Galway Metals Suspends Drilling; Outlines Future High Priority Targets

About this update from Galway Metals, Inc.

[{"type":"text","content":"Galway Metals Suspends Drilling; Outlines Future High Priority TargetsTORONTO, ON / ACCESSWIRE / December 7, 2022 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the \"Company\" or \"Galway\") advises that, given prevailingly weak market conditions for exploration companies, it is temporarily suspending drilling activities at its flagship Clarence Stream gold project pending improved market and financing conditions. Management is taking this pro-active step to conserve capital while it reassesses findings in the Clarence Stream Mineral Resource Update reported on April 25, 2022, and it reviews information obtained from drill results. As of the end of Q3/2022, Galway had a healthy balance sheet with $7.7 million in cash.Robert Hinchcliffe, President and CEO of Galway Metals, states: \"Galway's exploration efforts led directly to the discoveries of the George Murphy, Richard, Adrian and Stewart Zones, and significantly expanded the South, North and Jubilee Zones, as well as the Oak Bay area. Clarence Steam clearly is a new high-grade gold district in Eastern Canada. The hiatus gives us an excellent opportunity to gain a better understanding of the project through a thorough review of all drill data and from findings in the resource update. When markets improve, we will be in an excellent position to make new discoveries from the numerous, large and high-potential targets that have not yet been drill tested, and to expand existing deposits as all Zones at Clarence Stream remain open for expansion in every direction.\"With the exception of a brief period during the Covid pandemic, Galway has been continuously drilling at Clarence Stream since drilling commenced in October 2016. Galway has drilled 182,850 metres of the 244,553-metre total. This drilling has resulted in the discovery and expansion of many high-grade deposits. In 2022, Galway completed 24,468 metres of drilling at Clarence Stream, with a good portion of the results pending. Significant drilling has also occurred at Estrades where Galway has drilled over 60,000 metres of the 230,000-metre total. Galway has also temporarily suspended drilling at Estrades after the completion of approximately 12,000 metres in 2022. Most assays from the 2022 Estrades drill program are also pending. Given the potential to discover source vents below the high-grade resource, and/or to make new...

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