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 Wed Jan 19, 2022
Tracker: What's Next for Galway Metals Inc?
    Publisher: Kaiser Research Online
    Author: Copyright 2021 John A. Kaiser

Galway Metals Inc (GWM-V: $0.620)

Tracker - January 19, 2022: What's Next for Galway Metals Inc?

Galway Metals Inc is a Fair Spec Value rated Favorite effective December 31, 2021 at a price of $0.64 based on the multi-million ounce district scale gold potential of the 100% owned Clarence Stream project in New Brunswick, and the potential for the 100% owned Estrades polymetallic VMS system in Quebec for significant resource expansion at depth and the potential for an entirely new VMS discovery at the Newiska target about 10 km to the east. After numerous delays Galway finally bit the bullet and declared data cutoff at the end of 2021 for the Clarence Stream project where it has drilled over 100,000 m delineating the Adrian-GMZ-Richard-Jubilee high grade gold zones discovered 3-7 km southwest of the North-South Zone in late 2017. Calculation of an updated resource for the North-South zones and a maiden resource for the Adrian cluster is now in the hands of third party consultants. The resource estimate is expected by the end of Q1 of 2022. Drilling is continuing at Clarence Stream and will pause for a one month spring thaw break in April-May. The goal is to drill 75,000 m in 2022 with 6 rigs split between further delineation and infill drilling of the Adrian cluster, and wildcat testing of the various gold in soil or till anomalies that property wide sampling generated during the past couple years. Some of these anomalies such as the one hosted by the gabbroic intrusive complex south of the Adrian cluster are stronger than those associated with known zones but the company has been largely focused on delineating the Adrian cluster. The problem with this intrusion related gold system type of mineralization is that it is difficult for the market to see tonnage taking shape so it gets tired of the endless parade of high grade gold intersections. But if wildcat testing of new gold anomalies delivers strong intersections the market will pay attention, especially if this occurs on several targets in 2022 which would support Galway's goal of proving Clarence Stream is a 10 million plus ounce gold district. We hope to see a global resource in the 1.5-2.0 million ounce range, but will settle for 1.0-1.5 million ounces. With only $12 million working capital left at the end of 2021 another milestone will be a major financing by middle of 2022, ideally at a better price than the level at the end of 2021. While market interest in Clarence Stream will track the gold price trend, discovery focused speculators will be watching the Estrades VMS play in Quebec where Galway plans to drill 25,000 m in 2022 to test deep Titan geophysical anomalies interpreted to be conductive massive sulphides. Estrades is a gold-silver rich VMS system but its tonnage is small. The zones have been chased to depths of 750 m, but these Archean VMS deposits tilted on their sides can be several kilometres deep. Galway thinks that the smoke encountered by existing deep holes coupled with the deeper Titan anomalies may indicate proximity to a deeper vent. Estrades can be drilled year round so the focus in Q1 of 2022 will be the Newiska target 10 km to the east which sits in a parallel but thicker rhyolite unit. Drilling done in 2018 without the benefit of the Titan survey appears to have been too shallow. Newiska can only be drilled during winter and hole 14B was stopped short of the target due to an early thaw in 2021. The same rhyolite unit also features a Titan anomaly south of the Estrades zones called Estrades South though it is not clear when Galway will test this target.


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