Toronto-headquartered Galway Metals says the strong drill results rolling in from its project in New Brunswick support its view that Clarence Stream is an emerging new gold district.
On Tuesday, the company reported assay results from drilling south of the Richard zone and between the Richard and Jubilee zones.
Hole 87 yielded some of the best intersections in the company’s history, intersecting 10.6 g/t gold over 97 m and 1.2 g/t gold over 32 m.
The two intervals in hole 87 line up well, and between previously-released step-out holes 72 and 78, located 22 m northeast and 116 m southwest, respectively. Hole 72 contained 20.7 g/t gold over 9.5 m, and 4.6 g/t gold over 29.65 m, while hole 78 hosted 20.9 g/t gold over 4.75 m, plus 2.7 g/t gold over 14 m.
Hole 93 extends the Richard zone 97 m to the southwest with an intersection that ran 4.5 g/t gold over 10.8 m. This intersect is open immediately above the first sample, which ran 33.2 g/t gold over 1.05 m, as only partial assays have been received.
Galway says that this intersect narrowed the gap between the Richard and Jubilee zones to 350 m from 1 km originally.
The company believes the GMZ, Richard and Jubilee zones are part of the same 2.5-km-long mineralised system.
Hole 81 intersected 0.8 g/t gold over 23.0 m and is located 122 m below and west of previous-released hole 68, which returned 3.0 g/t gold over 12.0 m. Hole 68 extended the Jubilee zone 227 m northeast toward the Richard zone.
"The wide and high-grade intersection in hole 87 is among the best in the company's history. Its location between two other wide and high grade intersects bodes very well for the Clarence Stream resource update scheduled for the third quarter of 2020, both from the perspective of any pit-constrained or underground resource,” said president and CEO Robert Hinchcliffe.
He added that hole 93 was significant because it continued the process of closing the gap between the Richard and Jubilee zones, just as the previous press release of two weeks ago closed the gap between the GMZ and Richard zones.
“Of note is that none of the 36 377 m of drilling that Galway has completed in the 2.5-km-long mineralised system that hosts the George Murphy, Richard and Jubilee zones are in the existing Clarence Stream resource, which was last updated 2.5 years ago on September 26, 2017. That resource includes the South and North zones only. All five deposits remain open for expansion in all directions.”