34 Drill Holes Reveal More Gold Outside Current Resource at District-Scale Project

Gold

June 13, 2026 by Admin

Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) reported assay results from 34 diamond drill holes completed at the North Deposit within its wholly owned Clarence Stream gold project in New Brunswick, Canada. The company stated that the Clarence Stream Gold Project hosts approximately 65 kilometers of prospective gold showings and anomalies and currently contains a 2022 Mineral

The company stated that the Clarence Stream Gold Project hosts approximately 65 kilometers of prospective gold showings and anomalies and currently contains a 2022 Mineral Resource Estimate of 12.4 million tonnes grading 2.3 grams per tonne (g/t) gold in the Indicated category containing 922,000 ounces of gold and 16.0 million tonnes grading 2.6 g/t gold in the Inferred category containing 1.334 million ounces of gold.

Among the reported results, hole ND-61 intersected 5.0 g/t gold over 10.85 meters, including intervals of 11.3 g/t gold over 2.0 meters and 10.4 g/t gold over 2.0 meters. Hole ND-52 returned 40.3 g/t gold over 1.55 meters, including 69.7 g/t gold over 0.85 meters. Additional highlighted intercepts included 2.1 g/t gold over 6.0 meters in hole ND-50, including 8.7 g/t gold over 1.0 meter, and 3.9 g/t gold over 3.0 meters in hole ND-44, including 6.2 g/t gold over 1.7 meters.

According to the company, many of the drill holes were completed on approximately 25-and 50-meter centers within a northern extension of the North Deposit located approximately 430 meters north of the current 2022 pit-constrained resource. Galway stated that drilling in this area continues to intersect gold mineralization while testing for extensions to depth and toward the west.

The company said hole ND-52 returned 40.3 g/t gold over 1.55 meters, including 69.7 g/t gold over 0.85 meters, while hole ND-44 intersected 3.9 g/t gold over 3.0 meters. Galway stated that these results demonstrate the presence of gold mineralization beyond the limits of the company’s 2022 mineral resource estimate.

Several drill holes also tested areas between the eastern and central pit-constrained zones of the North Deposit. The company highlighted hole ND-61, which returned 5.0 g/t gold over 10.85 meters, as supporting its interpretation that additional mineralization may occur between these previously modeled areas.

Rob Hinchcliffe, President and CEO of Galway Metals, stated, “These latest drill results continue to demonstrate encouraging gold mineralization at the North Deposit, including within the 430-meter northern extension area and between previously modeled pit-constrained resource.”

He added, “Results such as 5.0 g/t gold over 10.85 meters in hole ND-61, along with high-grade intervals encountered farther north, continue to improve our understanding of the deposit and help define targets for future drilling.”

The company said gold-antimony mineralization at Clarence Stream is structurally controlled and associated with quartz veins and quartz stockwork developed within brittle-ductile fault zones hosted in intrusive and metasedimentary rocks. Mineralization is associated with pyrite, base-metal sulphides, stibnite, and anomalous concentrations of bismuth, arsenic, antimony, and tungsten.

Critical Minerals and Gold Markets Remain in Focus

Resource Update and Project Work Continue at Clarence Stream

Galway stated that it plans follow-up drilling at the North Deposit during 2026 to further evaluate the northern extension area and test additional targets near the western pit-constrained zone, which hosts a significant portion of the deposit’s antimony mineralization.

According to the company’s April 2026 corporate presentation, a new mineral resource estimate for Clarence Stream is in progress and incorporates 342 new drill holes totaling 69,556 meters completed since the 2022 mineral resource estimate. The presentation states that the updated estimate is expected by the end of the second quarter of 2026.

The presentation notes that the updated resource estimate is intended to include all infill and resource expansion drilling completed since 2022 across the North, South, and Southwest deposits.

Galway’s presentation also outlines ongoing drilling and core logging activities, including oriented drilling for geological, structural, and geotechnical information, continued drilling aimed at upgrading resource categories across the three deposits, and drilling focused on new gold targets.

In addition, the company outlined economic and engineering work that includes pit optimization on all three deposits, scoping-level pit designs, preliminary life-of-mine pit scheduling and economic modeling, and preparation for a Preliminary Economic Analysis.

The presentation states that metallurgical testing programs have been conducted across all deposits, with a preliminary metallurgical process flowsheet determined, initial metallurgical recoveries established, and sulphide flotation identified for antimony recovery. The company also reported that drilling has focused on infill work within existing mineral resource estimate pit shells as well as extensions to mineralization outside those pits.

Ownership and Share Structure¹

Insiders hold 7.31% of Galway, including 6.62% held by CEO Rob Hinchcliffe. Institutional ownership totals 18.52%, led by Van Eck Associates Corp. at 4.45%, Caisse de dépôt et placement du Québec at 3.33%, and Mackenzie Investments at 3.27%. The remainder of the shares are held by retail investors.

Galway has 125.76 million shares outstanding and a market capitalization of CA$90.11 million. The company’s 52-week trading range is CA$0.32 to CA$1.01 per share.

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.