Originally posted on previous website and on ceo.ca on February 26, 2023.
New Brunswick and a gold camp!? Its not a typo. While minimal gold has been produced as a by-product of base metal smelting, New Brunswick has never hosted a commercially producing gold mine [1]. Currently, there are several junior exploration companies evaluating mineral properties for their gold potential within the province. Galway Metals Inc. (Galway) (GWM on the TSXV and GAYMF on the OTCQB) has been diligently exploring their high-grade Clarence Stream project over the past several years. With an existing open-pit high-grade gold resource, tens of kilometers worth of land to explore, and potential upside with future plans to follow up on recent drilling discoveries, I believe the Galway story deserves to be examined in detail. Let’s dig in!
Company Background and Acquisition of Projects
Galway Metals (Galway) was created in 2012 via a spin-out due to the acquisition of Galway Resources, where shareholders of Galway Resources received cash and shares of Galway Gold and Galway Metals (which at the time of the transaction held a tungsten-molybdenum project) [2]. In 2014, Galway advised the market that while they held an option to acquire a 100% interest in this tungsten-molybdenum project, they were actively investigating the acquisition of other mineral exploration projects, specifically properties which may have precious and/or base metals that may be economically recoverable [3], [4]. This option to acquire the tungsten-molybdenum project was subsequently terminated [5]. On August 3, 2016, Galway announced that they had entered into a series of acquisition agreements to consolidate the Clarence Stream Gold Project in New Brunswick (see Figure 1) [6]. Accompanying the Clarence Stream Gold Project was a resource estimate including indicated gold and antimony resources and inferred gold resources for an underground mining scenario (see Table 1).
Table 1: Resource estimate of the North and South Zones of the Clarence Stream Gold Project upon acquisition by Galway [7].
Shortly after the Clarence Stream consolidation and acquisition, Galway consolidated and acquired the Estrades project which included the past producing polymetallic Estrades mine in Quebec situated along the Casa-Berardi Break (see Figure 2) [8]. The focus of this article will be on the Clarence Stream project.
Figure 2: Map of the Estrades Project along the Casa-Berardi Break from Galway’s website [8].
Resource Drilling, Expansion, and New Discoveries
Upon acquisition of the Clarence Stream project Galway commenced drilling and were immediately successful with intercepting high-grade gold within the existing resource and outside of the resource [9], [10], [11]. On September 26, 2017, Galway released an updated resource estimate at Clarence Stream which was highlighted by the inclusion of an open-pit constrained resource and resulted in a 54% increase in gold resources see Table 2 and Table 3 for gold and antimony resources respectively [12]. Within the news release of this updated resource, Robert Hinchcliffe, President and CEO of Galway Metals highlighted that the next goal for Galway was to make further “satellite discoveries to show that Galway’s properties represent a gold district”. The consideration of open-pit and underground resources lowered the gold cut-off grade for the pit-constrained mineralization and ultimately resulted in more economical tonnage to be included in the resource estimate. This resource estimation philosophy change is an important consideration when reflecting on Galway’s exploration success.
Table 2: September 26, 2017 Clarence Stream resource estimate update for gold resources [12].
Table 3: September 26, 2017 Clarence Stream resource update for antimony resources [12].
On October 12, 2017, Galway announced the expansion of the Jubilee zone, a satellite deposit located on strike, 5 km southwest from the South Zone with the drill results of 14.5 g/t of gold over 3.1 m starting at a vertical depth of 61.5 m and 0.9 g/t of gold over 35.2 m starting at a vertical depth of 4.1 m [13]. Galway also highlighted the success of their 2016 and 2017 soil sampling programs with discovering new areas with high gold, arsenic, and bismuth till samples including an anomaly over 4 km long and on strike with Clarence Stream and the Jubilee Zone. Gold, arsenic, and bismuth in till anomalies originally led to the discovery of the Clarence Stream deposit. On December 18, 2017, Galway announced a new gold discovery (named the George Murphy Zone (GMZ)) 2 km east of the Jubilee Zone and 4 km west of the South Zone with the intersection of 2.2 g/t of gold over 11.85 m, starting at a vertical depth of 120 m [14]. The GMZ continued to expand in 2018 and was visualized in Figure 3 below taken from the February 20, 2018 news release [15].
Figure 3: Clarence Stream project North, South, Jubilee, and George Murphy Zones with respect to gold in soil contours along the Sawyer Brook Fault [15].
