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Quantec to Present at DMEC, Mar 5th following PDAC

Rob Gordon will present 35 years .. chasing the World’s Greatest Anomaly

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VR CONFIRMS IP ANOMALY AT ITS RANOKE COPPER‐GOLD PROPERTY IN ONTARIO

September 17, 2019, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to provide an update for its Ranoke copper‐gold property in Ontario.
 IP chargeability anomaly: A TITAN24 DCIP induced polarization survey confirms a broad IP chargeability anomaly 1.1 kilometres across within the high‐density gravity anomaly at Ranoke;

VR completed three test lines of TITAN24 DCIP (Quantec Geoscience Ltd., Ontario) over the 2.5 mgal, high density gravity anomaly roughly 4 km across at Ranoke (see news release dated August 21, 2019). The
purpose of the IP survey is to test for chargeable sulfide minerals within the gravity anomaly.

From VR’s CEO Dr. Michael H. Gunning “this survey confirms the potential that a copper sulfide – bearing iron oxide breccia pipe is the root cause of the gravity anomaly at Ranoke. We are grateful for the technical expertise and diligence demonstrated by the field crew and technical services group at Quantec for their extended work on the design, execution and interpretation of this TITAN24 survey because the resultant anomaly adds a key focal point for our copper‐gold targeting within the large gravity anomaly. The sulfidebearing hematite hydrothermal breccia discovered to the south of the property is from an area with published alluvial gold occurrences, and the rock sample in Figure 3 provides our shareholders with a tangible potential analogue for the copper‐gold iron oxide breccia pipe we are targeting at Ranoke. We look forward to providing further updates as our work advances towards a first‐pass drill program.”

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PJX Explains Exploration Strategy to John Kaiser at Metals Investors Forum, Jan 25, 2019

MT providing more information cost effectively.
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SIERRA METALS CONFIRMS PORPHYRY MINERALIZATION AT ITS YAURICOCHA MINE IN PERU (with TITAN)

SIERRA METALS CONFIRMS PORPHYRY MINERALIZATION AT ITS YAURICOCHA MINE IN PERU, POSITIVE RESULTS INCLUDE 22 METERS OF 0.46% COPPER AND 134 PPM MOLYBDENUM AND 10.73 PPM COBALT
___________________________________________________________________
Drill hole highlights include: drilled from 720 level Klepetko tunnel to 1394.60m in depth

 

Toronto, ON – October 1, 2018 – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today confirms the discovery of a new style of mineralization (copper – molybdenum porphyry). Today’s results are from testing of the geophysical anomalies, in the quartz monzonite intrusive, in the eastern part of the mineralized area. This area is known as the Central Mine which is located between the Cuye and Esperanza zones. The discovery comes as part of an ongoing drilling program to test priority geophysical anomalies at the Yauricocha Mine, located 150 kilometers east-southeast of Lima in the Yauricocha Mining District (Cordillera Occidental), Peru.
Prior evidence of copper-molybdenum porphyry mineralization had been observed on surface within the monzonite intrusive and had previously been sampled by Rio Tinto Zinc. Subsequently, drill core was sampled at 10-meter intervals over the entire hole length and the Company obtained 122 samples. The hole was drilled from the Klepetko Tunnel located on the 720 level to a depth of 1,394.6 meters. The samples indicated an average of >0.1% Copper.
A recently completed TITAN 24 Geophysical Study identified more than 100 anomalies at Yauricocha and a program to test this first geophysical anomaly was designed. Hole (E-PORF 10-18-01) was drilled from the Klepetko Tunnel to test the priority anomaly located in the monzonite intrusive as this zone had high conductivity within the Intrusive. A copper-molybdenum mineralized porphyry was discovered.
Results to date show mineralized sectors with notable grades of copper and molybdenum (see table 1) and this discovery confirms the existence of a new style of mineralization at Yauricocha. The Company will continue with a drilling program which will allow for a better understanding of the distribution of mineralization.
Alonso Lujan, Vice President of Exploration stated: “We are excited as these drilling results demonstrate the possibility to define a copper – molybdenum porphyry deposit with significant dimensions. The TITAN 24 anomaly areas have shown an excellent relationship between conductivity, chargeability and the orebodies. We have several higher-grade intercepts between 798 and 980 meters and now the objective of our follow-up drilling programs is to define the geometry of the higher-grade core of the porphyry.”
He added, “the discovery and location of the porphyry serves as an important milestone at Yauricocha as it helps us to better understand the magnitude of the district’s mineralization. It also helps us to better relate the recent discoveries of the skarn and breccia orebodies to the location of the porphyry. Breccias and skarn related to porphyry orebodies represent important exploration targets for the Company.”
Igor Gonzales, President and CEO of Sierra Metals commented: “Brownfield exploration continues to be a key part of Sierra Metals’ growth plan. Today’s announcement of a porphyry discovery at Yauricocha supports further growth and development at the Yauricocha Mine and subsequently supports the Company’s overall growth plans in Peru.”

