independent NI 43-101 technical report supporting the updated Mineral Resource Estimate for the 100%-owned Clarence Stream Gold Project in Southwestern New Brunswick has been filed on SEDAR+. The report, prepared by SLR Consulting (Canada) Ltd., has an effective date of May 29, 2026, and contains no material differences from the MRE disclosed in the Company's July 13, 2026 news release.
Resource updateGalway Metals Engages Simone Capital Corp. for Investor Relations Services
A month-to-month consulting agreement dated August 21, 2026 has been signed with Simone Capital Corp. to provide investor relations and capital markets advisory services, including roadshows, investor outreach, social media and webinars, with either party able to terminate at any time. Simone Capital will be paid C$6,500 per month plus applicable taxes, commencing August 24, 2026, with no securities, options or warrants issued. Simone Capital, owned by Anthony Simone, is arm's length; the agreement is subject to TSXV acceptance.
CorporateGalway Metals Continues to Demonstrate Broad Gold Mineralization at Southwest Deposit; 2.0 g/t Gold Over 68.0 Metres
Assay results from 14 diamond drill holes at the Southwest Deposit of the 100%-owned Clarence Stream gold project in New Brunswick include BL-328 with 2.0 g/t Au over 68.0m (including 54.4 g/t Au over 1.0m) and a further 1.0 g/t Au over 52.0m starting 7.0m below. BL-311 returned 3.3 g/t Au over 23.0m, 6.3 g/t Au over 5.0m and 9.0 g/t Au over 3.0m; BL-329 returned 3.2 g/t Au over 11.0m and BL-294 2.3 g/t Au over 16.0m. Infill drilling is at roughly 25-metre spacing as the PEA advances.
Drill resultsGalway Metals Reports Broad Gold Intercepts from Southwest Deposit, Including 2.6 g/t Over 48.0 Metres
Assay results from 14 diamond drill holes at the Southwest Deposit of the 100%-owned Clarence Stream gold project in New Brunswick include 2.6 g/t Au over 48.0 metres in BL-323 (including 21.3 g/t Au over 2.0m and 9.9 g/t Au over 3.0m), 1.7 g/t Au over 31.0 metres in BL-322, 5.3 g/t Au over 5.0 metres in BL-316 and 3.1 g/t Au over 8.0 metres in BL-313. The holes were primarily infill drilling within the 2026 Mineral Resource pit shell, as the company advances a Preliminary Economic Assessment.
Drill resultsGalway Metals Commences 5,000-Metre Drill Program at Estrades Funded by DOWA
Drilling has begun with two diamond drills at the Estrades Project in the northern Abitibi region of western Québec, an approximately 5,000-metre program forming part of Phase I under the Option and Joint Venture Term Sheet with DOWA Metals & Mining announced in January 2026. Holes across the Main, Central and East zones will supply material for metallurgical testwork by SGS Canada in Burnaby. Galway holds 90% of Estrades, with DOWA able to earn up to 45% by funding up to US$25 million.
Drill resultsGalway Metals Commences Preliminary Economic Assessment at Clarence Stream Gold Project
BBA E&C Inc. has been engaged to complete a Preliminary Economic Assessment for the 100%-owned Clarence Stream Gold Project in southwestern New Brunswick, with completion expected during the first quarter of 2027. The study will be based on the July 13, 2026 updated resource estimate of 27.2 million tonnes grading 1.62 g/t Au for 1.42 million indicated ounces and 28.5 million tonnes grading 1.40 g/t Au for 1.29 million inferred ounces.
Study resultsGalway Metals Reports Updated Clarence Stream Mineral Resource Estimate
An updated mineral resource estimate for the 100%-owned Clarence Stream gold project in southwest New Brunswick reports Indicated resources of 27.2 million tonnes at 1.62 g/t Au containing 1.42 million ounces of gold and Inferred resources of 28.5 million tonnes at 1.40 g/t Au containing 1.29 million ounces, plus about 19,500 tonnes of contained antimony Indicated and 3,100 tonnes Inferred. The estimate, effective May 29, 2026, uses US$3,250/oz gold and incorporates about 340 drill holes totalling roughly 70,000 metres since 2022. Four rigs are drilling a 40,000-metre 2026 program, with a PEA under evaluation.
Resource updateGalway Metals Reports 5.0 g/t Gold over 10.85 Metres at North Deposit and Continues to Intersect Gold in Northern Extension
Assay results from 34 diamond drill holes at the North Deposit on the 100%-owned Clarence Stream gold project in New Brunswick include 5.0 g/t Au over 10.85 m in hole ND-61 (including 11.3 g/t over 2.0 m and 10.4 g/t over 2.0 m), 40.3 g/t Au over 1.55 m in ND-52, 2.1 g/t Au over 6.0 m in ND-50 and 3.9 g/t Au over 3.0 m in ND-44. Many holes tested a northern extension about 430 m north of the 2022 pit-constrained resource. Follow-up drilling is planned for 2026.
Drill resultsGalway Metals’ District-Scale Geophysics Defines High-Priority Target Corridor Between Clarence Stream’s Two Largest Gold Deposits
Preliminary results from the 2026 district-scale airborne geophysical program (HeliTEM, Resolve 5 and magnetics) at the 100%-owned Clarence Stream Gold Project in southwest New Brunswick define the South-Limb Target Trend, an interpreted 6-kilometre corridor between the South and Southwest deposits, along with a conductive graphitic marker horizon. The first drill hole, SL-01, was completed to 440 m and intersected conglomerate, alteration and quartz-vein swarms with visually identified arsenopyrite at about 197 m and 330 m; assays are pending.
Drill resultsGalway Metals Reports High-Grade Gold Intercepts at Southwest Deposit Including 20.7 g/t Gold over 11.0 Meters
Drilling at the Southwest Deposit of the Clarence Stream gold project in New Brunswick returned 20.7 g/t Au over 11.0 m in hole CL-249, including 49.2 g/t Au over 4.0 m from 126.0 m, plus 6.0 g/t Au over 8.0 m in CL-252 and 7.6 g/t Au over 3.0 m in CL-251. Seven diamond drill holes targeted the GMZ and Adrian Zones; CL-246 and CL-248 returned no significant assays. Results feed an updated Mineral Resource Estimate.
Drill resultsGalway Metals Intersects 6.1 g/t Gold over 19.0m Including 18.3 g/t over 3.0m
Drilling at the South Deposit of the Clarence Stream gold project in New Brunswick returned 6.1 g/t Au and 0.2% Sb over 19.0m in hole CS-418, including 18.3 g/t Au over 3.0m and 20.6 g/t Au over 1.0m. Other holes returned 4.2 g/t Au over 4.0m (CS-426), 1.1 g/t Au and 0.2% Sb over 12.0m (CS-422), and 2.5 g/t Au and 0.4% Sb over 3.0m (CS-430). An updated Mineral Resource Estimate is underway with four rigs drilling.