On January 23, 2019, Galway announced a new discovery (later named the Richard zone [16]) situated on strike and between the Jubilee and GMZ zones as highlighted by visible gold in core over a 7 m interval starting from 51 m downhole [17]. Assays of this new discovery were reported on February 13, 2019 where the discovery hole assayed 7.3 g/t over 36.7 m of gold from 51 m downhole and 36 m vertically below the surface [18]. Galway continued to expand these three zones throughout 2019 and into 2020 with the eventual goal of connecting all three zones together [16], [19], [20], [21], [22], [23], [24], [25], [26]. Figure 4 illustrates the Jubilee, GMZ, and Richard zones in relation to drilling results along the 2.5 km trend of the three zones as taken from the April 29, 2020 news release [27].
Figure 4: The Jubilee, GMZ, and Richard zones in relation to drilling results along the 2.5 km trend of the three zones as taken from the April 29, 2020 news release [27].
The expansion of gold mineralization these three zones continued through 2020 [28], [29], [30], [31], [32], [33], [34]. On June 24, 2020, a new discovery was announced about 1 km to the south west and on strike with the Jubilee, Richard, and GMZ zones (Figure 5) [30]. On July 29, 2020, a new discovery (Hole 65) was announced to the north of the GMZ mineralization, close to the interpreted location of the Sawyer Brook Fault (the key geological structure at Clarence Stream) [35]. In a follow up to the visual discovery of new mineralization to the north of the GMZ, on August 18, 2020, assays from Hole 65 were announced with 13.4 g/t over 12.95 m of gold starting a vertical depth of 172 m [36]. It was interpreted that this new area of mineralization was not part of the GMZ-Richard-Jubilee mineralized trend. Instead, the new discovery to the north was interpreted to be situated on the north side of the local intrusive rock whereas the GMZ, Richard, and Jubilee zones were situated on the south side of the local intrusive as highlighted by Robert Hinchcliffe in the August 18, 2020 news release:
”The initial interpretation is that the intersect is not part of the 3.5 km trend that hosts the George Murphy, Richard and Jubilee Zones, or the other new discovery… ~1 km SW of Jubilee. These are all on the south side of the local intrusive in the area. Instead, it appears as if the gold mineralization in Hole 65 trends along the north side of the intrusive, which would confirm Galway’s view that the intrusive is ringed on both sides with mineralization. The north side contains gold-in-till and soil anomalies in the same meta-sediment host rocks that exist on the south side, and the main structure that runs throughout the district, the Sawyer Brook Fault, is also interpreted to be on the north side of the intrusive. This fault is thought to be the main conduit for gold-bearing fluids to flow.”
Figure 5: Location of new discovery about 1 km to the southwest and on strike with the Jubilee, Richard, and GMZ zones [30].
On November 19, 2020, it was announced that the gap in gold mineralization between the Jubilee and Richard zones was filled [37]. In the following news release on December 14, 2020, the Adrian Zone was the name assigned to the discovery of gold mineralization from Hole 65 as per the July 29, 2020 news release [38]. As noted by Mike Sutton in the December 14, 2020 news release, “follow up drilling to the original Adrian Zone Discovery Hole has identified multiple, wide vein systems that appear to have different orientations…” potentially highlighting how the Adrian Zone may differ from the Jubilee, Richard, and GMZ Zones.
Continuing into 2021, the expansion of the four gold zones at the Clarence Stream project continued [39], [40], [41], [42], [43], [44]. On January 6, 2021, a new discovery was announced from a wildcat drill hole completed 900 m northwest of the Adrian Zone [45]. This new discovery was interpreted to likely be along a different trend than the Adrian Zone but occurred within a similar geological environment to the other gold mineralized areas at Clarence Stream. From the March 30, 2021 and June 9, 2021 news releases, it was noted that the gold bearing veins at the GMZ zone seemed to connect with the Adrian Zone [46], [47]. On June 9, 2021, Galway note that it was though that the GMZ, Richard, and Jubilee Zones are part of the same system [47]. On July 26, 2021, Galway announced a new discovery 900 m to the northwest of the Adrian Zone as depicted in Figure 6 [48].
Figure 6: Map of Jubilee, Richard, GMZ, and Adrian Zones in relation to the new discovery found 900 m northwest of the Adrian Zone from the July 26, 2021 news release [48].
From the March 2, 2022 news release, exploration success at Clarence Stream continued with the expansion and official connection of the GMZ to the Adrian and Richard zones, resulting in all four gold zones being connected along a 3.1 km strike length [49]. On March 30, 2022, Galway announced another discovery to the north of the Richard zone and it was hypothesized that this discovery could line up with the discovery previously announced in the January 6, 2021 news release along with the Adrian Zone (see Figure 7) [50].