 

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Galway Metals Drills 1.2% Copper Over 7.1m at Newiska, Quebec; New TITAN Targets and Awards Incentive Stock Options

Released: November 5, 2018

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(Toronto, Ontario, November 5, 2018) – Galway Metals Inc. (TSX-V: GWM) (the “Company” or “Galway”) is pleased to report drill results at the Newiska horizon on the Company’s 20,915 hectare, 100%-owned, former producing Estrades Project in the northern Abitibi of western Quebec, Canada. The Newiska prospect is located 8,000m southeast of the former producing Estrades polymetallic deposit (Figure 1 and Figure 2). 8,200m to the west and 2.2 km south of the Estrades deposit, another strong TITAN geophysical conductor that has a remarkably similar signature to the main Estrades deposit was observed.

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Galan preps for much anticipated geophysical work AUGUST 20, 2018

The recently renamed Galan Lithium (ASX-GLN) – formerly Dempsey Minerals – is preparing to commence its much anticipated geophysical surveys at the Salar de Hombre Muerto Project, Argentina.

The geophysical surveys will be closely followed after its initial survey work delineated shallow, conductive anomalies associated with lithium saturated brine.

The previous survey also presented significant mineralisation upside, with the brine appearing to extend laterally to the east and west of the target channel.

Depths to brine were relatively shallow and ranged from approximately 150m to over 400m in thickness across at least ten kilometres through the inspected channel.

The upcoming geophysical work will further increase the company’s understanding of the potential of its brine deposit.

At the time of  the initial discovery Galan chairman, Mr Nathan McMahon, said:

To have identified an area of approximately 10km within our project containing geological units consistent with those saturated with brine, adjacent to significant lithium projects and within one of the most prolific salt flats, gives us great optimism for the testing of our exploration model.”

The Company has engaged well-regarded geophysical contractors Quantec Geoscience Ltd to conduct the exploration work. Quantec have significant experience targeting similar lithium brine mineralisation and conducted the initial surveys at the project.

Exploration is set to commence in approximately 7-10 days.

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Lithium Energi Exploration, Inc. is pleased to announce positive results following the completion of its initial geophysical exploration program.

September 6th, 2018, Lexi Announces Final Geophysical Results are Positive on Over 36,000 Hectares of Brine Discoveries at Antofalla Salar
September 6, 2018 – Toronto, Ontario – Lithium Energi Exploration, Inc. (TSXV:LEXI) (“LEXI” or the “Company”) is pleased to announce positive results following the completion of its initial geophysical exploration program.  The geophysical surveys were executed to investigate sub-surface conductive brines under approximately 366 square kilometers of LEXI’s concessions in the northern portion of the Antofalla Salar, located in Catamarca Province, Argentina. The survey results were successful and impressive from a technical standpoint, delineating conductive strata from near surface to as great as 400 meters depth, and the results revealed that conductive strata consistent with unconfined brine aquifers occur extensively under almost all of the surveyed properties.LEXI’s CEO, Steven Howard observed, “These positive survey results are highly motivating. They suggest an abundant, uninterrupted reservoir exists under LEXI’s property holdings in the northern third of the Antofalla basin. Conductivity consistent with brine targets was delineated under the volcanic cover units on the basin’s margins, indicating that basin boundaries are much wider than the visible salt pan on surface.”  Howard added, “These results indicate the viability of further exploration activities for our northern property cluster.  Analyzing the resulting value proposition with potential strategic partners could promisingly extend those ongoing negotiations as a result. LEXI’s exploration team is advancing drill plans and permits to continue working towards a resource estimate that will deliver value to our shareholders.”

