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Galway Metals Inc. (TSXV:GWM) reported an updated resource estimate completed on its Clarence Stream project, in New Brunswick. The updated resource includes a maiden open-pit resource, suggesting both open-pit and underground potential versus the underground only scenario defined in the previous resource. Total ounces increased by 54%, despite only 50 new holes (~11,500m) being incorporated in this update. In our view, the project continues to have exploration upside, with assays from completed holes pending. The company is planning additional exploration work at both Estrades and Clarence Stream to further expand resources and with success should help close the significant valuation gap between Galway (C$17/oz) and peers (C$37/oz). read more
Galway Metals Inc. (TSXV:GWM) reported results from 13 holes and wedge off a hole completed at its Estrades property in western Quebec. Drilling intersected unusually high-grade zinc deep in hole GWM-17E-27 twice, returning 28.5% Zn, 2.2 g/t Au, 181.0 g/t Ag, 0.3% Cu and 0.9% Pb over 3.3m including 18.6% Zn, 0.3 g/t Au, 190.7 g/t Ag, 0.5% Cu and 0.5% Pb over 2.6m. In the same hole, drilling also intersected mineralization at shallow depths and revealed a new discovery midway as it crossed a fault. In addition, the company is targeting copper-rich source vents through an induced polarization (IP) program, results have shown “very strong chargeability” around hole GWM-17E-08, which intersected 17.7m of massive sulphides. Results continue to be positive, as the company fills in the gaps of the previous resources (Hole 19AW) and areas remain open. Upcoming drilling at Estrades will continue to be a combination of shallow and deep holes as the program focuses on expanding resources, as well, results from Clarence Stream are pending and the company is planning to receive the pit constrained and updated underground resource estimates by the end of September for the property. Continued exploration success is likely to be an important near-term catalyst for the company at both properties, and should help close the significant valuation gap between Galway (C$20/oz) and peers (C$36/oz). read more
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). read more
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