GOLD: Galway discovers new gold zone at Clarence Stream project

NEW BRUNSWICK – Galway Metals has discovered 7 metres of visible gold starting 51 metres downhole in a new area of its Clarence […]
NEW BRUNSWICK – Galway Metals has discovered 7 metres of visible gold starting 51 metres downhole in a new area of its Clarence Stream project , its second gold discovery on the property in two and a half years of drilling. The new gold zone is along strike of the project’s George Murphy and Jubilee zones. The discovery hole intersected weathered, altered sediments with disseminated pyrite and arsenopyrite and multiple quartz veins. Assays are pending. In December 2017, Galway discovered the George Murphy zone (GMZ), 2 km east of the Jubilee zone and 4 km west of the Clarence Stream South zone. That discovery was found by drilling in the immediate vicinity of a 700-metre soil anomaly where boulders containing gold were found by a prospector, George Murphy. The boulders assayed 16.4 g/t gold, 11.5 g/t gold and 7.9 g/t gold. In May 2018 the company reported an intercept from GMZ of 241.5 g/t gold over 4.2 metres, including 807 g/t gold over 1.25 metres starting at a vertical depth of 73 metres downhole. The GMZ is north of the major structure in the area – the Sawyer Brook Fault, while the South and Jubilee zones are south of the fault. GMZ has a strike length of 500 metres and is open in all directions. The company has drilled to a maximum of 265 metres vertical, but most drilling is down only to 130 metres. Drill results from GMZ released today include 3.2 g/t gold over 17.3 metres at a vertical depth of 70 metres below surface; 2.0 g/t gold over 23.3 metres 220 metres downhole; and 1,650 g/t gold over 1 metre starting from 377 metres below surface. This year the company plans to drill a series of follow-up holes around the latest discovery, and then expand the Jubilee zone, a relatively small zone where it has drilled 5,202 metres in 31 holes. That drilling identified three structures along 270 metres of strike and to a depth of 89 metres. It also intends to return to the GMZ and follow-up on drill targets. The company also plans to drill a 4-km-long, high grade soil anomaly 2.5 km to 6.7 km along strike to the west of Jubilee, where 11 samples were reported to contain more than 100 parts per billion gold, with the highest 681 ppb. Galway expects to update its resource estimate for Clarence Stream before the end of 2019. The current resource includes only the South and North zones, and since it was released in September 2017, the company has drilled another 1,873 metres in the South zone and 1,245 metres in the North zone. The resource update will also include the GMZ and Jubilee zone. Currently the North and South zones contain 390,000 oz. of gold contained within 6,178 measured and indicated tonnes grading 1.96 g/t gold per tonne and another 277,000 oz. of gold contained within 3,409 inferred tonnes grading 2.53 g/t gold per tonne. Galway acquired the project, 70 km southwest of Fredericton, in August 2016. In mid-December, Galway raised $3.37 million in a non-brokered private placement in mid-December, which will be used for exploration at Clarence Stream and its Estrades polymetallic property in the northern Abitibi of western Quebec. Galway Metals was spun out of Galway Resources and started trading in January 2013. Over the last year, Galway Metals has traded in a range of $0.13 and $0.36 per share. At press time in Toronto, Galway’s shares were trading at $0.185. The junior explorer has 105 million shares outstanding for a market cap of $19.7 million. This story first appeared on www.NorthernMiner.com.

Comments

Your email address will not be published. Required fields are marked *

Apr 18 2024 - Apr 19 2024
Apr 23 2024 - Apr 23 2024
Apr 25 2024 - Apr 25 2024
May 06 2024 - May 07 2024