On March 25, 2018 and May 10, 2018, the Company had previously announced partial, preliminary results from this geophysical program, which was conducted by Quantec Geoscience Ltd., a world leader in mineral exploration with electromagnetic survey technologies. The final survey report encompassed approximately 200 line-kilometers of Transient Electromagnetic (TEM) Sounding profiles (comprised of 1,028 individual sounding sites) distributed along 36 survey lines. TEM technology is a fast, high-resolution exploration tool capable of imaging variations in sub-surface electrical resistivities to depths exceeding 500 m and has been a primary exploration tool in saline aquifer and fresh-water/brine interface projects for more than three decades. The final report from Quantec Geoscience adds further to the “better-than-expected” results related in the two previous news announcements, which indicate that the surveyed concessions (approximately 36,589 hectares within 14 semi-contiguous claims) exhibit electrical resistivity values and distribution patterns consistent with highly-conductive unconfined aquifers believed to be lithium-bearing brine horizons. These compelling survey results will contribute to the target discrimination for LEXI’s envisaged exploration drilling, intended to identify mineral chemistry, lithology, porosity, pump rates, and other hydrogeological factors.

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New Discovery at Bolivar for Sierra Metals

SIERRA METALS CONFIRMS NORTHERN EXTENSION OF THE BOLIVAR NORTHWEST OREBODY CONTAINING AN AVERAGE GRADE OF 1.37% COPPER AND AN AVERAGE TRUE WIDTH OF 8.1 METERS AT THE BOLIVAR MINE, MEXICO

 

 

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NAP Expands PGM Mineralisation at Sunday Lake — SPARTAN MT Anomaly: A New Discovery

SPARTAN MT Anomaly: A New Discovery

TORONTO, March 27, 2018 (GLOBE NEWSWIRE) — North American Palladium Ltd. (“NAP” or the “Company”) (TSX:PDL) (OTC PINK:PALDF) is pleased to announce results from its winter exploration program on the Sunday Lake Project (the “Project”) located 25 km northeast of Thunder Bay, Ontario. The Project is focused on a recently discovered platinum-group metal (“PGM”) deposit hosted within the Sunday Lake mafic-ultramafic intrusion. The Company entered into an Definitive Option Agreement (the “Option Agreement”) in June 2017 with Impala Platinum Holdings Ltd. (“Impala”) and Transition Metals Corp (“Transition”) (through its wholly-owned subsidiary, HTX Minerals Corporation). The Option Agreement gives the Company the exclusive right to earn Impala’s 75% interest in the Sunday Lake property, with Transition maintaining a 25% free carried interest through to the completion of a Feasibility Study.

Highlights

  • Hole SL-17-18B intersected 18.65m of 4.05 g/t combined Pt + Pd + Au (“3E”) including 4.9m of 6.1 g/t 3E and 0.64% Cu that appears to represent a fault-related southwesterly extension to the previously intersected PGM mineralization in the eastern part of the SLI.
  • Hole SL-18-21 intersected 35.8m of 3.9 g/t 3E including 6.5m of 8.3 g/t 3E with 1.08% Cu and 0.36% Ni, establishing local-scale continuity in the vicinity of the previously reported thickest and highest-grade mineralization on the property.
  • Hole SL-18-22 intersected 33.2m of 2.8 g/t 3E including 5.9m of 6.8 g/t 3E and 0.67% Cu with 1.0 m of 17.5 g/t 3E and 1.48% Cu, representing the first discovery of PGM mineralization in the central part of the Sunday Lake intrusion.
  • Holes SL-18-21 and SL-18-22 collectively intersected the highest individual sample 3E, Cu and Ni values obtained to date from the Project.

