Explorer Hits High-Grade Gold Near Surface at Clarence Stream

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Galway Metals Ltd. (GWM:TSXV; GAYMF:OTCQB) has released new assay results from six diamond drill holes at the Southwest Deposit of its 100%-owned Clarence Stream gold project in New Brunswick. The reported intercepts include 4.1 grams per tonne (g/t) gold over 16.0 meters, which included a higher-grade interval of 41.9 g/t over 1.0 meter from hole CL-229. This hole was located just 26 vertical meters from surface. Additional highlights from other holes include 1.8 g/t gold over 7.0 meters and 1.2 g/t over 9.0 meters in hole CL-228, and 1.2 g/t over 10.0 meters, including two higher-grade sections in CL-225.

The drill program is focused on expanding and connecting mineralization within the pit-constrained resource envelope at Clarence Stream. Galway's 2022 mineral resource estimate, prepared by SLR Consulting Ltd., outlined an indicated resource of 922,000 ounces of gold at 2.3 g/t and an inferred resource of 1.334 million ounces at 2.6 g/t. The Clarence Stream project covers a 65-kilometer gold-bearing corridor and hosts three main deposits: Southwest, South, and North.

The company stated that the shallow, high-grade results from recent drilling support the potential to convert inferred to indicated resources, while step-out intercepts beyond existing pit shells may extend the deposit footprint. Galway President and CEO Rob Hinchcliffe commented in the news release, "The high-grade, shallow intercepts from recent drilling at the Southwest Deposit are significant as they demonstrate continuity of gold within our modeled pits and support the conversion of inferred to indicated resources. Importantly, intercepts outside of the existing pit shells highlight the opportunity to expand the deposit into a much larger resource."

As of the announcement, Galway has assays pending from 42 drill holes across the North and Southwest deposits. The current drilling campaign includes three active rigs targeting shallow and high-grade mineralization, with two rigs positioned at Clarence Stream and a third expected to begin in the near term.

Clarence Stream hosts intrusion-related, quartz-vein-hosted gold deposits found in structurally controlled brittle-ductile fault zones. The mineralized system includes quartz veins, altered wall rock, and stockwork zones, with pyrite, stibnite, and base metal sulphides present alongside anomalous levels of antimony, bismuth, tungsten, and arsenic.

The ongoing exploration campaign has received up to CA$50,000 in support from the New Brunswick Junior Mining Assistance Program for 2025.

Gold at a Turning Point: Demand Surges While Supply Falls Behind

Gold prices continued to climb in 2025, with multiple analysts pointing to a convergence of macroeconomic pressures, limited new supply, and a shift in global financial sentiment. In a September 16 article for RiskHedge, Chris Reilly noted that gold had risen over 40% year-to-date, breaking past US$3,700 per ounce. If the momentum continues, 2025 could become gold's strongest performance year since 1979. Reilly emphasized the metal's independence from traditional market forces, describing physical gold as a durable long-term asset insulated from digital risks and institutional exposure.

On September 17, Gold Switzerland contributor Matthew Piepenburg attributed gold's rising appeal to declining confidence in fiat currencies. He argued that previous narratives downplaying the role of gold were losing traction amid mounting pressure on global monetary systems. Piepenburg also pointed to gold's reclassification as a Tier-1 asset by the Bank for International Settlements (BIS), framing it as a preferred store of value among central banks and global institutions. He linked the trend to structural shifts in U.S. fiscal policy, which he said were placing a strain on traditional forms of capital preservation.

Supply-side constraints also remain a key factor. In a report published September 18 by Ahead of the Herd, analysts outlined the growing imbalance between gold supply and demand. Despite record mine production in 2024 reaching 3,661.2 tonnes, total global demand rose to 4,974.5 tonnes — requiring 1,370 tonnes of recycled gold to fill the shortfall. The report described this as an indicator of "peak gold," a term used when newly mined output cannot keep pace with consumption.

The report also highlighted a long-term decline in new discoveries. Citing S&P Global data, it noted that only six major gold finds had been recorded since 2020, with average discovery size shrinking from 7.7 million ounces in the 2010s to 4.4 million ounces in the current decade. Exploration budgets fell by 22% from 2023 to 2024, and greenfield projects accounted for just 19% of global exploration spending in 2024. However, junior exploration companies were reported to have raised more capital in early 2025 than during all of the prior year.