Drill resultsGalway Launches District-Scale Geophysical Program to Accelerate Gold Discovery at Clarence Stream
A district-scale airborne geophysical survey program has commenced at the 100%-owned Clarence Stream gold project in southwest New Brunswick, comprising Resolve EM and deeper-penetrating HeliTEM EM surveys plus high-resolution magnetics, to be integrated with the 2020 VLF dataset across the approximately 65-kilometre prospective structural corridor, including the Eastern Block. Xcalibur Smart Mapping is conducting the surveys. Four drills are currently turning, with a resource update expected in the near term and a PEA planned for later this year.
Drill resultsGalway Metals Intersects Thick Gold-Antimony Mineralization at South Deposit, Including 6.1 g/t Au and 0.7% Sb Over 28.0m
Drilling at the South Deposit of the Clarence Stream gold project in New Brunswick returned 6.1 g/t Au and 0.7% Sb over 28.0m in hole CS-416, including 40.7 g/t Au and 0.7% Sb over 1.0m, and 3.6 g/t Au and 0.4% Sb over 26.0m in CS-417, including 12.4 g/t Au and 0.5% Sb over 5.0m. The nine holes are the first 2026 results; assays are pending for 8 more South holes, 37 at Southwest and 34 at North. An updated resource estimate is underway.
Drill resultsGalway Metals Intersects 8.6 g/t Gold Over 15.0m Including 110.0 g/t over 1.0m at Southwest Deposit
Drilling at the Southwest Deposit (Richard Zone) of the 100%-owned Clarence Stream gold project in New Brunswick returned 8.6 g/t Au over 15.0m, including 110.0 g/t Au over 1.0m, 50 vertical metres from surface in hole BL-308. Other holes returned 1.8 g/t Au over 17.0m (BL-309), 0.8 g/t Au over 26.0m (BL-310) and 7.3 g/t Au over 2.0m (BL-269). Assays are pending for 37 Southwest, 17 South and 34 North Deposit holes, with an updated resource estimate scheduled for Q2 2026.
Drill resultsGalway Metals Appoints Red Cloud Financial Services to Provide Financial Advisory and Promotional Services
An agreement with Red Cloud Financial Services Inc. will provide Galway Metals with non-exclusive financial advisory and promotional services for C$10,000 per month, commencing March 13, 2026, for an initial six-month term with automatic month-to-month renewal unless terminated. Services include media and social media support, RCTV content and up to two interviews per annum. Red Cloud will receive no shares, options or equity, and the agreement is subject to TSX Venture Exchange approval.
ManagementGalway Hires Jason Flight as VP of Exploration, and Adds a Fourth Drill Rig at Clarence Stream
Jason Flight, P.Geo., has been appointed Vice President of Exploration effective March 18, 2026, and was granted 250,000 incentive stock options exercisable at C$0.70 per share, expiring March 3, 2031, subject to TSX Venture Exchange acceptance. Galway will also add a fourth drill rig dedicated to new discovery at its Clarence Stream gold project in southwest New Brunswick. The company expects to complete a mineral resource update at Clarence Stream in 2Q26, followed by a Preliminary Economic Assessment.
ManagementGalway Metals Enters into Letter of Engagement with Eskar Capital Corporation for Investor Relations Services
A six-month Capital Markets Advisory Agreement has been signed with Eskar Capital Corporation, an exempt market dealer registered in British Columbia, Ontario and Québec, to provide investor relations and communications services, including institutional investor introductions. Galway Metals will pay C$9,000 per month plus applicable taxes for the initial six-month term, which commenced March 11, 2026, and has approved a grant of 300,000 stock options exercisable at $0.64 per share, expiring March 11, 2031, subject to TSX Venture Exchange acceptance.
CorporateGalway Metals Drilling Intersects 9.0 g/t Gold Over 6.0m Beginning 15.0m from Surface at Southwest Deposit
Drill results from seven diamond drill holes at the Southwest Deposit of the 100%-owned Clarence Stream gold project in New Brunswick include CL-242 with 9.0 g/t Au over 6.0m starting 15 metres from surface, including 44.7 g/t Au over 1.0m, and CL-240 with 52.3 g/t Au over 2.0m and 33.5 g/t Au over 2.0m. Assays are pending for 44 holes, and results will feed into a Mineral Resource Estimate update expected around the end of Q2.
Drill resultsGalway Metals Announces Filing of NI 43-101 Technical Report for Previously Announced Estrades Preliminary Economic Assessment
A NI 43-101 technical report supporting the Preliminary Economic Assessment for the 100%-owned Estrades Project in the northern Abitibi of western Quebec has been filed on SEDAR+, with an effective date of January 21, 2026. The report, titled NI 43-101 Technical Report Preliminary Economic Assessment for the Estrades Project Northwestern Québec, Canada, was prepared by BBA E&C Inc. and SLR Consulting (Canada) Ltd. Highlights were previously disclosed in Galway Metals' January 21, 2026 news release.
Study resultsGalway Metals Commences Updated Mineral Resource Estimate at Clarence Stream Gold Project
Work has begun on an updated NI 43-101 mineral resource estimate for the 100%-owned Clarence Stream gold project in southwest New Brunswick, with completion expected by the end of the second quarter of 2026. The update, prepared by SLR Consulting Ltd., will incorporate 342 diamond drill holes totaling 69,556 metres completed since the 2022 estimate of 12.4 Mt at 2.3 g/t Au Indicated for 922,000 oz and 16.0 Mt at 2.6 g/t Au Inferred for 1.334 M oz, which used US$1,650 per ounce gold.
Resource updateClarence Stream Drilling Intersects 7.1 g/t Gold Over 10.0m Including 13.2 g/t Over 5.0m at Southwest Deposit
Drilling at the Southwest Deposit (George Murphy Zone) of the 100%-owned Clarence Stream gold project in New Brunswick returned 7.1 g/t gold over 10.0m, including 13.2 g/t over 5.0m, in hole CL-234; 2.7 g/t over 12.0m including 11.4 g/t over 2.0m in CL-237; and 7.9 g/t over 3.0m including 22.0 g/t over 1.0m in CL-232. Results cover seven diamond drill holes, with 48 Southwest Deposit holes awaiting assays, including 11 nearby.
Drill resultsGalway Metals Reports Robust PEA Results With 33% and 61% After Tax IRR, Using both Long Term and Spot Pricing Scenarios, Respectively
A Preliminary Economic Assessment for the 100%-owned Estrades gold-zinc-copper-silver project in Québec's Abitibi region outlines a toll-milling base case with initial capital of $117 million, after-tax NPV (5%) of $212 million, 33% after-tax IRR and 4.7-year payback at long-term consensus prices (gold US$3,137/oz), rising to $518 million NPV and 61% IRR at January 7, 2026 spot prices. The 1,500 tpd underground operation would run 8 years, producing 245 million lbs payable zinc, 30 million lbs copper and 171,000 oz gold, with AISC of US$1,987/oz. An on-site mill alternative requires $219 million initial capital for a 20% IRR. No toll-milling agreement is in place.