“We are very encouraged by the new drilling results at Sunday Lake, which provide clear targets for follow-up programs, including newly defined structural targets, untested geophysical anomalies, and additional drilling on newly discovered PGM mineralization in the centre of the SLI. This project is the most advanced exploration-stage opportunity within our attractive regional property portfolio,” said Jim Gallagher, President and CEO of North American Palladium.

“The discovery of PGM mineralization in the central part of the property, with extensions to the eastern area of mineralization, are very positive developments that open up a much larger area for exploration. We have a better understanding of the controls on PGM mineralization, which suggest that the thicker and higher-grade areas were developed along two major structural trends and are detectable using geophysical data. These new insights are generating additional targets for future drilling programs,” said Dr. Dave Peck, Vice-President, Exploration at North American Palladium.

Program Objectives and Target Selection

Following completion of a three-month review of technical information last fall, the Company initiated its first drilling program with three principal objectives:

  1. Determine the lateral extent and continuity of the eastern area of PGM mineralization;
  2. Test the northeastern part of the intrusion for near-surface PGM mineralization; and
  3. Test other geophysical and structural targets on the property.

Geophysical surveys provided critical guidance in the selection of drill targets in the current program, particularly because the Sunday Lake Intrusion (“SLI” or the “intrusion”) is covered by Quetico Subprovince metasedimentary host rocks. The current program included numerous borehole electromagnetic surveys, a new surface magnetic and electromagnetic survey over the northeastern extension target, and the first audio magnetotelluric (“AMT”) survey on the property, over the central part of the intrusion ( Figure 1). Results from these surveys were integrated with previous gravity and magnetic survey data to help guide the selection of the new drill holes. The AMT results were particularly informative and prompted the drilling of hole SL-18-22 in the untested central part of the intrusion.

Diamond Drilling

A total of ten holes and approximately 8,500 metres of drilling were completed during the current program. At this time, assay results for the final two holes testing the northeast extension target are still pending. Drill hole collar locations are shown in Figure 1. Results from the first eight holes completed during the current program are discussed below with reference to the primary objectives of the current program. The analyses reported in this news release were performed by ALS Global in Vancouver, British Columbia. The company’s rigorous internal quality control and quality assurance protocols are described in detail in the current Technical Report for its Lac des Iles mine ( June 2017 – available on SEDAR).

AMT Anomaly: A New Discovery

Drill hole SL-18-22 was drilled in the untested, central part of the SLI and targeted the aforementioned AMT anomaly ( Figure 3). This hole intersected 33.2m of 2.8 g/t 3E including 5.9m of 6.8 g/t 3E and 0.67% Cu. A one metre interval from the bottom of this intersection returned 17.5 g/t 3E and 1.48% Cu. The new intersection is located 300m west of the eastern area of mineralization and is associated with a discrete, coincident magnetic-gravity-resistivity anomaly that remains open in all directions.

Positive Results from the Eastern Part of the SLI

Drill hole SL-18-21 intersected 35.8m of 3.9 g/t 3E including 23.3m of 5.4 g/t 3E and 6.5m of 8.3 g/t 3E with 1.08% Cu ( Figure 2). This result indicates good grade-thickness continuity over the ~30 metres of horizontal distance between this intersection and the previous best intersection in hole SL-15-13, which returned 42.9m of 3.4 g/t 3E.

Two drill holes, SL-17-18B and SL-18-19 were completed to test for a possible southwestern extension to the PGM mineralization in the eastern part of the SLI. Hole SL-17-18B intersected 35.4m of 2.8 g/t 3E including 18.6m of 4.01 g/t 3E (see table) and 4.9m of 5.32 g/t 3E with 0.63% Cu ( Figure 3). Hole SL-18-19 intersected 11.9 metres of 1.37 g/t 3E including 5.0m of 2.29 g/t 3E. Collectively, these results have extended the eastern area of mineralization by 50-100m to the southwest and toward the centre of the intrusion. Combined with new geophysical survey results, they also highlight an untested strike length of approximately 500m between these two holes. The latter target area follows one of several interpreted northwest-trending structures that appear to be associated with thicker and higher grade PGM mineralization on the property.

