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Dramatic Increase in Gold Recovery Significantly Improves the Business Options for Past-Producing High-Grade Gold Zinc Estrades Mine - Scoping Study to be Initiated
TORONTO, ON / ACCESS Newswire / January 27, 2025 / Galway Metals Inc. (TSX-V:GWM)(OTCQB:GAYMF)...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Dramatic Increase in Gold Recovery Significantly Improves the Business Options for Past-Producing High-Grade Gold Zinc Estrades Mine - Scoping Study to be InitiatedTORONTO, ON / ACCESS Newswire / January 27, 2025 / Galway Metals Inc. (TSX-V:GWM)(OTCQB:GAYMF) (the \"Company\" or \"Galway\") is pleased to report an updated Mineral Resource Estimate prepared by SLR Consulting Ltd. and updated metallurgical testing performed at Base Metal Laboratories under the design and direction of Principal Metallurgist Mr. Ken Roberts on the Estrades property located in the northern Abitibi of Western Quebec, Canada. The 100% owned Estrades project, is a high-grade gold and zinc deposit. Historically, Breakwater Resources Ltd, spent CAD$20 million developing the precious metal rich VMS deposit which was previously mined via a 200-metre-deep ramp with production in 1990-91 totalling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu, and 173.3 g/t Ag.\"We are extremely excited about 31% increase in gold recovery and its significant impact on the potential economics of the project. We had previously undertaken 2 internal Scoping Studies that indicated to us that absent a new discovery at the Estrades project, the next biggest improvement we could make at Estrades was increasing the gold recovery. Which is exactly what Galway accomplished as can be seen below, we also achieved improvements in copper, silver and lead recoveries.\" States Rob Hinchcliffe, President and CEO of Galway. Adding, \"A positive Scoping Study would facilitate our quest to move the project forward by establishing a more relevant value in the marketplace. There are several operating mills in the area it is worth mentioning. The Clarence Stream gold project, located in southwest New Brunswick, remains our flagship project where the vast majority of the company's resources and attention is focused. We are currently drilling at Clarence Stream, and we remain quite bullish about the company's prospects as we look forward to 2025.\"Metallurgical and Mineral Resource Estimate HighlightsGold recoveries have improved by 31% and now stand at 86.6% with further room for additional improvement. Moreover, for Ag we find that recoveries stand at 45%, improving by just under 9%.With strong precious metal prices gold now accounts for 48% of the total NSR (net smelter return) of Indicated ...