Figure 7: Location of new discovery as announced in the March 30, 2022 news release (Figure 3 in the news release) in relation to the Adrian Zone and discovery announced in the January 6, 2021 news release [50].
On April 25, 2022, Galway Metals released their updated mineral resource estimate for the Clarence Stream project encompassing an update of the North and South Zones and the inclusion of the Adrian, GMZ, Richard, and Jubilee Zones (collectively referred to as the Southwest deposit) [51]. The resource at Clarence Stream was substantially increased relative to the September 2017 update with an overall resource of over 2.2 million ounces of gold with additional antimony resources, as depicted in Table 4. As noted by Mike Sutton, Galway highlighted the opportunity for further expansion of resources at Clarence Stream as they are currently “…only contained within 8.0-km of Galway’s 65-km strike length”. Mike Sutton also noted the numerous strong targets for discovery potential within Galway’s project stemming from “…coincident highly anomalous glacial tills, soils, boulders and chip samples along magnetic lows. Galway used these pathfinders to make all 6 of its discoveries to date…”. Looking forward, Galway identified priority follow up drilling areas within this news release. In short, Galway highlighted the potential to link the Richard Zone to the Adrian Zone, the Adrian Zone to the New Discovery to the northwest of the Adrian Zone, and the New Discovery to the Richard Zone all of which would form a large triangle (see Figure 8).
Figure 8: Galway’s Clarence Stream New Discovery Triangle Area [51].
Table 4: Updated Mineral Resource Estimate at Clarence Stream (Table 1 from the April 25, 2022 news release) [51].
On September 12, 2022, Galway updated the market on their progression of exploration results within the now named Triangle Area [52]. The area 900 m to the north of the SW Deposit (specifically the Richard Zone from Figure 8) was named as the Stewart Zone. Galway announced the expansion of the Stewart Zone while also noting that the number of drill rigs and drilling schedules were reduced in response to market conditions.
On December 7, 2022, Galway announced that they had suspended drilling at Clarence Stream due to “…weak market for exploration companies…” in an effort to conserve capital [53]. As of Q3/2022, Galway had $7.7 million in cash.
On January 27, 2023. Galway Metals completed a 3:1 reverse spilt resulting in just over 67 million issued and outstanding common shares [54].
Items to Think About
In Figure 1, Galway’s Clarence Stream land package is depicted relative to the old Mt. Pleasant mine. The Mt. Pleasant mine refers to an old tungsten mine which operated in between 1983 and 1985 [55]. The remaining infrastructure of this mine site is situated in between Galway’s Clarence Stream land package and is owned by Adex Mining (Adex), trading as ADE on the TSXV. Adex has not advanced the Mt. Pleasant mine for close to 10 years. As of September 30, 2022 has a negative working capital position of $82,000 and fund their operations through loans [56], [57], [58], [59], [60], [61]. The company providing loans to Adex mining has two directors of Adex’s management team on its board and owns over 80% of Adex Mining’s shares [62]. However, it is important to note that Adex has been maintaining environmental compliance of their tailings pond facility at the Mt. Pleasant mine site and Galway has been noted to lease space “….within the mill buildings, as well as outside, for core, chip sample, pulp and reject storage, and for core splitting and logging purposes, among other requirements.” [6]. In 2007, Adex was granted an Approval to Operate by the New Brunswick Ministry of Environment which was renewed on September 30, 2022 and is valid until September 30, 2027 [55]. This Approval to Operate allows Adex to operate on a care and maintenance basis the tailings impoundment facility and mine water treatment plant at the Mt. Pleasant property. Adex has also maintained compliance with the Approval to Operate by completing and submitting an Environmental Effect Monitoring Study in April 2022. The status of this permit may change depending on if/when Adex were to decide to advance the Mt. Pleasant mine towards feasibility studies etc. Given the proximity of Clarence Stream to Adex’s Mt. Pleasant property and infrastructure currently in compliance with the provincial regulations, it is an important piece of information relevant to the Galway Metals story and is even highlighted in their most recent corporate presentation [63].
Management Team
At the time of the acquisition of Galway Resources, Robert Hinchcliffe was the CEO, Alfonso Gómez was a director, Larry Strauss was VP of Corporate Affairs and a director, and Mike Sutton was a director of Galway Resources respectively [64]. Today, Robert Hinchcliffe is Galway Metals’ President, CEO, and director, Alfonso Gómez is a director of Galway Metals, Larry Strauss is the VP of Corporate Development and a director Galway Metals, and Mike Sutton is the Chief Geologist and a director of Galway Metals. Galway Metals’ management team is largely the same group who managed Galway Resources and sold the company for approximately $340 million USD [6].
