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Metallurgic Testing and New Mineral Resource Initiated at Past-Producing High-Grade Gold & Zinc Estrades Mine
TORONTO, ON / ACCESSWIRE / July 30, 2024 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Comp...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Metallurgic Testing and New Mineral Resource Initiated at Past-Producing High-Grade Gold & Zinc Estrades MineTORONTO, ON / ACCESSWIRE / July 30, 2024 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the \"Company\" or \"Galway\") is pleased to announce that it has commenced a NI 43-101 Mineral Resource Estimate and concurrent metallurgical test program at its Estrades property in the Northern Abitibi of Western Quebec 100% gold and zinc Estrades property. 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 1990-1991 totalling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 173.3 g/t Ag .Rob Hinchcliffe, President and CEO of Galway stated \"With metal prices significantly higher, particularly gold prices the company has initiated a new mineral resource estimate. After carrying out two internal scoping studies, management has identified areas of improvement for the economics of the project, the main factor being the rising gold price. We have engaged Metallurgist, Ken Roberts to design and improve the recoveries of the payable metals of the project. The results of both will be released in the fourth quarter.\"Updated Mineral Resource to Use 38% Higher Gold and 13% Higher Zinc Prices The Estrades project is a precious metal rich VMS deposit on the Casa Berardi trend, and with recent gold prices reaching near peak highs, the gold resource has become the most economically important metal in the deposit. As a result, Galway has contracted SLR Consulting (Canada) Ltd. to undertake the NI 43-101 Updated Mineral Resource Estimate (MRE). The resource will include 42,099 metres of drilling completed since the 2018 MRE (see location and intercept table), incorporate the results of the new metallurgical test work being undertaken concurrently, and to reflect the current metal prices. Table 1 presents the current Mineral Resource estimate (RPA, 2018).CategoryTonnesAu (g/t)Ag (g/t)Zn (%)Cu (%)Pb (%)Total, Indicated1,497,0003.55122.97.201.060.60Total, Inferred2,199,0001.9372.94.721.010.29 Table 1) Updated Mineral Resource Estimate for the estrades Polymetallic VMS Deposit, Quebec, by RPA inc., September 10, 2018Table 2 below shows a 38% increase in gold prices , 28.6 % increase in copper prices, 19.0% increase in...