Study resultsGalway Metals Enters Into Option and Joint Venture Term Sheet With DOWA METALS & MINING CO., LTD. for its Estrades Project
DOWA Metals & Mining Co., Ltd. can earn up to a 45% participating interest in Galway Metals' 100%-owned Estrades gold-zinc project in Quebec's Abitibi region under a binding Option and Joint Venture Term Sheet, contributing up to US$25 million across three phases. Phase I of US$5 million grants 10% and 50% zinc concentrate offtake; Phase II of US$10 million grants a further 20% and 75% offtake; Phase III of US$10 million adds 15% and 100% offtake. Infill drilling is expected to commence in July 2026.
AcquisitionClarence Stream Drilling Intersects 2.6 g/t Gold Over 16.0m Including 6.2 g/t Over 5.0m at Southwest Deposit
Drilling at the Southwest Deposit at the Clarence Stream gold project in New Brunswick returned 2.6 g/t gold over 16.0m, including 6.2 g/t over 5.0m, in hole BL-286; BL-282 returned 1.8 g/t over 8.0m including 6.5 g/t over 1.0m, BL-289 returned 7.5 g/t over 2.0m, and BL-279 returned 1.0 g/t over 7.0m beneath the westernmost resource pit. Results from 11 diamond drill holes were reported, with assays pending for 32 additional holes.
Drill results
202522 releases
Galway Metals Announces Closing Of Private Placement
A non-brokered private placement of 855,370 units at $0.54 per unit closed for gross proceeds of $461,899.80. Each unit includes one common share and one half warrant exercisable at $0.80 for three years; a finder received $13,859.10 cash and 25,665 warrants exercisable at $0.54 for three years. Securities are subject to a hold period expiring April 12, 2026, and the placement remains subject to final TSX Venture Exchange approval.
FinancingGalway Metals Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$11.5 Million and a Separate Non-Brokered Private Placement for Gross Proceeds of Approximately C$462,000
A brokered LIFE private placement closed for gross proceeds of approximately C$11,500,000, including full exercise of the agent's option, comprising 4,629,630 units at C$0.54 and 11,920,530 charity flow-through units at C$0.755, each with one-half warrant exercisable at C$0.80 until December 10, 2028. Red Cloud Securities was sole agent, receiving cash fees of about C$690,000 and 993,009 broker warrants. Proceeds will fund the Clarence Stream gold project in New Brunswick and working capital. A separate non-brokered placement of up to 855,370 units at C$0.54 for up to C$461,899.80 is planned to close December 11, 2025.
FinancingGalway Metals Reports High-Grade Drilling at North Deposit With 18.0 g/t Gold Over 3.0m from 53m Depth
Drill results from ten diamond holes at the North Deposit of the Clarence Stream gold project in New Brunswick included 18.0 g/t gold over 3.0 metres, including 47.8 g/t gold over 1.0 metre, starting 53 vertical metres from surface (ND-40), plus 2.8 g/t over 7.0 metres from 25 metres (ND-36) and 2.5 g/t over 7.0 metres from 47 metres (ND-34). A further 29 holes (2,737 metres) remain pending, and one of three rigs will move to the South Deposit shortly.
Drill resultsGalway Metals Announces Brokered LIFE Offering for Gross Proceeds of up to C$10 Million
A "best efforts" brokered private placement for gross proceeds of up to C$10,000,000.55 has been arranged with Red Cloud Securities Inc. as sole agent and bookrunner, comprising 3,703,704 units at C$0.54 and 10,596,027 charity flow-through units at C$0.755, each with one-half warrant exercisable at C$0.80 for 36 months. Red Cloud holds an option for up to an additional C$1,500,000. Proceeds will fund the Clarence Stream gold project in New Brunswick and working capital, with closing scheduled for December 10, 2025.
FinancingGalway Hires Stephen Poitras to Help Advance the High-Grade Estrades Gold and Zinc Project
Stephen Poitras, P.Geo., has been appointed Manager of the 100%-owned Estrades gold-zinc VMS project in the northern Abitibi of western Québec, overseeing exploration and development. A Scoping Study for Estrades is underway with results expected in the fourth quarter of 2025. Estrades was previously mined via a 200-metre-deep ramp with production in 1990-1991 after approximately CAD$20 million of development by Breakwater Resources Ltd.
ManagementGalway Metals Intersects Thickest Gold Interval at Clarence Stream to Date: 1.1 g/t Gold over 88.0 Meters
Drilling at the Southwest Deposit of the Clarence Stream gold project in New Brunswick returned 1.1 g/t gold over 88.0m in hole CL-232, including 10.0 g/t over 1.0m and 7.5 g/t over 2.0m, the widest continuous mineralized interval reported by Galway to date, with assays pending from 281.0–400.0m where visible gold was seen at 331.4m. Hole CL-230 returned 4.3 g/t gold over 5.0m and 7.9 g/t over 3.0m, within 100 vertical metres of surface.
Drill resultsGalway Metals Report High-Grade Gold Intercepts at Clarence Stream: 4.1 g/t Au Over 16m, Including 41.9 g/t Over 1.0m at Southwest Deposit
Drilling at the Southwest Deposit at the 100%-owned Clarence Stream gold project in New Brunswick returned 4.1 g/t gold over 16.0m, including 41.9 g/t gold over 1.0m, and 0.7 g/t gold over 17.0m in hole CL-229; CL-228 returned 1.8 g/t over 7.0m and CL-225 returned 1.2 g/t over 10.0m. Results cover six diamond drill holes, with assays pending for 21 additional Southwest Deposit holes and 21 North Deposit holes.
Drill resultsGalway Metals Intersects 8.4 g/t Gold over 4.0 Meters, 350 Meters from North Deposit
Drilling at the North Deposit on the 100%-owned Clarence Stream gold project in New Brunswick returned 8.4 g/t gold over 4.0 meters, including 27.4 g/t over 1.0 meter, in hole ND-21, drilled 350 meters north of the current block model; other results included 4.2 g/t over 5.0 meters (ND-19), 5.3 g/t over 3.0 meters (ND-10) and 5.6 g/t over 2.0 meters (ND-22). Results cover 11 diamond drill holes, with 17 holes pending assays and 20-40 more planned. Three rigs are active, with one to move to the South Deposit in the coming months.
Drill resultsGalway Metals Reports Processing Advancements at Clarence Stream Confirm Up to 98% Gold and 84% Antimony Recoveries
Metallurgical test work completed in Q2 2025 on diamond drill core from the Southwest, South and North deposits at the 100%-owned Clarence Stream gold project in New Brunswick confirmed a process flowsheet yielding gold extraction of 85–98% and antimony recovery of up to 84% using a hybrid Au-Sb cyanidation-flotation process on material containing up to 5% Sb. Material below 100 ppm Sb, about 75% of the deposit, yielded 89–95% gold extraction with cyanidation. Three drills are turning; further test work runs through 2025-2026 to support a pre-feasibility study.