Galway Metals has strong insider/management/family and institutional ownership with 20% and 30% owned respectively [63]. It is also relatively common to see Galway insiders buying on the open market.
Looking Forward
As of September 30, 2022, Galway Metals had a working capital position of just over $5.9 million [65]. Galway’s current mineral resource estimate at Clarence Stream includes 922,000 oz @ 2.31 g/t Au of indicated resources and 1,334,000 oz @ 2.60 g/t Au of inferred resources. The value of this resource estimate can be roughly estimated considering a price per ounce of gold in the ground for indicated and inferred of $30 USD and $20 USD respectively [66]. Considering a USD/CAD exchange rate of 1.36 to 1, the Clarence Stream resource can be estimated as being worth approximately $74 million CAD. As of February 25, 2023, Galway had a market cap of approximately $41.6 million. These calculations do not consider the resource estimate at Estrades.
With a recent rollback, resource estimate, and clear expansion plans at Clarence Stream, and a former base metals and gold mine in Estrades, Galway Metals provides the market with an opportunity to have exposure to an emerging gold district in New Brunswick with additional base and precious metal upside in Quebec. Pending additional funds, I look forward to seeing Galway Metals resume drilling at Clarence Stream for expansion of gold mineralized zones in the Triangle Area and at grassroots targets across their land package and to see the resumption of exploration at Estrades for both gold and critical minerals.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance, and it expresses my personal opinions. I was not compensated for this article, and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and talk to their own licensed investment advisor(s) before making any investment decisions.
References
[1] New Brunswick Natural Resources Lands, Minerals and Petroleum, “Gold Mineral Commodity Profile No. 8,” 2011. [Online]. Available: https://www2.gnb.ca/content/dam/gnb/Departments/en/pdf/Minerals-Minerales/MCP_8-e.pdf. [Accessed 15 September 2022].
[2] Galway Resources, “GALWAY SHAREHOLDERS AND WARRANTHOLDERS APPROVE ARRANGEMENT WITH AUX CANADA,” 17 December 2012. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=71816d8ab21ec5993707d994a3ac3f387d2841d5b9984a2ac7de58326747e8d6.
[3] Galway Metals Inc., “FOR IMMEDIATE RELEASE GALWAY RE-NEGOTIATES VICTORIO AGREEMENT,” 29 April 2014. [Online]. Available: https://galwaymetalsinc.com/2014/04/galway-re-negotiates-victorio-agreement/. [Accessed 9 February 2023].
[4] Galway Metals Inc., “GALWAY METALS INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2013,” 30 April 2014. [Online]. Available: https://wp-galwaymetalsinc-2023.s3.ca-central-1.amazonaws.com/media/2017/12/2013-Q4-MDA.pdf. [Accessed 2022 September 2022].
[5] Galway Metals Inc., “Galway Terminates Victorio Agreement,” 3 May 2016. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=d327147cd86bc22d469d2dc0703e992d008e518b552c90234ba0ba536f558a4a. [Accessed 9 February 2023].
[6] Galway Metals Inc., “Galway Metals Consolidates Highly Prospective Clarence Stream Gold District in New Brunswick, Canada,” 3 August 2016. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=ab56ec24671ec6ba7248c64d8fe6825957567c17f5edbaeb7b78ed9389dafc3c. [Accessed 9 February 2023].
[7] Galway Metals Inc., “Corporate Presentation,” 8 July 2016. [Online]. Available: https://galwaymetalsinc.com/wp-content/uploads/2018/01/presentation-2016-07-18.pdf. [Accessed 15 September 2022].
[8] Galway Metals Inc., “Galway Metals Consolidates the Estrades Mining District, Provides an Updated NI 43-101 Estrades Resource Estimate and Consolidates 31 Km of Strike Along the Adjacent Casa Berardi Break,” 18 August 2016. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=f8bcccfc8291b723d69e1504387523d000405901c04fe27ae83051713ce7021d. [Accessed 9 February 2023].
[9] Galway Metals Inc., “Galway Metals Intersects 4.6 g/t Au over 30.0m and 5.5 g/t Au over 5.5m at Clarence Stream,” 12 January 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=52329637fefb8388173b76a1b7db8e85aaa7e98be180ffcaf7a585257e4dfcd9. [Accessed 9 February 2023].
