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.
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
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.
Quantec mourns the loss Jeff Nichols
Jeff Nichols
1964 – 2018
It is with heavy hearts that we share the sad news of the sudden passing of Jeff Nichols on Saturday, August 18, 2018, after a short and courageous battle against cancer. Jeff has been a vital part of the Quantec family since 2011, and his unexpected and untimely death is deeply felt by all of us at Quantec.
Those of us who had the privilege of knowing Jeff – not just as a co-worker, but also as a friend – will remember him as a passionate and caring person.
Jeff’s love of the outdoors led him to a career in geophysics. After working on survey crews around the world for Zonge Engineering and then Geosystems, a division of Schlumberger, Jeff joined Quantec in a sales capacity. Jeff was very keen about the Geothermal sector and developed new business for the company there. Jeff was an excellent liaison between clients and Quantec operations due to his hands-on knowledge of field geophysics, and this resulted in him being Quantec’s top salesperson for 5 years running.
We will miss Jeff’s wry sense of humour, his love of geophysics, and his passion for life.
Jeff Nichols 1964 – 2018
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
Quantec Presenting two papers at EAGE Portugal Sept 10 -13
Advances in Deep Electrical Earth Imaging – Implications for Improved Targeting and Planning for Exploration
2:20 PM – 2:40 PM Sept 11
Mr Robert Gordon P.Eng.
Visit EAGE Website to download
Data Density and Resolution Power in 3D DC Resistivity Surveys
9:20 AM – 9:40 AM Sept 12
Visit EAGE Website to download
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
“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:
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.
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.
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.
Geological and Geophysical Data Define Vectors to a Potential Sullivan-Type Massive Sulphide Target on PJX Resources’ DD Property
Toronto, Ontario – April 24, 2018 – PJX Resources Inc.’s (“PJX”) is pleased to announce that geological and geophysical data define vectors to a potential Sullivan Type massive sulphide (zinc-lead-silver) target on its DD Property, located approximately 35 kilometres southwest of Cranbrook, BC. See PJX’s website for additional information.
“Historical drilling adjacent to the DD Property define geological and geochemical vectors for a potential Sullivan-type system, which increase toward the DD Property,” states Dave Pighin, PGeo for PJX Resources. “The Sullivan deposit occurs at a geological time called the Sullivan Horizon. The thickness, alteration and anomalous zinc-lead concentrations of the Sullivan Horizon progressively increases in intensity the closer holes are drilled to the DD Property. A similar increase in thickness, alteration and anomalous zinc-lead concentrations in the Sullivan Horizon occurs in proximity to the Sullivan Deposit.”
“The Magnetotelluric (MT) geophysical survey carried out by Quantec Geoscience on the DD Property has defined a MT anomaly that appears to coincide with the anticipated depth of the favourable Sullivan Horizon,” states the President and CEO of PJX, John Keating. “The Sullivan deposit contained iron sulphides that could be detected by an MT survey and cause an MT anomaly. The MT anomaly on the DD Property occurs on two widely spaced lines, 700 metres apart, and is open to the north and south. The DD Property MT anomaly is at a depth and a size that supports the potential for a Sullivan Type target.”
DOWNLOAD Presentation
PJX Resources Inc – dd-maps-and-sections
Quantec at Geophysics session at CIM
He then spent 27 years with the Utah/BHP Minerals company during which time as Chief Geophysicist, he championed BHP’s programs in airborne geophysics which resulted in the development of the MegaTEM and Falcon technologies. In 1999, Ken helped form a technology-focused service company that specializes in the application of innovative processing and data analysis to help drive the discovery of new mineral deposits.
General Moly spots Cu-Ag target at Mt. Hope
LAKEWOOD, COLO. — General Moly Inc. reported March 1 that has identified a potential high-grade, copper-silver exploration target along with a significant zinc mineralized area at the Mt. Hope Project site, southeast of the Mt. Hope’s molybdenum deposit in central Nevada.
A review of historic drill results and a geophysical survey of Mt. Hope form the basis to commence a robust geologic review and further evaluation via a new 2018 exploration program, focused primarily on a high-grade copper-silver target, subject to further financing.
The Mt. Hope molybdenum project is 21 miles north of Eureka and has approximately 65 percent of engineering completed with no current engineering work in progress, while it is undergoing final phases of permitting to reobtain its water permits and record of decision. The company also wholly owns the Liberty Project, a molybdenum and copper property in central Nevada. Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing and in the chemical and petrochemical industries.
Because of the copper-silver target and zinc mineralization, General Moly undertook a high-intensity, ground-based induced polarization survey to determine if potential continuity and the size of the mineralization would justify additional exploration and evaluation. The IP survey was completed in February 2018 by Quantec Geoscience and indicates a fairly continuous group of high chargeability anomalies that appear aligned with the recently identified copper-silver target.
Magnetotelluric (MT) Survey Completed on PJX Resources’ DD Property
Toronto, Ontario – March 05, 2018 – PJX Resources Inc. (“PJX”) is pleased to announce that Teck Resources Limited (“Teck”) has completed a Magnetotelluric (MT) geophysical survey which identified a conductive anomaly in a geological environment favourable to host a Sullivan Type deposit on the DD Property located in the Cranbrook area of British Columbia.
The MT survey carried out by Quantec Geoscience for Teck has defined a MT anomaly that appears to coincide with the anticipated depth of the Sullivan horizon. The anomaly occurs on the DD Property within a sedimentary basin called the Panda Basin that is geologically similar to the Sullivan Basin hosting the Sullivan deposit located about 45 km to the north. Teck is assessing the MT target for drilling and is in the process of applying for the relevant permits.
“Historical drilling by other companies in the Panda Basin indicates that the Sullivan time sedimentary horizon that hosts the Sullivan deposit increases significantly in thickness and anomalous zinc-lead mineralization the closer drilling gets to the DD Property”, states Dave Pighin, PGeo for PJX Resources. “This increasing thickness is similar to what occurs at the Sullivan Deposit in the Sullivan Basin. The Sullivan horizon is approximately 2 m thick at about 8 km from the Sullivan deposit and increases to over 60 m thick at the deposit. The thickness of the Sullivan time horizon in the Panda Basin is much greater than the Sullivan Basin. A series of 4 widely spaced historical holes drilled in the Panda Basin show that the Sullivan time horizon is 43m thick with 3.5m of anomalous zinc and lead mineralization at about 5.5km from the DD Property (Drill Hole L80-1). The Sullivan horizon and anomalous mineralization increase in thickness the closer drilling gets to the DD Property. The closest hole (IR07-1) drilled adjacent to the DD Property intersected over 194m of Sullivan horizon with 36m of geochemically anomalous zinc and lead.”