Study resultsGalway Metals Reports Clarence Stream Drilling Returns 11.6 g/t Gold Over 4.0 meters Including 20.7 g/t Over 2.0 meters
Drilling at the Southwest Deposit of the Clarence Stream gold project in New Brunswick returned 11.6 g/t gold over 4.0m, including 20.7 g/t over 2.0m, in hole BL-266, 3.0 g/t over 10.5m including 8.4 g/t over 3.0m in BL-260, and 1.3 g/t over 8.0m in BL-259. Results cover 8 diamond drill holes, with ten additional holes in the area awaiting assays. Since the start of 2025, 35 holes were completed at the North Deposit and 34 at the Southwest Deposit.
Drill resultsGalway Metals Reports on Continued CEO Share Purchases
President, CEO and Director Robert Hinchcliffe acquired an aggregate 780,000 common shares of Galway Metals in the current calendar year at an average price of approximately $0.475 per share, through TSX Venture Exchange transactions. This follows just over 1 million shares purchased in 2024 and 1.6 million shares in 2023. He now holds 8,530,746 common shares, about 8% of the issued and outstanding shares.
CorporateGalway Metals Advances Estrades Project as BBA E&C Inc. Transitions Internal Scoping Study to PEA
A Preliminary Economic Assessment has commenced on the 100%-owned Estrades polymetallic VMS project in the northern Abitibi of western Québec, to be completed by BBA E&C Inc. and finalized in the fourth quarter of 2025. It will incorporate recent metallurgical recovery improvements and the 2024 resource estimate of 1,750,000 tonnes at 2.86 g/t Au, 5.76% Zn, 0.97% Cu, 94.4 g/t Ag and 0.48% Pb indicated, plus 2,680,000 tonnes at 1.81 g/t Au, 4.75% Zn, 0.86% Cu, 77.4 g/t Ag and 0.28% Pb inferred.
Study resultsGalway Metals Announces Final Option Payment for Royalty Buy Back at Its Clarence Stream Property
The sixth and final instalment of a royalty buy-back agreement first announced July 21, 2020 will be settled with a $125,000 cash payment plus 974,026 common shares at a deemed price of $0.385 per share, for a total deemed value of $375,000. The $3,000,000 agreement, paid in six equal annual instalments of $500,000, repurchased a 2.0% net smelter returns royalty on certain claims at the Clarence Stream property in southwest New Brunswick. The share issuance requires final TSXV approval, with a four-month-and-one-day hold period.
NewsNorth Deposit Expands 300 Meters With 6.4 g/t Gold Over 5.2 Meters; Third Rig Mobilizes
Drilling at the North Deposit on the 100%-owned Clarence Stream gold project in New Brunswick returned 6.4 g/t gold over 5.2 meters, including 27.6 g/t over 1.0 meters, in hole ND-18, plus 1.9 g/t gold and 0.3% antimony over 8.0 meters in ND-16 and 1.1 g/t gold with 1.1% antimony over 5.0 meters in ND-08. Results from 11 holes confirm continuity about 300 meters north of the 2022 resource boundary, within 100 meters of surface; 21 holes are pending. A third rig mobilizes in July, with up to $50,000 from the New Brunswick Junior Mining Assistance Program.
Drill resultsThick Gold Intercepts Continue at Clarence Stream: 2.1 g/t Au over 36.0m Including 3.0 g/t Au over 21.0m
Results from 8 diamond drill holes at the Southwest Deposit of the 100%-owned Clarence Stream gold project in New Brunswick included CL-222 with 2.1 g/t gold over 36.0 metres, including 3.0 g/t over 21.0 metres, plus a separate intercept of 3.5 g/t over 10.0 metres including 20.6 g/t over 1.0 metre. CL-223 returned 2.8 g/t over 13.5 metres and CL-219 returned 2.8 g/t over 5.5 metres. All reported intercepts lie outside the current resource, with assays pending from 15 holes at Southwest and 32 at the North Deposit.
Drill resultsGalway Metals Announces Closing of Oversubscribed Private Placement
A non-brokered private placement closed for aggregate gross proceeds of $4,175,550, above the prior $4,000,000 target, consisting of 7,350,000 flow-through shares at $0.36 and 4,635,000 units at $0.33. Each unit includes one common share and one warrant exercisable at $0.50 for three years; flow-through proceeds will fund Canadian exploration expenses renounced effective no later than December 31, 2025. Finders receive $116,640 in cash commissions, with securities subject to a hold period expiring October 1, 2025 and final TSXV approval pending.
FinancingGalway Metals Confirms Improved Au and Sb Recovery with Process Optimization
Q1 2025 metallurgical test work on drill core from the Southwest, South and North Deposits at the Clarence Stream gold project in New Brunswick returned gold extraction of 89–95% by direct cyanidation in samples containing less than 100 ppm Sb at a grind of 80% passing 75 µm, and 85–94% gold extraction in high-antimony material up to 5% Sb using a hybrid cyanidation-flotation process, with antimony recoveries of 55–85% to a gold-antimony flotation concentrate. Testing was completed at SGS-Lakefield with Haggarty Technical Services. Further test work across a range of antimony head grades is in progress.
Study resultsGalway Drilling Extends Gold Mineralization 300 Meters at the Southwest Deposit, and 350 Meters at the North Deposit
Drilling at the Southwest Deposit of the Clarence Stream gold project in New Brunswick extended mineralization approximately 300 metres north from the 2022 resource models, with CL-206 returning 3.4 g/t gold over 5.0m including 11.1 g/t over 1.0m, CL-211 returning 3.1 g/t over 2.9m including 13.2 g/t over 0.5m, and CL-209 returning 0.92 g/t over 14.0m. Twelve holes from the area are pending assays. A second rig has drilled the North Deposit since January, expanding it about 350m north and east, with 23 holes pending assays.
Drill resultsGalway Metals Announces Filing of NI 43-101 Technical Report for Previously Announced Estrades Project Updated Mineral Resource Estimate
An independent NI 43-101 technical report supporting the updated Mineral Resource Estimate for the 100%-owned Estrades Project in the northern Abitibi of western Quebec has been filed on SEDAR+. The report, titled NI 43-101 Technical Report Estrades Project, Quebec, Canada, is dated December 6, 2024 with an effective date of November 5, 2024 and was prepared by SLR Consulting (Canada) Ltd. There are no material differences from the results disclosed in the January 27, 2025 news release.