[10] Galway Metals Inc., “Galway Metals Intersects 10.0 g/t Au over 31.0m and 10.1 g/t Au over 13.0m at Clarence Stream,” 1 February 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=23e2cbc97c57a474ec1828b44906b84d7c1459b3a79bb9305f938be0676b459b. [Accessed 9 February 2023].
[11] Galway Metals Inc., “Galway Metals Intersects 56.2 g/t Au over 0.6m located 240m from the North Zone Resource and 4.9 g/t Au over 5.4m in the South Zone at Clarence Stream,” 28 March 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=552432526b646c87372367bfd4ff76408e674dc93e84b603b2c263ade890b388. [Accessed 9 February 2023].
[12] Galway Metals Inc., “Galway Metals Reports a 54% Increase in Gold Resources at Clarence Stream,” 26 September 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=117e1b9fba33ec7a5bf4e4ce09935e4c037ecb98f6a077bf36304210c714c3f8. [Accessed 9 February 2023].
[13] Galway Metals Inc., “Galway Metals Intersects 14.5 g/t Au over 3.1m and 0.9 g/t Au over 35.2m in a Satellite Zone 5 Km West of Clarence Stream; Additional Strong Gold Anomalies Delineated,” 12 October 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=1bf52f58102dbe8bc3775737f4c146a0ef0e1f22c36935a2b9e3c880847fac13. [Accessed 9 February 2023].
[14] Galway Metals Inc., “Galway Metals New Discovery: 2.2 g/t Au over 11.9m,” 18 December 2017. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=7f3a3de04ec2f114077e67854d422e76c11f8a090028bc656e7245587d1faeb1. [Accessed 9 February 2023].
[15] Galway Metals Inc., “Galway Metals New Discovery Gets Bigger: 0.7 g/t Au over 48.8m, Located Above 2.2 g/t Au over 11.9m and 300m East of 2.1 g/t Au over 7.6m,” 20 February 2018. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=cfc149d2d4239e7b740e742de3c305f9f616b38a24919f7852999413612f0e86. [Accessed 9 February 2023].
[16] Galway Metals Inc., “Galway Metals’ 2nd Hole in New Gold Discovery Runs 5.4 g/t Au Over 11.0 Metres,” 26 February 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=693e60aaabfcff195cc09d2c3dd544bc2305425f6864bbf57c95b054a4fcac29. [Accessed 9 February 2023].
[17] Galway Metals Inc., “Galway Metals: New Gold Discovery at Clarence Stream and Strong GMZ Drill Results,” 23 January 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=c214b3558b4f6a1d358dad031e67c3b3b38b84f3a917fdddab96c0da45a51925. [Accessed 9 February 2023].
[18] Galway Metals Inc., “Galway Metals Intersects 7.3 g/t Au Over 36.7 Metres, including 38.1 g/t Au over 6.5m, at its New Gold Discovery at Clarence Stream,” 13 February 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e7bbd021f5e47db85646e02d7649bbfa1a029b72b33d63d09c927e8ffef38428. [Accessed 9 February 2023].
[19] Galway Metals Inc., “Galway Metals Intersects 13.0 g/t Au Over 8.7 Metres, Including 201.0 g/t Au Over 0.5 Metres in the GMZ at Clarence Stream,” 28 February 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=eca7b6d38783995957c3c3d1587faab68e7aa0f5d8e2b344afa48c3f63f9878b. [Accessed 9 February 2023].
[20] Galway Metals Inc., “Galway Metals Intersects 2.8 g/t Au Over 21.0 Metres and Extends Jubilee’s Strike Length— 2nd Drill Rig Mobilized to Clarence Stream,” 18 April 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=cc5db628200dbb8819e37746e606180c6bf2ab4d7ed018428ed547c3a56e4f3d. [Accessed 9 February 2023].
[21] Galway Metals Inc., “Galway Metals Adds 3rd Drill Rig: Intersects 1.9 g/t Au Over 43.3m at West End of Jubilee; Richard Zone Returns 3.5 g/t Au Over 5.3m, 2.1 g/t Au Over 12.8m, and 1.5 g/t Au Over 16.0m,” 5 September 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=a93ce6343cee9a2891221d21e4a7bc58a1391bc2d9c2cd65ba9ea171bed2697b. [Accessed 9 February 2023].