Summary

The PGM mineralization in the SLI is interpreted to represent structurally-controlled accumulations of magmatic sulfides having high PGM concentrations. The current program has significantly expanded the search area for future drilling campaigns with the delineation of a southwesterly extension to the previously defined limits of the eastern area of mineralization and the discovery of a new area of mineralization in the centre of the intrusion. Recent results provide clear targets for follow up programs, including newly defined structural targets, untested geophysical anomalies, and additional drilling on newly discovered PGM mineralization in the centre of the SLI and in the northern and eastern parts of the intrusion.

Pd, Pt, Au, Cu and Ni assay results for the October 2017 to March 2018 Sunday Lake exploration drilling program. True widths are estimated as being between 80% and 95% of the reported interval lengths.

Hole # From (m) To   (m) Length (m) 3E* (g/t) Pt (g/t) Pd (g/t) Au (g/t) Cu (%) Ni  (%)
SL-17-15 731.00 736.00 5.00 1.14 0.61 0.49 0.04 0.21 0.12
and 807.15 812.00 4.85 1.20 0.71 0.42 0.07 0.16 0.08
SL-17-16 807.00 828.50 21.50 1.82 1.00 0.74 0.08 0.34 0.16
including 812.50 818.50 6.00 3.17 1.82 1.25 0.10 0.43 0.17
including 816.50 818.50 2.00 2.91 1.52 1.25 0.14 0.68 0.25
SL-17-17 626.00 629.00 3.00 1.09 0.57 0.47 0.04 0.19 0.10
and 634.00 639.30 5.30 1.31 0.78 0.49 0.05 0.16 0.08
SL-17-18B 667.70 703.15 35.45 2.83 1.65 1.09 0.09 0.41 0.16
including 684.50 703.15 18.65 4.05 2.43 1.49 0.13 0.48 0.17
including 692.25 697.15 4.90 6.17 3.89 2.07 0.20 0.64 0.24
and 701.15 702.15 1.00 9.27 6.13 2.82 0.32 0.92 0.07
SL-18-19 856.00 867.90 11.90 1.37 0.72 0.61 0.05 0.20 0.12
including 860.00 865.00 5.00 2.29 1.15 1.05 0.08 0.35 0.16
SL-18-20 710.00 715.10 5.10 1.52 0.89 0.55 0.07 0.22 0.11
SL-18-21 863.50 899.35 35.85 3.90 2.40 1.32 0.18 0.43 0.17
including 875.05 898.35 23.30 5.43 3.34 1.83 0.26 0.60 0.21
including 890.85 897.35 6.50 8.34 5.17 2.62 0.55 1.08 0.36
including 892.55 893.80 1.25 11.97 7.45 3.78 0.74 1.37 0.38
SL-18-22 1039.0 1072.2 33.20 2.85 1.68 1.03 0.13 0.34 0.12
including 1056.0 1066.9 10.90 4.98 3.08 1.65 0.25 0.51 0.14
including 1061.0 1066.9 5.90 6.87 4.30 2.22 0.35 0.67 0.16
including 1065.0 1066.0 1.00 17.50 11.23 5.32 0.95 1.48 0.27


Qualified Person

The technical content of this news release was reviewed and approved by the Company’s Vice-President, Exploration, Dr. Dave Peck. Dr. Peck is a Qualified Person under the meaning of National Instrument 43-101 and a registered Professional Geoscientist with the Association of Professional Geoscientists of Ontario, the Association of Professional Engineers and Geoscientists of British Columbia, and the Association of Professional Engineers and Geoscientists of Manitoba.

About North American Palladium Ltd.