Resource updateFirst Pass Gold Recoveries Reach 88% at SW Deposit, Clarence Stream Gold Deposit
Metallurgical testing on four PQ diamond drill holes from the Southwest, South and North Deposits at the Clarence Stream gold project in New Brunswick returned 84-88% gold extraction by direct cyanidation from 1.0 to 2.5 gpt Au head grades at <0.05% Sb, with a grind size of 80% passing 75 µm. Gravity plus flotation testing recovered 71-93% antimony at head grades up to 3.7% Sb. Follow-up testing on 15 composite samples continues through Q1 2025, with a second drill rig added and an updated resource planned for early 2026.
Study resultsDramatic Increase in Gold Recovery Significantly Improves the Business Options for Past-Producing High-Grade Gold Zinc Estrades Mine – Scoping Study to be Initiated
Updated metallurgical testing at Base Metallurgical Laboratories on the Estrades gold-zinc project in the northern Abitibi, western Quebec, lifted gold recovery 31% to 86.6% and silver recovery to 45%, with open circuit tests producing a copper concentrate assaying 28% Cu at 95% copper recovery. An updated SLR resource estimate at a C$150/t NSR cut-off totals 1,750,000 indicated tonnes at 0.97% Cu, 5.76% Zn, 2.86 g/t Au, 94.4 g/t Ag and 2,680,000 inferred tonnes at 1.81 g/t Au. A Scoping Study will be initiated.
Study resultsGalway Metals Intersects 26.9 g/t Gold over 8.6m; Including 368.0 g/t over 0.5m at the South Deposit
Drilling at the South Deposit of the 100%-owned Clarence Stream gold project in New Brunswick returned 26.9 g/t gold over 8.6 metres, including 368.0 g/t over 0.5 metres, in hole CS-414, with CS-400 returning 3.3 g/t over 3.0 metres and CS-399 1.9 g/t over 5.1 metres, from 12 diamond drill holes. The 2022 resource stands at 12.4 Mt @ 2.3 g/t Au indicated (922,000 oz) and 16.0 Mt @ 2.6 g/t Au inferred (1.334 M oz), plus 9,605 t indicated and 2,145 t inferred antimony. Drilling of the South and North Deposits is planned for 2025.
Drill results
202419 releases
CEO Open Market Purchases Tops 1 Million Shares in 2024 after 1.7 Million Shares Purchased in 2023
President, CEO and Director Robert Hinchcliffe bought an aggregate 1,030,000 common shares of Galway Metals in the current calendar year at an average price of approximately $0.45 per share through TSX Venture Exchange facilities, following 1,664,000 shares purchased in the open market in 2023. He now holds 7,750,746 common shares, about 9% of the issued and outstanding shares. Galway Metals owns 100% of the Clarence Stream gold project in SW New Brunswick and the Estrades project in western Quebec.
CorporateGalway Metals Announces Changes to the Board of Directors and Granting of Options
Michael Kazickas was appointed to the board following the October 25, 2024 AGM, and Andreas Curkovic joined as a director, taking seats on the Audit and Compensation Committees, replacing Alfonso Gomez Rengifo, who resigned effective December 4, 2024; Joseph Cartafalsa and Michael Sutton did not stand for re-election. All AGM resolutions were passed. Galway Metals also granted approximately 4,675,000 incentive stock options at C$0.53 per common share, expiring December 11, 2029, subject to TSX Venture Exchange acceptance.
ManagementGalway Metals Intersects 29.1 g/t Gold over 4.0m; Including 68.2 g/t over 1.5m at the South Deposit
Drilling at the South Deposit of the Clarence Stream gold project in New Brunswick returned 29.1 g/t gold over 4.0 metres, including 68.2 g/t over 1.5 metres, in hole CS-407, with CS-401 returning 2.0 g/t over 8.0 metres and CS-403 2.6 g/t over 5.0 metres, from 11 diamond drill holes on the deposit's eastern side. Assays are pending for 13 holes on the western side. At the Southwest Deposit, hole CL-211 intersected two visible gold zones, extending mineralization 140 metres north, with results expected in early 2025.
Drill resultsGalway Metals Announces Closing of Private Placement of Flowthrough Shares and Units
A non-brokered private placement closed for gross proceeds of $5,469,518.08, comprising 7,331,376 flow-through shares at $0.58 each and 2,341,000 units at $0.52 each. Each unit includes one common share and half a warrant exercisable at $0.70 for two years. Proceeds will fund Canadian exploration expenses to be renounced effective no later than December 31, 2024; finders received $218,880.72 in cash commissions and securities are held until March 9, 2025, subject to TSXV final approval.
FinancingGalway Metals Intersects 1.5 g/t Gold over 26.5m; Including 5.7 g/t over 4.5m at the Southwest Deposit
Drilling at the Southwest Deposit of the 100%-owned Clarence Stream gold project in New Brunswick returned 1.5 g/t gold over 26.5 metres, including 5.70 g/t over 4.5 metres, in hole CL-200 starting 17 vertical metres from surface; CL-203 returned 1.8 g/t over 16.0 metres including 13.5 g/t over 1.5 metres, and CL-197 returned 0.8 g/t over 16.1 metres and 0.9 g/t over 16.5 metres. Assays are pending from 23 drill holes at the South Deposit, several with visible gold. Additional drilling is planned this fall.
Drill resultsGalway Metals Provides Corporate Update
Two drill rigs are turning at the Clarence Stream gold project in New Brunswick, with 29 holes drilled mostly in the South Zone plus 15 exploration holes; assays for all 44 holes are pending and a third rig is expected within about a month, funded by a $4.5 million raise earlier this year. SLR Consulting (Canada) Ltd. has been engaged to update the NI 43-101 mineral resource estimate for the Estrades project in Quebec, expected early Q4 2024, incorporating 42,099 metres of drilling since the 2018 technical report, metallurgical test work and higher metal prices.
CorporateCompany Reports on Continued CEO Share Purchases
President, CEO and Director Robert Hinchcliffe acquired an aggregate 700,000 common shares of Galway Metals in the current calendar year through transactions on the TSX Venture Exchange, following 1,664,000 shares purchased in 2023. He now holds 7,420,746 common shares, about 9% of the issued and outstanding shares. Galway Metals owns 100% of the Clarence Stream gold project in SW New Brunswick and the Estrades project in western Quebec.
CorporateGalway Metals Announces Option Payment for Royalty Buy Back at Its Clarence Stream Property
The fifth of six annual payments under a July 21, 2020 royalty buy-back agreement will be settled with $125,000 in cash plus 806,452 common shares at a deemed price of $0.465 per share, totalling $375,000. The agreement covers the buy-back of a 2.0% net smelter returns royalty on certain claims at the Clarence Stream property in southwest New Brunswick for $3,000,000 in six equal annual instalments of $500,000. The share issuance requires TSXV approval, with a four month and one day hold period.