[22] Galway Metals Inc., “Galway Metals Intersects 20.7 g/t Au Over 9.5m plus 14.2 g/t Au Over 7.5m in one hole, and 5.5 g/t Au Over 16.7m in another, extending Clarence Stream’s Richard Zone,” 13 November 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e4bb98d5da6e43ea1428d003ec72fe4b4904050525ab55b22168fd33895c75e6. [Accessed 9 February 2023].
[23] Galway Metals Inc., “Galway Metals Intersects 3.0 g/t Au Over 12.0m in the 1Km Gap Between Richard and Jubilee at Clarence Stream,” 2 December 2019. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=7aede9a9d39a324731f81052336f5c707ca68ca48c822dfcda457a8829aa80e6. [Accessed 9 February 2023].
[24] Galway Metals Inc., “Galway Metals Intersects 20.9 g/t Au Over 4.75m Plus 2.7 g/t Au Over 14.1m in Gap Between Richard and Jubilee at Clarence Stream,” 9 January 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=12fb05c1fbc4567f7488274c29e911095c6722a99757e58b37133807a26880b4. [Accessed 9 February 2023].
[25] Galway Metals Inc., “Galway Metals Intersects 6.3 g/t Au Over 30.0 Metres, Hits VG in a 230m Stepout, and Discovers a New Zone with VG, all at the GMZ at Clarence Stream,” 13 February 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4a0b40bd048c77018a024bfc36205941dab77921578360c3d946b8f88df57217. [Accessed 9 February 2023].
[26] Galway Metals Inc., “Galway Metals Intersects 10.6 g/t Au Over 47.0m (25.6mTW) South of the Richard Zone; 4.5 g/t Au over 10.8m (5.6mTW) Narrows Gap Between Richard and Jubilee at Clarence Stream,” 25 February 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=7b9d40f5ad00fa80d8306835c8abee390e8ca6edc7c5af646a500bed0f2865ed. [Accessed 9 February 2023].
[27] Galway Metals Inc., “Galway Metals Intersects 6.5 g/t Au Over 14.05 Metres, extending the GMZ at Clarence Stream,” 29 April 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=3452cfcaec27ed4c4dfe5c8f3c4769871cff62f4511763a3620b70c9e7196bdd. [Accessed 10 February 2023].
[28] Galway Metals Inc., “Galway Metals Intersects 4.6 g/t Au over 13.0m and 5.9 g/t Au over 12.0m in the Richard Zone; Step-Out Holes 78 & 93 are Now 8.5 g/t Au over 12.5m and 2.4 g/t Au over 30.0m,” 11 May 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=cebc48e9b5abb73fac3d67bd57e7229dd9d3adb0ab4c6bcf996ed7d282387d35. [Accessed 10 February 2023].
[29] Galway Metals Inc., “Galway Metals Intersects 6.2 g/t Au Over 38.5m, and 1.4 g/t Au Over 85.0m, 45m Apart, at West End of the Richard Zone at Clarence Stream,” 1 June 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=f78c695d6919f1aaa7a7d69a6187935099cb4665a861caea086412635c75ee8c. [Accessed 10 February 2023].
[30] Galway Metals Inc., “Galway Metals Intersects 186.5 g/t Au Over 0.6m in New Discovery, 950m West of the Jubilee Zone; Increasing Drills from 3 to 5,” 24 June 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=bc2badcefb0ba75f0e0c7befa1d163f6cf8bcf2f80ec755b5b72468b968e2ee6. [Accessed 10 February 2023].
[31] Galway Metals Inc., “Galway Metals Intersects 54.7 g/t Au Over 2.5m, 1.4 g/t Au Over 46.0m, and 4.7 g/t Au over 8.2m – Deepest Intersect – at West End of the Richard Zone at Clarence Stream,” 15 July 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=a8dcabc1c95d0f0b3f4edbb72ca26de94727a5302e4538607a206d6574c1e633. [Accessed 10 February 2023].
[32] Galway Metals Inc., “Galway Metals Expands Richard Zone Another 100m with 4.1 g/t Au over 16.0m and Gets Deepest Intersection with 10.0 g/t Au over 4.5m,” 9 September 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=ef4f35bce0487d7f9473b82832e7aa4fd6a3aba4380cce89e7b00ffaaa8a0307. [Accessed 10 February 2023].
[33] Galway Metals Inc., “Galway Metals Intersects 2.1 g/t Au Over 38.75m, plus a New Vein in Western Extension of the GMZ at Clarence Stream,” 30 September 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=d085fc80bfb33219b97a2de53ca4a1f08a3631ea0a62e75a637578961922aee7. [Accessed 10 February 2023].
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