North American Palladium Ltd. (TSX:PDL) (OTC PINK:PALDF) is a Canadian company with over 20 years of production at Lac des Iles mine, located northwest of Thunder Bay, Ontario. North American Palladium is the only pure play palladium producer in the world. With over 500 employees, Lac des Iles mine features a unique world class ore body and modern infrastructure, including both an underground mine and an open pit mine.

For further information please contact:

North American Palladium Ltd.
Investor Relations
Telephone: 416-360-7374
Email: IR@nap.com

Cautionary Statement on Forward-Looking Information

Certain information contained in this news release constitutes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The words ‘target’, ‘plan’, ‘should’, ‘could’, ‘estimate’, ‘guidance’, and similar expressions identify forward-looking statements. Forward-looking statements in this news release include, without limitation: information pertaining to the Company’s strategy, plans or future financial or operating performance, such as statements with respect to, long term fundamentals for the business, operating performance expectations, project timelines, tailings management plan, mining method change, production forecasts, operating and capital cost estimates, expected mining and milling rates, cash balances, projected grades, mill recoveries, metal price and foreign exchange rates and other statements that express management’s expectations or estimates of future performance. Forward-looking statements involve known and unknown risk factors that may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: the possibility that metal prices and foreign exchange rates may fluctuate, the risk that the Lac des Iles mine may not perform as planned, that the Company may not be able to meet production forecasts, the possibility that the Company may not be able to generate sufficient cash to service its indebtedness and may be forced to take other actions, inherent risks associated with development, exploration, mining and processing including environmental risks and risks to tailings capacity, employment disruptions, including in connection with collective agreements between the Company and unions and the risks associated with obtaining necessary licenses and permits. For more details on these and other risk factors see the Company’s most recent management’s discussion and analysis and the Company’s annual information form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading “Risk Factors”.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: that the Company will be able to continue normal business operations at its Lac des Iles mine, that metal prices and exchange rates between the Canadian and United States dollar will be consistent with the Company’s expectations, that there will be no significant disruptions affecting operations, and that prices for key mining and construction supplies, including labour, will remain consistent with the Company’s expectations. The forward-looking statements are not guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.

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Galway Metals Outlines Significant New Titan Geophysical Targets and Drills 4.2% Copper Over 0.7m at Newiska at its Estrades Project, Quebec

 

June 28, 2018 06:30 ET | Source: Galway Metals Inc.
TORONTO, June 28, 2018 (GLOBE NEWSWIRE) — Galway Metals Inc. (TSX-V:GWM) (the “Company” or “Galway”) is pleased to report results from new Titan geophysical surveys recently completed by Galway along the Newiska horizon on the Company’s 20,915 hectare, 100%-owned, Estrades Project in the northern Abitibi of western Quebec, Canada. Highlights include a sizable new geophysical target at the Newiska prospect, 8,000m southeast of the former producing Estrades polymetallic deposit, and a new target, some 2,200m south of the main Estrades deposit, (“Estrades South”). In addition, Galway is pleased to report assay results, highlighting high grade copper intersections from the first drill hole by Galway into the Newiska rhyolite horizon (Figure 1).

 

Galway Intersects Strong Copper in Wide Area Southeast of Estrades
Drill Hole GWM18-NK-01 intersected 4.2% copper over 0.7 metres (see core picture in core box) in a 22.0 metre interval that returned 0.5% copper, hitting the high grade stringer vein some 93 metres from an historic hole that returned 2.0% copper and 37.4 g/t silver over 1.5m in a 9.4 metre interval that returned 1.1% copper and 41.5 g/t Ag. The high-grade stringer vein intervals in both holes contained considerable chalcopyrite. In the new hole, GWM18-NK-01, the high-grade mineralization is part of an extensive 132 metre stringer zone that is present from 328-460 metres. A second stringer zone is present from 141-194 metres. The significance of such stringer zones is that they are commonly found peripheral to major VMS (Volcanogenic Massive Sulfide) deposits, which are a major source of metals such as copper, zinc and lead. Importantly, these drill results are located on the edge of a new geophysical target outlined by Galway’s recently completed Titan geophysical survey, as discussed below, which may indicate the presence of a major, previously unrecognized massive sulfide body at Newiska (Figure 2). Of note is that Galway’s drill program at Newiska occurred prior to the receipt of Titan geophysical results.