NewsMetallurgic Testing and New Mineral Resource Initiated at Past-Producing High-Grade Gold & Zinc Estrades Mine
An updated NI 43-101 Mineral Resource Estimate and a concurrent metallurgical test program have begun at the 100%-owned Estrades polymetallic VMS project in the northern Abitibi, western Quebec, with results from both expected in the fourth quarter. SLR Consulting (Canada) Ltd. will prepare the resource, incorporating 42,099 metres of drilling completed since the 2018 estimate and prices of US$2,000/oz gold, US$25/oz silver and US$1.30/lb zinc, versus US$1,450, US$21 and US$1.15 in 2018. Base Metal Laboratories will conduct testing, including initial XRT ore sorting, on four zones.
Study resultsGalway Metals Announces Change in its Board of Directors
Matt Mazzilli has resigned as a director of Galway Metals, with Jean-Charles Lemardeley appointed to fill the vacancy. Lemardeley has over 25 years of experience in financial markets, currently leading global Telecom, Media and Technology sector research at Glovista Investments LLC, and previously spent 14 years in JP Morgan's Global Equity Research department. Galway holds two 100%-owned Canadian projects, Clarence Stream in southwest New Brunswick and Estrades in western Quebec.
ManagementGalway Metals Intersects 19.5 g/t Gold over 4.2m, Second Drill to Expand South Deposit Resource
Drilling at the Southwest Deposit (Adrian Zone) of the Clarence Stream gold project in New Brunswick returned 19.5 g/t gold over 4.2 metres, including 45.9 g/t over 1.2 metres, in hole CL-179, plus 2.7 g/t over 4.5 metres in CL-190 and 1.4 g/t over 12.9 metres in CL-186, all outside the 2022 mineral resource estimate. Nine follow-up holes await assays. A second rig is being mobilized to target shallow high-grade mineralization at the South Deposit, while the first rig drills the #2 Target area.
Drill resultsGalway Metals Announces Second Closing of Private Placement of Flow-Through Units
The second and final tranche of a non-brokered private placement has closed, consisting of 238,095 traditional flow-through units at $0.42 per unit for gross proceeds of $99,999.90, bringing total Private Placement proceeds to $4,519,984.26. Each unit includes one flow-through common share and one warrant exercisable at $0.60 for two years. Proceeds will fund Canadian exploration expenses, renounced with an effective date no later than December 31, 2024; securities are subject to a hold period expiring September 4, 2024, pending TSXV final approval.
FinancingGalway Metals Announces Closing of Private Placement of Flow-Through Units
A non-brokered private placement closed for aggregate gross proceeds of $4,419,984.36, comprising 2,629,600 charity flow-through units at $0.54 and 7,142,858 traditional flow-through units at $0.42, with an additional $100,000.00 in Traditional FT Units expected to close in the coming days. Each unit includes one flow-through share and one warrant exercisable at $0.60 for two years, with proceeds to fund Canadian exploration expenses renounced by no later than December 31, 2024. Laurentian Bank Securities Inc. received $120,000.01 as finder's commission; the placement remains subject to final TSXV approval.
FinancingGalway Metals Announces Non-Brokered Private Placement and Granting of Options to Employees
A non-brokered private placement of up to $4,500,000 was launched, consisting of charity flow-through units at $0.54 and flow-through units at $0.42, each unit including one flow-through common share and one warrant exercisable at $0.60 for two years. Proceeds will fund Canadian exploration expenses on or before December 31, 2025, with renunciation effective December 31, 2024; closing is anticipated on or about April 25, 2024, with Laurentian Bank Securities as exclusive finder earning up to 4.0%. Approximately 400,000 options at C$0.44, expiring April 5, 2029, were granted.
FinancingGalway Metals Commences Additional Metallurgical Testing at Clarence Stream High-grade Gold Project
Additional metallurgical and process definition studies have begun at the 100%-owned Clarence Stream gold project in New Brunswick, expanding on previously completed work with an emphasis on gold recovery and process flowsheet definition. Testing will be conducted at McClelland Labs in Nevada on composite samples from the North, South, and Southwest zones, and will continue throughout 2024. Steve Haggarty, P.Eng, of Haggarty Technical Services Corp is supporting the program.
Study resultsGalway Metals Drilling Expands Southwest Deposit at Depth with 114.1 g/t Gold over 2.0m Including 447.0 g/t Gold over 0.5m
Drilling at the Southwest Deposit at the 100%-owned Clarence Stream gold project in New Brunswick returned 114.1 g/t gold over 2 metres, including 447.0 g/t gold over 0.5 metres, in hole BL-251, extending mineralization 106 metres at depth from prior intercepts. BL-252 returned 7.43 g/t gold over 6 metres, while up-dip holes BL-253 and BL-249 returned 0.94 g/t over 6.5 metres and 0.53 g/t over 10 metres near surface. The intercepts lie outside the 2022 resource estimate.
Drill resultsGalway Metals Appoints New Board Director
Peter Gula has been appointed a Director of Galway Metals Inc., effective immediately, subject to TSX Venture Exchange approval. Gula is a Professional Engineer with over 35 years of mining industry experience, including a 30-year tenure with Placer Dome Inc. (later Goldcorp Inc.) where he was Mine General Manager of the Musselwhite Mine, and senior roles at North American Palladium Ltd. He has led two internal scoping studies for Galway's Estrades project and currently consults with Stantec.
ManagementGalway Announces New Project Manager at Clarence Stream and New Head of Exploration
Two geologists have been promoted at Galway Metals: Jesse Fisher, with the company four years, becomes Project Manager of the Clarence Stream gold project in southwest New Brunswick, and Robert Richard, with the company five years, becomes Head of Exploration. The release also reiterates the roles of Phillip Walford as Chief Technical Advisor and Allan Moran as Senior Advisor. Clarence Stream has an exploration strike length of approximately 65 kilometres.
ManagementGalway Metals Reports Solid Results from Oak Bay and Targets New Discoveries in 2024
Drilling at the Oak Bay property, 14 kilometres southwest of the Clarence Stream gold resource in southwest New Brunswick, returned 2.5 g/t gold over 5.6 metres, including 13.2 g/t gold over 0.6 metres, in hole OB-06, and 2.6 g/t gold over 2.7 metres in hole OB-16. The program comprised 19 holes over 5,130 metres, with 75% returning anomalous gold. The winter 2024 program will expand the existing pit resource and test two soil/magnetic anomaly targets.
Corporate
202312 releases
Company Reports on Continued CEO Share Purchases and Granting of Options to Employees
President, CEO and Director Robert Hinchcliffe acquired an aggregate 1,664,000 common shares of Galway Metals in the current calendar year through TSX Venture Exchange transactions, bringing his holdings to 6,720,746 common shares, or about 9% of the issued and outstanding shares. The Company also granted approximately 2 million incentive stock options to employees, officers and directors, exercisable at C$0.35 per share and expiring December 12, 2028, subject to TSX Venture Exchange acceptance.
