Galway Metals (TSX-V:GWM; OTCQB:GAYMF) has reported an updated mineral resource estimate for its high-grade gold and zinc producing Estrades property in the northern Abitibi region of western Quebec. SLR Consulting performed the updated resource estimate. Historically, Breakwater Resources spent CAD$20 million developing the precious metal rich VMS deposit.
Rob Hinchcliffe, CEO of Galway, said, "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 two 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.".
Hinchcliffee added the company hopes a positive scoping study would better facilitate moving the Estrades project forward.
Galway officials stated that with gold recovering improving by 31 %, the recovery now stands at 86.6% with room for further improvement. They added that with strong precious metal prices gold now accounts for 48% of the total NSR (net smelter return) of indicated mineral resources and 41% for the total NSR of inferred mineral resources.
The mining company is convinced the property has strong exploration potential. It believes the upside potential for making new discovering at Estrades is remarkably high. Company staff point to 31 km of strike length on the Casa Berardi Fault for lode gold exploration and 17 km of the highly prospective Newiska Horizon for gold and polymetallic VMS exploration as evidence of its potential.
The mineral exploration and development company said it updated its mineral resource to reflect current metal prices, with the gold price having increased 38%, and to include in-fill drilling conducted since 2018. SLR's Mineral Resource update also includes a sensitivity analysis at the same $140/t NSR cutoff as used in 2018.
Alongside its Estrades property, Galway Metals is advancing its high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick.
More information is posted on www.GalwayMetalsinc.com.
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