Galway Metals Intersects 8.0 g/t Au over 9.5m in Triangle Area; Triangle Expands in Multiple Directions at Clarence Stream

TORONTO, ON / ACCESSWIRE / August 1, 2023 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to report the expansion of mineralization in multiple locations within the Triangle Area -which includes the recently-discovered Stewart Zone- at Clarence Stream as highlighted as exploration target #1 in Figure 1 . The significance of these intersects is:

• That the 900 metre gap between the Stewart Zone and the SW Deposit has returned intersections all along it ( Figure 2 and Figure 3 ),
• that mineralization has been expanded along all three strike directions that make up the triangle,
• mineralization has been intersected in a previously undrilled area in the NE corner within the Adrian/GMZ pit shell as defined in the Clarence Stream Mineral Resource Update reported on April 25, 2022 . Drilling is now following up on these intersections, designed to follow the resource block models where they are open towards surface within the pits (where no drilling has taken place to date) ( Figure 4 ).

Robert Hinchcliffe, President and CEO of Galway Metals, states: " The Triangle Area represents a tremendous exploration opportunity for Galway. It is situated immediately north of the SW Deposit, which is by far the largest component of Galway's gold resource at Clarence Stream. The area of this Triangle is 180% of the area that hosts the SW Deposit. If Galway can continue to successfully fill in this triangle, it can be quite material for the future development of the project."

Drill result highlights:

Stewart Zone to Richard Zone

• Hole BL-240: 8.0 g/t Au over 9.5m , including 62.4 g/t Au over 1.1m, starting at 91m from surface
• Hole BL-238: 5.8 g/t Au over 1.1m, including 10.6 g/t Au over 0.6m, starting at 13.6m from surface

Stewart Zone to Adrian and GMZ Zones

• Hole CL-178A: 3.9 g/t Au over 6.0m , including 21.7 g/t Au over 1.0m, starting at 67m from surface
• Hole BL-248: 1.6 g/t Au over 6.0m , including 4.7 g/t Au over 1.5m, starting at 16m from surface
• Hole CL-176: 0.7 g/t Au over 7.2m , plus 1.2 g/t Au over 3.0m, starting at 14 m and 98m, respectively, from surface
• Hole CL-177: 0.7 g/t Au over 4.0m, starting at 14 m from surface
• Hole CL-173: 0.5 g/t Au over 8.5m, including 3.7 g/t Au over 0.5m, starting at 75m from surface
• Hole BL-237: 1.1 g/t Au over 6.0m , including 2.8 g/t Au over 1.0m, starting at 111m from surface
• Hole BL-235: 0.9 g/t Au over 5.0m, starting at 82m from surface

Richard Zone to Adrian Zone

• Hole BL-236: 6.1 g/t Au over 1.7m, including 12.2 g/t Au over 0.7m, plus 3.4 g/t Au over 4.0m , including 11.1 g/t Au over 1.0m, plus 4.7 g/t Au over 1.0m, starting at 91m, 83m and 65m, respectively, from surface
• Hole BL-233: 0.7 g/t Au over 15.0m , including 2.6 g/t Au over 0.5m, starting at 65m from surface

Previous drilling at Stewart intersected 4.8 g/t Au over 3.1m , and was followed up with a hole that hosted 5 separate veins, the best of which intersected 4.1 g/t Au over 10.25m . Other intersections around this discovery include 8.6 g/t Au over 2.0m (incl. 19.6 g/t Au over 0.5m), located 257m NW of the Stewart Zone discovery (and 1.0 km NW of the Resource), 18.9 g/t Au over 1.0m , plus 2.3 g/t Au over 2.0m (incl. 5.7 g/t Au over 0.5m), located 204m SE of the Stewart Zone discovery, and 13.0 g/t Au over 0.5m with V.G. (visible gold), plus 4 other zones located 246m SE of the Stewart Zone discovery. Together with what has now been intersected as reported in this release, 1125 metres have been successfully drilled going north of the resource (not including the intersection located a further 257m north), all dipping shallowly (30-50 degrees) towards the SW Deposit, following the dip of the nearby intrusive. The intersection of 3.9/6.0m is particularly important in filling in the triangle because it is located 79 metres down-dip of previous intersections at Stewart towards the SW Deposit. The 0.7/7.2m is likewise important because it is located 106 metres up-dip from the closest point in the resource and is only 14 metres below surface.

The Stewart Zone is also located 680m WNW, up-dip from a 385m deep, previously-reported intersect in the Adrian Zone, where Galway reported 70.3 g/t Au over 1.5m , including 104.2 g/t Au over 1.0m , plus 7.2 g/t Au over 1.5m in hole CL-51 (refer to the March 30, 2021 press release ). The 4.1 g/t Au over 10.25m intersect in hole CL-111 in the Stewart Zone appears to trend right toward this deeper high-grade intersect in the Adrian Zone. The deep intersects in hole CL-51 are not yet included in the Resource as they are located too far from the other Adrian holes. These two veins are also near the interpreted location of the Sawyer Brook Fault, which, Galway believes, is the main conduit for gold mineralization at Clarence Stream.

Table 1. Assay Results