CorporateGalway Metals Extends SW Deposit East by 191 Metres Outside of Resource with 19.1 g/t Gold over 1.05 Metres and with 0.5 g/t Gold over 17.0 Metres
Drilling has extended the SW Deposit (George Murphy Zone) 191 metres further east at the Clarence Stream gold project in southwest New Brunswick, with hole CL-165 returning 19.1 g/t gold over 1.05 metres, including 35.8 g/t over 0.55 metres, on what appears to be a new vein, and hole CL-170 cutting 0.5 g/t gold over 17.0 metres just east of and outside the resource pit. Holes 475 metres and 214 metres north/northeast of the pit (Adrian Zone) returned 0.8 g/t gold over 5.5 metres and 0.6 g/t gold over 12.0 metres. Metallurgical PQ core holes returned 12.6 g/t gold over 18.0 metres (MH-07) and 8.6 g/t gold over 24.3 metres (MH-16).
Drill resultsGalway Metals Looks for Next Discovery at Clarence- Corporate Update
An exploration and corporate update was provided for the Clarence Stream gold project in New Brunswick, where 11 people are currently working, a second drill is being added this month, and base-line water sampling is underway. Drilling is targeting open areas outside the resource block models at the SW Deposit, and five priority targets are being mapped and prospected. Blue Coast Research Ltd. of Parksville, BC has been engaged for initial bottle roll cyanidation testing, QemSCAN mineralogy and multi-element analyses on roughly 10 kg samples from the South West Zone, with results pending.
Drill resultsGalway Metals Intersects 8.0 g/t Au over 9.5m in Triangle Area; Triangle Expands in Multiple Directions at Clarence Stream
Drilling in the Triangle Area at the Clarence Stream project in southwest New Brunswick returned 8.0 g/t Au over 9.5m, including 62.4 g/t Au over 1.1m from 91m depth, in hole BL-240. Other intercepts included 3.9 g/t Au over 6.0m in CL-178A, 1.6 g/t Au over 6.0m in BL-248 and 0.7 g/t Au over 15.0m in BL-233. The 900-metre gap between the Stewart Zone and the SW Deposit returned intersections along its length, and follow-up drilling is underway.
Drill resultsGalway Metals Intersects 8.4g/t Au over 5.7m, and 1.7 g/t Au over 13.6m plus 19.0 Au over 3.0m at the South Deposit at Clarence Stream; Drilling at SW Deposit
Nine diamond drill holes at the South Deposit of the Clarence Stream gold property in south-western New Brunswick returned 8.4 g/t Au over 5.7 m from a vertical depth of 126 m in hole CS-375, 1.7 g/t Au over 13.6 m plus 3.6 g/t Au over 4.7 m in CS-368, and 0.9 g/t Au over 21.5 m plus 19.0 g/t Au over 3.0 m, including 106.0 g/t Au over 0.5 m, in CS-374. Drilling recommenced at the SW Deposit in early June. Four exploration holes 3.1 km northeast of the South Zone returned best results of 0.4 g/t Au over 0.5 m and 0.5 g/t Au over 0.65 m.
Drill resultsGALWAY METALS ANNOUNCES OPTION PAYMENT FOR ROYALTY BUY BACK AT ITS CLARENCE STREAM PROPERTY
The fourth of six payments under a July 21, 2020 agreement to buy back a 2.0% net smelter returns royalty at the Clarence Stream property in southwest New Brunswick will be settled with $125,000 in cash and 1,056,338 common shares at a deemed price of $0.355 per share, totalling $375,000. The total purchase price is $3,000,000 in six annual instalments of $500,000, each covering one-sixth of the royalty. Share issuance is subject to TSXV approval and a four-month-and-one-day hold period.
NewsGALWAY METALS ANNOUNCES CLOSING OF $4 MILLION BROKERED PRIVATE PLACEMENT
A best efforts brokered private placement closed for gross proceeds of approximately $4.0 million, comprising 6,666,700 flow-through common shares at $0.60 per share, with Paradigm Capital Inc. as lead agent and Laurentian Bank Securities Inc. Agents received a cash commission of $240,001.20 and 200,001 compensation options exercisable at $0.60 for 24 months. Proceeds will fund Canadian exploration expenses on or before December 31, 2024, renounced to subscribers effective December 31, 2023.
FinancingGalway Metals Announces Personnel and Company Update
Allan Moran has joined Galway Metals as a technical advisor, while Larry Strauss has resigned as VP of Corporate Development but remains a Director. Metallurgical programs are underway at both the Clarence Stream project in SW New Brunswick and the Estrades project in western Quebec, with Blue Coast Research Ltd. of Parksville, BC engaged for bottle roll cyanidation testing, multi-element analyses and QemSCAN mineralogy on South West Zone samples. The Company is closing its previously announced $4 million financing.
ManagementGALWAY METALS ANNOUNCES $4 MILLION BEST EFFORTS PRIVATE PLACEMENT FINANCING
A best efforts private placement for proceeds of up to $4 million has been agreed with Paradigm Capital Inc. and a syndicate of agents, comprising up to 6,666,700 flow-through common shares at $0.60 per FT Share. Agents receive a 6% cash commission plus broker warrants equal to 3% of FT Shares issued, exercisable at $0.60 for 24 months. Proceeds will fund Canadian exploration expenses by December 31, 2024, with closing anticipated on or about April 28, 2023.
FinancingGalway Metals Announces Adoption of Equity Incentive Plan
Shareholders adopted an amended equity incentive plan at Galway Metals' Annual General and Special Meeting held December 14, 2022, featuring a 10% rolling stock option component that reserved 20,154,942 shares as of the meeting date. Following a one-for-three share consolidation on January 25, 2023, 6,718,312 shares are reserved under the plan as of March 2, 2023. The plan was amended to comply with TSX Venture Exchange Policy 4.4 Security Based Compensation, updated in November 2021.
CorporateGalway Metals Expands Clarence Stream’s North Zone; New Drill Results Include 4.3 g/t Au over 9.0m, 6.1 g/t Au over 5.0m and 2.2 g/t Au over 6.0m
Drilling at the North Zone of the Clarence Stream gold project in southwest New Brunswick returned 4.3 g/t Au over 9.0m, including 57.3 g/t Au over 0.5m, in hole GWM22CS-390; 6.1 g/t Au over 5.0m in hole 378; 12.4 g/t Au over 1.5m in hole 388; and 2.2 g/t Au over 6.0m in hole 392. Intercepts occurred 16m to 112m below surface, outside the current resource model and the three planned North Zone pit shells.
Drill resultsGalway Metals Announces Share Consolidation
Final TSX Venture Exchange approval has been received for a share consolidation on the basis of one post-consolidation common share for every three pre-consolidation shares, with post-consolidation trading to begin under the existing ticker symbol on January 27, 2023. The 201,549,423 shares currently outstanding will be reduced to approximately 67,183,141, with fractional interests rounded down. Letters of transmittal have been mailed to registered shareholders; no other shareholder action is required.
