Galway Metals Expands Clarence Stream's North Zone; New Drill Results Include 4.3 g/t Au over 9.0m, 6.1 g/t Au over 5.0m and 2.2 g/t Au over 6.0m

TORONTO, ON / ACCESSWIRE / February 28, 2023 / Galway Metals Inc. (TSXV:GWM); (OTCQB:GAYMF) (the "Company" or "Galway") is pleased to report new drill results from the North Zone of its high grade, multi-million-ounce Clarence Stream Gold Project in SW New Brunswick, Canada. The new results expand on known gold mineralization outside the North Zone's pit shell boundaries in two key areas. The pit shells were defined in the N.I. 43-101 Resource Update titled "Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada" dated March 31, 2022, by SLR Consulting (Canada) Ltd. The new drill results intersected gold mineralization at shallow depths, ranging from just 16 metres to 112 metres below surface. The results show that gold mineralization is present outside the current resource model and pit limits of the three pits planned in the North Zone, which is currently the smallest of the three resource Zones at Clarence Stream. The new drill results are highlighted in Figure 1 and in Figure 2 below.

Robert Hinchcliffe, President and CEO of Galway Metals, states: "All zones at Clarence Stream remain open for significant expansion. In addition to the North Zone, obvious expansion opportunities exist at the much larger SW Zone, its adjacent Triangle Area, the South Zone and at Oak Bay and Lily Hill. Beyond these, there are many undrilled coincident geochemical and geophysical targets on our district-scale property where we expect to make new discoveries, just as we have throughout our history at Clarence Stream. The current respective Indicated and Inferred Clarence Stream Mineral Resource already contains 0.92Moz at 2.3 g/t Au (within 12.4MT) plus 1.33Moz at 2.6 g/t Au (within 16.0MT). In the fullness of time, we believe it will become increasingly clear that Clarence Stream is one of the most important new gold districts in Eastern Canada."

Summary of Drill Results:

Extensions Between the North and Middle Pits

• Hole GWM22CS-390: 4.3 g/t Au over 9.0m, including 57.3 g/t Au over 0.5m (Visible Gold - (VG)), starting at 35m from surface
• Hole GWM22CS-378: 6.1 g/t Au over 5.0m, including 16.6 g/t Au over 1.0m, starting at 54m from surface is just on the edge of the resource
• Hole GWM22CS-388: 12.4 g/t Au over 1.5m, including 32.4 g/t Au over 0.5m, starting at 43m from surface
• Hole GWM22CS-391: 18.0 g/t Au over 0.5m (VG), starting at 35m from surface
• Hole GWM22CS-387: 6.4 g/t Au over 1.1m (VG), starting at 74m from surface
• Hole GWM22CS-382: 0.7 g/t Au over 11.5m, including 2.6 g/t Au over 0.7m, plus 0.8 g/t Au over 4.0m, starting at 88m and 112m, respectively, from surface

Extensions to the East of the SE Pit

• Hole GWM22CS-392: 2.2 g/t Au over 6.0m, including 8.1 g/t Au over 0.6m, plus 1.1 g/t Au over 3.6m, starting at 25m and 36m, respectively, from surface
• Hole GWM22CS-386: 1.8 g/t Au over 6.0m, plus 1.7 g/t Au over 0.5m, starting at 25m and 58m, respectively, from surface
• Hole GWM22CS-384: 1.4 g/t Au over 3.0m, including 3.1 g/t Au over 0.9m, starting at 16m from surface

Figure 1: North Zone, Clarence Stream Gold Project Map and Drill Hole Locations

Detailed Discussion and Analysis:

Expansions Between the North Zone's North and Middle Pits

The North Zone resource is made up of 3 pits separated by gaps of 90 and 230m in width. The purpose of drilling between the North and Middle pits was to determine whether potential exists to combine them into one. The intercepts received are encouraging and additional drilling is now warranted in order to confirm if the pits could be combined.

North Zone gold mineralization is characterized by flat dipping veins, dipping generally at shallow angles to the east but can vary locally. The intersections of 4.3 g/t Au over 9.0m, 12.4 g/t Au over 1.5m, and 18.0 g/t Au over 0.5m in holes 390, 388 and 391, respectively, are located in the 230m gap between the North and Middle Pit resource areas.

The intersection of 4.3 g/t Au over 9.0m in hole 390 is located 159 metres south of the closest hole in the resource from the northern-most (bowl-shaped) pit. It is located 68 metres NE of a previously reported intercept that contained 2.8 g/t Au over 14.0 metres, including 56.2 g/t Au over 0.6 metres (March 28, 2017), that is also not in the resource. The closest intersection in the Middle Pit resource in that area is 54 metres away. The intersection of 0.7 g/t Au over 1.0m in hole 389 is 36m downdip of the intercept in hole 390.

The intersection of 6.1 g/t Au over 5.0m in hole 378 is located just on the edge of the resource, 40 metres NW of a previously-reported intersection of 14.6 g/t Au over 10.2m (hole AD 17-127). The intersections in holes 379, 382, 380, and 381 in Table 1 are located 55m, 91m, 127m, and 218m downdip, respectively, of the intercept in hole 378.

The intersection of 6.4 g/t Au over 1.1m in hole 387 is located 113 metres NE from the 4.3 g/t Au over 9.0m in hole 390, and both of these are outside the current resource area. Hole 385, which did not return significant values, is 115m downdip of the intercept in hole 387.

Expansions to the NE of the North Zone's Southeast Pit

The intersection of 2.2 g/t Au over 6.0m, including 8.1 g/t Au over 0.6m in hole 392, constitutes the furthest northeast intersection to date for the North Zone resource area. It is 271m NE of the closest hole in the resource, extending well beyond the SE-most pit. This intersection is also 108m down-dip to the NNW of an intersection of 0.5 g/t Au over 4.75m that is also not in the resource. The North Zone is interpreted to dip NW in this area. A second mineralized zone also exists in hole 392, returning 1.1 g/t Au over 3.6m.

The intersections of 1.8 g/t Au over 6.0m in hole 386 and 1.4 g/t Au over 3.0m in hole 384 are located 75m and 161m NE, respectively, of the resource envelope. Holes 383 and 377, which did not return significant values, were drilled 43m SW and 53m NE, respectively, from the 1.8 g/t Au over 6.0m and appear to be out of the plunge of the mineralization.

Six wildcat exploration holes were drilled NW (generally 700m from the north boundary of the resource) and 5 were drilled SE (~600m) of the North Zone, and 8 holes were drilled on the up-dip of the zone near where it comes to surface. Only low gold values less than 0.25 g/t were intersected to the NW; it is thought the holes are too far west or may have been drilled parallel to any possible mineralization due to folding. To the SE, 4 intersections of 0.4 and 0.5 g/t were returned. Follow-up drilling is warranted. The up-dip holes were mainly just past where the zone hits surface, but 2 holes had intersections - as high as 1.8 g/t Au over 3.9m.

Figure 2: North Zone, Clarence Stream Gold Project Map with Gold-in-Soil Anomalies

Table 1. Assay Results