New Titan Geophysical Survey Anomaly Below Strong Copper in Drill Hole
At hole GWM18-NK_01, Galway’s new Titan geophysical survey from Quantec Geoscience outlined a strong IP (“Induced Polarization”) conductive zone over 900 metres in length that may correlate with a deep MT (“Magnetotelluric”), less-resistive anomaly extending to depths of 2,000 metres (Figure 2). As this could possibly represent a large body of massive sulfide mineralization, and given the copper-rich stringer zones found peripheral to the location of the anomaly, this represents an exciting new target for follow-up drilling.

 

New Titan Anomaly South of Estrades Main Deposit
In addition, a second very strong Titan IP chargeability target, “Estrades South,” has been discovered 8,200m west along the same Newiska rhyolite horizon, and located 2,200m south of the Estrades deposit itself. According to Quantec, this target “seems to present the same [geophysical] signature as the Estrades deposit” and “is associated with a conductive zone” below and to depth (Figure 3). Galway believes there has never been any drilling into this area, with the closest known historical drill hole some 400 metres south, and the best drill hole in the area returning 4.7% copper over 0.6 metres in a stringer zone located 1,000m southwest. This new Titan conductive zone also coincides with magnetic and VLF anomalies, making yet another highly prospective drill target that could uncover another volcanogenic massive sulfide (VMS) deposit in the Estrades Camp. This should be seen in the context of the fact that VMS deposits, as seen in many districts around the world, tend to form in clusters and so these two targets could represent other deposits in the same cluster.

“Galway believes that the Estrades and neighbouring Caribou deposits are two parts of a cluster of deposits in the area—which is very common with VMS systems. The upcoming gravity survey likely will corroborate the IP and MT anomalies identified by the Titan survey and may also point to more targets, especially since the gravity survey will encompass a far larger area of the Estrades camp. All those copper-rich stringers at Newiska indicate a big plumbing system that may lead Galway to another sizable deposit.” cites Mike Sutton, V.P. Exploration for Galway Metals.

Updated Resource Expected in Third Quarter
Galway has continued drilling at Estrades in an effort to expand the existing resource (Figure 4). Total drill results reported to date since the acquisition of Estrades in August 2016 is 13,484 metres in 22 holes plus three wedges (in addition to GWM18-NK-01 at Newiska—501 metres). 10 drill holes, and 2 extensions of holes (7,214 metres), have not been released and are awaiting assays at Estrades and 5 holes (2,191 metres) are pending from Newiska. The company has been successful, with drilling located outbound from existing resources returning intersections such as:

72.5 g/t Au over 1.6 metres (true width = 1.0m) in Hole GWM-17E-01,
7.4% Cu over 1.9 m (TW = 1.2m) in Hole GWM-17E-05,
5.1% Cu and 62.0 g/t Ag over 1.65 m (TW = 1.2m), including 12.9% Cu and 159.0 g/t Ag over 0.55 m (TW width = 0.4m), in hole GWM-17E-04, and
22.4 g/t Au, 199.3 g/t Ag, 10.4% Zn and 2.0% Pb over 1.6 m (TW=0.8m), in Hole GWM-17E-16.
The Company has also been successful at drilling newly identified zones, with intersections returned such as:

2.2 g/t Au, 181.0 g/t Ag and 28.5% Zn over 3.3 m (2.1m TW), plus 190.7 g/t Ag and 18.6% Zn over 2.6 m (1.7m TW), plus 5.7 g/t Au and 43.2 g/t Ag over 2.6 m (unknown TW), plus 4.7 g/t Au, 67.5 g/t Ag, 4.9% Zn, 2.1% Cu and 1.0% Pb over 1.8m (1.1m TW) in GWM-17E-27,
5.2 g/t Au, 198.7 g/t Ag, 15.7% Zn and 1.3% Pb over 1.5 m (0.8 m TW), plus 2.3 g/t Au, 65.7 g/t Ag and 12.6% Zn over 2.1 m (1.2 m TW) in GWM-17E-24,
6.9 g/t Au, 78.5 g/t Ag and 1.7% Zn over 6.4 m (4.4m TW) in GWM-18E-31, and
1.1 g/t Au, 95.2 g/t Ag and 4.2% Zn over 17.7 m (including 1.7 g/t Au, 190.9 g/t Ag, 9.7% Zn and 1.3% Cu over 4.5 m, and 1.0 g/t Au, 147.6 g/t Ag and 8.3% Zn over 2.0 m) (unknown TW) in GWM-17E-08.
The priority was to drill off gaps in the 1.8 km long resource to create more resources along this sheet of vertical mineralization.

On August 18, 2016, Galway published a NI 43-101 compliant Estrades resource estimate (Table 1), which included Indicated Resources of 518,000 ounces at 12.4 g/t gold equivalent (or 652,000,000 lbs at 22.8% zinc equivalent), plus Inferred Resources of 290,000 ounces at 7.4 g/t gold equivalent (or 366,000,000 lbs at 13.6% zinc equivalent) (refer to Galway’s website at www.galwaymetalsinc.com for details on the Estrades resource estimate). The Estrades project was previously mined via a 200 metre deep ramp, with production in 1990-91 totaling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 172.3 g/t Ag.

Galway is planning to release an updated resource in the next few months, taking into account new drilling results conducted since the 2016 resource.

Table 2: Drill Result Highlights

Hole ID From
(m) To
(m) Intercept
(m) TW
(m) Au
(g/t) Ag
(g/t) Zn
(%) Cu
(%) Pb
(%) Type**
GWM18-NK-01 149.4 150.1 0.7 0.5 DSS
347.6 348.1 0.5 0.8 DSS
348.1 348.9 0.8 0.5 DSS
364.9 366.0 1.1 0.8 DSS
370.6 371.2 0.6 22.3 1.6 0.7 DSS
390.4 392.2 1.8 12.9 0.5 DSS
403.9 404.4 0.5 0.5 DSS
405.6 406.3 0.8 0.3 33.7 0.2 0.7 DSS
423.0 445.0 22.0 12.8 0.5 DSS
including 423.9 424.6 0.7 122.1 4.2 DSS
including 432.8 433.4 0.6 53.5 2.4 DSS
including 437.4 437.7 0.5 39.5 1.8 DSS
including 439.3 440.0 0.7 0.9 20.7 0.9 DSS
472.0 472.7 0.7 0.6 0.3 DSS
Notes:
** MSS = massive sulphide, SMS = semi-massive sulphide DSS = disseminated and stringer sulphides.
If true width (TW) is not specified, the orientation of the zone is unknown at this time.

Estrades, Newiska, and Casa Berardi Geology and Mineralization
Information on Geology and Mineralization can be found on the Estrades project page of our website at www.galwaymetalsinc.com along with a complete Table of Drill Results released to date.

Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo., is the Qualified Person responsible for the accuracy of this news release. Mr. Reno Pressacco, P. Geo., is the Qualified Person responsible for preparation and disclosure of the Estrades Mineral Resource estimate, and is independent of Galway. The drill core is sawn in half with one half of the core sample shipped to Swastika Laboratories situated in Swastika, ON, which has accreditation of ISO/IEC 17025. The other half of the core is retained for future assay verification. Other QA/QC measures includes the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish for samples greater than 10 g/Mt gold. Other Metals (Ag, Cu, Pb, Zn, Co, As) have full acid digestion and analyzed by AAS; with over limits (5000 PPM) analyzed by AAS using method dilutions, and the Silver (Ag) over limits (> 200 ppm) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values.

Table 3: Drill Hole Coordinates

Hole ID Azimuth Dip Northing Easting Hole Length (m)
GWM18-NK-01 9.3 -70 5493148 662993 501
About the Company

Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
www.galwaymetalsinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company’s objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company’s public disclosure documents filed on SEDAR. Although the Company believes that management’s assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management’s expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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