Corporate
202210 releases
Galway Metals Suspends Drilling; Outlines Future High Priority Targets
Drilling has been temporarily suspended at the Clarence Stream gold project in New Brunswick and at the Estrades project in Quebec, citing weak market conditions for exploration companies and a decision to conserve capital pending improved market and financing conditions. Galway had $7.7 million in cash as of the end of Q3/2022. In 2022 it completed 24,468 metres of drilling at Clarence Stream and approximately 12,000 metres at Estrades, with most assays pending. Future priority targets include the Triangle area and several soil and magnetic anomalies.
Drill resultsGalway Metals Continues to Demonstrate Expansion Potential in Multiple Areas Directly North of the New Clarence Stream Resource
Drill results from the Triangle Area immediately north of the SW Deposit at Clarence Stream, New Brunswick, include 8.6 g/t Au over 2.0m (incl. 19.6 g/t Au over 0.5m) in hole CL-129, 18.9 g/t Au over 1.0m in BL-246 and 13.0 g/t Au over 0.5m in BL-244, stepping out 204–257m from the Stewart Zone discovery. At the Richard North Veins, holes BL-231 and BL-225 returned 2.6 g/t Au over 9.2m and 1.9 g/t Au over 9.0m across a 236m strike. Galway has cut drilling from six double-shifted rigs to two single-shifted rigs to conserve cash.
Drill resultsGALWAY METALS ANNOUNCES OPTION PAYMENT FOR ROYALTY BUY BACK AT ITS CLARENCE STREAM PROPERTY
The third of six annual instalments under a July 21, 2020 agreement to buy back a 2.0% net smelter returns royalty at the Clarence Stream property in southwest New Brunswick will be settled with $125,000 in cash and 925,926 common shares at a deemed price of $0.405 per share, totalling $500,000. The total purchase price is $3,000,000 in six equal annual instalments, each buying one-sixth of the royalty. Share issuance is subject to TSXV approval and a four-month-and-one-day hold period.
NewsGalway Metals Announces Update to Insider Purchases
Three insiders have added to their positions through TSX Venture Exchange market transactions. President, CEO and Director Robert Hinchcliffe acquired 1,074,500 common shares over the past 12 months, including 350,000 this quarter, bringing his holdings to 15,642,740 shares, or about 7.8% of the issued and outstanding shares. VP of Exploration and Director Michael Sutton bought 255,000 shares in 2022, including 245,000 this quarter, and Director Joseph Cartafalsa bought 250,770 shares over 12 months, including 48,250 this quarter.
CorporateGALWAY METALS ANNOUNCES CLOSING OF $10.5 MILLION BOUGHT DEAL PRIVATE PLACEMENT
A bought deal private placement closed for gross proceeds of approximately $10.5 million, comprising 6,666,700 flow-through shares at $0.60 and 15,294,200 hard dollar shares at $0.425. The syndicate, led by Paradigm Capital Inc., received a cash commission of $630,003.30 and 1,317,654 compensation options exercisable at $0.425 for 24 months. Flow-through proceeds will fund Canadian exploration expenses on or before December 31, 2023, with hard dollar proceeds for exploration, updating technical studies and general corporate purposes.
FinancingGALWAY METALS ANNOUNCES UPSIZING OF PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT TO $10M
A previously announced bought deal private placement has been upsized to total gross proceeds of $10,000,043, comprising 6,666,700 flow-through shares at $0.60 and 14,117,700 hard dollar shares at $0.425. The underwriters, led by Paradigm Capital Inc., have an option to add 1,176,500 hard dollar shares, exercisable at least 48 hours before closing, expected on or about May 26, 2022. Flow-through proceeds will fund Canadian exploration expenses on or before December 31, 2023, with hard dollar proceeds for exploration, technical studies and general corporate purposes.
FinancingGALWAY METALS ANNOUNCES $8 MILLION BOUGHT DEAL PRIVATE PLACEMENT FINANCING
A bought deal private placement for total proceeds of $8 million has been agreed with Paradigm Capital Inc. and a syndicate of underwriters, comprising 6,666,700 flow-through shares at $0.60 and 9,411,800 hard dollar shares at $0.425. Flow-through proceeds will fund Canadian exploration expenses on or before December 31, 2023, renounced to subscribers effective December 31, 2022; hard dollar proceeds are for exploration, updating technical studies and general corporate purposes. Closing is anticipated on or about May 26, 2022.
FinancingGalway Metals Clarence Stream Resource Update Indicated: 922,000 oz at 2.31 g/t Au, up 136% Inferred: 1,334,000 oz at 2.60 g/t Au, up 382%
An updated NI 43-101 mineral resource estimate by SLR Consulting (Canada) Ltd. for the Clarence Stream property in southwest New Brunswick totals 922,000 oz Indicated at 2.31 g/t Au and 1,334,000 oz Inferred at 2.60 g/t Au, up 136% and 382% respectively from the September 2017 estimate. Open pit constrained resources are 886,000 oz at 2.27 g/t Au Indicated and 731,000 oz at 1.93 g/t Au Inferred, with additional underground resources of 36,000 oz at 4.10 g/t and 603,000 oz at 4.50 g/t. The next step is planning a preliminary economic assessment.
Resource updateGalway Metals Richard Drilling Intersects 3.7 g/t Au Over 35.0m Plus 3.4 g/t Au over 21.0m in One Hole, and 4.4 g/t Au Over 21.0m in Another, and Extends Richard 340m North
Drill results from the Richard Zone at the Clarence Stream gold project in southwest New Brunswick included hole 177 with 3.7 g/t Au over 35.0m, 3.4 g/t Au over 21.0m and 5.5 g/t Au over 5.65m, hole 176 with 4.4 g/t Au over 21.0m, and hole 172 with 4.0 g/t Au over 9.5m. Hole 213 extended Richard mineralization 340m north, returning 1.1 g/t Au over 8.35m. An updated resource covering all six zones is slated for April release.
Drill resultsGalway Metals Connects GMZ to Adrian and Richard Zones with 4.0 g/t Au Over 41.2m Plus 7.3 g/t Au over 13.5m, and 1.4 g/t Au over 34.5m; GMZ Expands with 4.4 g/t Au over 21.35m; Adrian Extends by 50m with 0.6 g/t Au over 47.0m
Drill results from the Clarence Stream gold project in southwest New Brunswick connect the George Murphy Zone (GMZ) to the Adrian and Richard zones, joining all four focus zones along 3.1 km of strike. Intercepts include 4.0 g/t Au over 41.2 m plus 7.3 g/t Au over 13.5 m in hole 152, 1.4 g/t Au over 34.5 m in hole 188, 4.4 g/t Au over 21.35 m in hole 100, and 0.6 g/t Au over 47.0 m in hole 98. A new resource estimate is expected by the end of March 2022.
Drill results