Galway Metals Inc. (TSXV:GWM) reported results from 31 holes completed at its Clarence Stream gold property in New Brunswick. Drilling focused on expanding
resources and further defining the areas surrounding historic drilling in the North Zone which hosts an indicated and inferred resource of ~93k oz
Au (421kt @ 6.9 g/t Au - cut). Results were highlighted by step-out holes grading 14.6 g/t Au over 10.2m (AD17-127) and 7.3 g/t Au over 4.6m (AD17-119),
located between the North Zone resource and a smaller zone to the southeast. The drill is being relocated to the South Zone which appears to have similar
mineralogy as the North Zone but separated by a fault. The company plans to pursue exploration in the area, as well as test other priority targets
which include to the northeast of holes AD17-127 and AD17-119. We believe results highlight the project’s potential for significant resource growth,
as already results have appeared to extend the North Zone 1,250m southeast and then east. We expect the maiden pit constrained resource and updated
underground resource estimates (September 2017), to be important near-term catalysts for the company, as they continue to drill and define the project’s
resource. This update is likely to be important to help close the significant valuation gap between Galway (C$15/oz) and peers (C$36/oz).
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
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Galway Metals Inc. - TSXV:GWM - None
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