Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) announced that two diamond drills have been mobilized and drilling has commenced at its Estrades Project in the northern Abitibi region of western Québec. The approximately 5,000-meter program is part of the Phase I work program under the Option and Joint Venture Term Sheet with DOWA METALS & MINING CO., LTD., which was announced in January 2026. According to the company, the Estrades Project is a high-grade, gold- and zinc-rich volcanic massive sulphide deposit. Historically, Breakwater Resources Ltd. invested approximately CAD$20 million in developing the deposit, which was mined through a 200-meter-deep ramp during 1990 and 1991. Galway also noted that it released a positive Preliminary Economic Assessment for the project earlier this year.
"We have just finished the 3rd drill hole of this campaign, and we are very optimistic about Estrades' prospects moving forward," President and CEO Robert Hinchcliffe said. He added that the drilling program is intended to provide representative material for the next phase of metallurgical work while collecting geological information across the Main, Central and East zones. According to Hinchcliffe, "Together, this work will help us continue evaluating the development pathways identified in the recent PEA."
The Estrades Project consists of a series of gold, zinc, copper, lead and silver-rich massive sulphide lenses located about 95 kilometers north-northeast of La Sarre, Québec. Breakwater Resources mined the deposit between July 1990 and May 1991, developing a decline to the 190-meter level and a network of ramp-connected levels. Ore from Estrades was shipped approximately 135 kilometers to the Matagami Mill for processing. The company stated that the deposit is presently envisioned as an underground mining operation, with additional regional and local exploration prospects.
The current drilling program is focused on obtaining fresh mineralized material suitable for metallurgical testwork. Drill holes are planned across the Main, Central and East zones to collect samples representing the principal mineralization styles and grade ranges at Estrades. SGS Canada will conduct the metallurgical testing at its Burnaby facility, and the results will be incorporated into Galway and DOWA's ongoing evaluation of the project.
Galway said it has completed 52,281 meters of drilling at Estrades since acquiring the project in 2016. According to the company, the additional drilling is expected to improve local geological confidence and provide information that may support future resource, engineering and development studies.
Separately, Galway Metals announced that it has engaged BBA E&C Inc. to complete a Preliminary Economic Assessment (PEA) for its 100%-owned Clarence Stream gold project in southwestern New Brunswick. According to the company, the study will build on the updated 2026 Mineral Resource Estimate announced on July 13 and will evaluate mining and processing alternatives, infrastructure requirements, capital and operating cost estimates, and engineering trade-off studies.
The PEA will be based on the project's indicated mineral resource of 27.2 million tonnes grading 1.62 grams per tonne gold containing 1.42 million ounces of gold and inferred mineral resource of 28.5 million tonnes grading 1.40 grams per tonne gold containing 1.29 million ounces of gold. The company said it expects the study to be completed during the first quarter of 2027. "The completion of our updated mineral resource estimate marked an important milestone for the Clarence Stream project and provides a strong foundation for advancing the project through a preliminary economic assessment," President and CEO Robert Hinchcliffe said in the company's news release.
Project Work Continues Across Multiple Programs
According to the company, the current Phase I work program includes approximately 5,000 meters of drilling and metallurgical testing under the Option and Joint Venture Term Sheet with DOWA. The program includes drilling across the Main, Central and East zones to collect representative mineralized material for metallurgical testing, with SGS Canada conducting the planned work at its Burnaby facility. Test results will be incorporated into Galway and DOWA's evaluation of the project.
Streetwise Ownership Overview*
Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 02/24/23 | GAYMD:OTCQB | 1 | GAYMF:OTCQB | 1 |
| 01/27/23 | GWM:TSXV | 3 | GWM:TSXV | 1 |
| 01/27/23 | GAYMF:OTCQB | 3 | GAYMD:OTCQB | 1 |
| 09/16/13 | GWM:TSXV | 3 | GWM:TSXV | 1 |
Galway also outlined several ongoing project initiatives. An environmental baseline study is expected to begin in the second quarter of 2026, alongside continued work on the company's community outreach program. The company stated that work will continue toward upgrading the mineral resource through drilling at depth and testing the lateral extent of the deposit. Metallurgical studies will also continue with the stated goal of increasing metal recoveries.
The July 2026 corporate presentation further outlined the Phase I work program under the DOWA agreement, stating that it includes exploration drilling, additional metallurgical testwork and baseline studies. The presentation also notes that DOWA may earn up to a 45% participating interest in the project through total contributions of up to US$25 million under a three-phase option and joint venture structure.
Ownership and Share Structure1
Insiders hold 7.31% of Galway, including 6.62% held by CEO Rob Hinchcliffe. Institutional ownership totals 18.52%, led by Van Eck Associates Corp. at 4.45%, Caisse de dépôt et placement du Québec at 3.33%, and Mackenzie Investments at 3.27%. The remainder of the shares are held by retail investors.
Galway has 125.76 million shares outstanding and a market capitalization of CA$90.11 million. The company's 52-week trading range is CA$0.32 to CA$1.01 per share.
Frequently Asked Questions
What is Galway Metals drilling at the Estrades Project?
Galway Metals has begun an approximately 5,000-meter diamond drilling program at its Estrades Project in western Québec. According to the company, the program is designed to obtain fresh mineralized material for metallurgical testing while collecting geological information across the Main, Central and East zones.
Where is the Estrades Project located?
The Estrades Project is located about 95 kilometers north-northeast of La Sarre in the northern Abitibi region of western Québec.
What is the Estrades Project?
According to Galway Metals, the Estrades Project is a high-grade gold- and zinc-rich volcanic massive sulphide (VMS) deposit containing gold, zinc, copper, lead and silver mineralization. The deposit was previously mined between 1990 and 1991.
Why is Galway Metals conducting this drill program?
The company said the drilling program is intended to collect representative mineralized material for metallurgical testwork and provide geological information from the Main, Central and East zones. Galway said the results will be incorporated into its ongoing project evaluation with DOWA.
Who is funding the Estrades drill program?
According to Galway Metals, the drilling forms part of the Phase I work program under its Option and Joint Venture Term Sheet with DOWA METALS & MINING CO., LTD.
What work will be completed during Phase I at Estrades?
Galway Metals said Phase I includes approximately 5,000 meters of drilling, metallurgical testwork by SGS Canada, environmental baseline studies and ongoing project evaluation under the agreement with DOWA.
How much drilling has Galway Metals completed at Estrades?
The company said it has completed 52,281 meters of drilling at the Estrades Project since acquiring the property in 2016.
What is DOWA's agreement with Galway Metals?
According to the company, DOWA may earn up to a 45% participating interest in the Estrades Project through total contributions of up to US$25 million under a three-phase Option and Joint Venture agreement.
Has Galway Metals completed a Preliminary Economic Assessment on Estrades?
Yes. Galway Metals said it released a positive Preliminary Economic Assessment for the Estrades Project earlier in 2026.
What metals are found at the Estrades Project?
According to Galway Metals, the Estrades Project contains gold, zinc, copper, lead and silver mineralization.
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Important Disclosures:
- Galway Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Galway Metals Inc.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
