Galway Metals Undertakes Clarence Stream Maiden Pit Constrained Resource to Unlock Potential of Near-Surface, High-Grade Gold Mineralization
TORONTO, ONTARIO–(Marketwired – May 31, 2017) – Galway Metals Inc. (TSX VENTURE:GWM) (the “Company” or “Galway”) is pleased to announce that it has contracted SRK Consulting (U.S.), Inc. to undertake a new NI 43-101 resource estimate for the Clarence Stream gold property located in south-western New Brunswick, Canada. On August 3, 2016, the Company announced that it had secured an Option Agreement to acquire a 100% interest in the property. The new resource will include-for the first time-a pit constrained component that will apply a much lower cutoff grade more suitable to open pit mining scenarios compared with the previous 3.0 g/t Au global cutoff grade that is more suitable for underground mining. Successful shallow drilling, both in the South and North Zones, has provided Galway with confidence that a significant portion of the deposits may be able to be included in a pit constrained resource, and the Company believes that the lowering of the cutoff grade for these pit constrained resources will result in an increase in contained ounces.