Data from the World Gold Council confirmed that while mine production reached a new high in 2024, it remained insufficient to meet growing demand. Ahead of the Herd concluded that exploration companies will play an increasingly important role in locating new deposits to support future production.

Analyst Commentary Highlights Dual Asset Potential at Galway Metals

*In an August 6 report, John Newell of John Newell & Associates categorized Galway Metals Inc. as a "Speculative Buy," citing the company's dual-asset portfolio and district-scale exploration potential in Eastern Canada. Newell described Galway as an advanced-stage gold and antimony explorer, noting that it had defined 2.25 million ounces of high-grade gold at its flagship Clarence Stream project and held a past-producing polymetallic volcanogenic massive sulphide (VMS) deposit at Estrades in Quebec.

Newell identified several structural advantages in Galway's financial position, including a market capitalization of approximately CA$47 million, no outstanding debt, and a reported cash balance exceeding CA$5 million. He also pointed to the company's shareholder composition, stating that management, insiders, and institutional investors collectively held around 20% of the outstanding shares. "With two 100%-owned flagship projects, no debt, and institutional backing," Newell wrote, "Galway's valuation appears disconnected from what's in the ground, and what's still to be discovered."

John Newell of John Newell & Associates categorized Galway Metals Inc. as a "Speculative Buy," citing the company's dual-asset portfolio and district-scale exploration potential in Eastern Canada. 

On Clarence Stream, Newell highlighted the logistical benefits of the New Brunswick location, which includes access to paved roads, rail infrastructure, and low-cost grid electricity. He referred to the site as a "gold-antimony dual asset" and noted that in addition to gold resources, the project contains an estimated 25 million pounds of antimony. He described antimony as "perhaps the most overlooked element" of the asset. Newell also referenced recent drilling at Clarence Stream, including an intercept of 26.9 grams per tonne gold over 8.6 meters, and cited Galway CEO Robert Hinchcliffe's view that the mineralized system remains open in all directions.

Newell commented on the experience of Galway's leadership, describing Hinchcliffe as a "proven builder" with a prior track record that included the US$340 million sale of Galway Resources. He also noted that Hinchcliffe had purchased 2.7 million shares of Galway Metals on the open market over the past two years.

In regard to the Estrades project, Newell drew attention to its historical production grades of 6.4 g/t gold, 172 g/t silver, and 12.9% zinc, and stated that over 230,000 meters of drilling had been completed to date. He noted that approximately CA$20 million had already been invested in development. The project is currently undergoing metallurgical optimization and a scoping study, with an emphasis on identifying deeper VMS feeder zones.

Newell concluded that Galway Metals represents "undervalued optionality," pointing to several near-term developments, including continued drilling at Clarence Stream, expansion of existing resources, ongoing metallurgical testing, and a potential updated mineral resource estimate targeted for early 2026.

A Strong Pipeline from Multiple Targets and Resource Areas

Galway is advancing several initiatives aimed at expanding the Clarence Stream resource base and progressing exploration across its broader land position. According to the company's corporate presentation, the Southwest Deposit currently holds over 70% of the ounces at Clarence Stream, with mineralization open along strike and at depth. Trenching is underway to expose surface zones, and a metallurgical test program is in progress to optimize recoveries, including consideration of the property's antimony content. 

Drill targets also include the North Deposit, where shallow pit-constrained mineralization could be extended, and the South Deposit, which is open for expansion along a high-grade plunge. Galway's land package contains twelve high-priority, drill-ready targets that have not yet been tested, and many of these display stronger soil and geophysical anomalies than the existing resource zones.

The company is also working toward an updated mineral resource estimate, which is expected to begin later in 2026, based on results from its multi-rig drill campaign, trenching, and metallurgical evaluations. 

Ownership and Share Structure

According to Refinitiv, 9.47% of Galway Metals is owned by management and insiders. 26.55% is held by Institutions. Of those, Mackenzie Investments owns 3.89%, Schroder Investment Management holds 3.10%, and Konwave AG has 2.96%. The rest is retail.

Galway has 98.1 million free float shares, a market capitalization of CA$51.71 million, and a 52-week range of CA$0.32 to CA$0.81.