Galway Metals Reports Updated Clarence Stream Mineral Resource Estimate
Galway’s resource update increases antimony ounces while diluting grades, adding complexity to the project’s economics.
Galway Metals Inc. (GWM) released an updated NI 43-101 Mineral Resource Estimate (MRE) for its 100%-owned Clarence Stream Gold Project in New Brunswick. The update reflects a 20% increase in total contained gold and a 54% increase in Indicated gold ounces compared to the 2022 estimate.
The updated resource includes the following categories:
- Indicated Resource: 27.2 million tonnes at 1.62 g/t Au for 1.42 million ounces.
- Inferred Resource: 28.5 million tonnes at 1.40 g/t Au for 1.29 million ounces.
- Antimony is now formally included: 19,500 tonnes in Indicated and 3,100 tonnes in Inferred categories.
The estimate distinguishes between mining methods, with an open-pit constrained Indicated resource of 26.68 million tonnes at 1.58 g/t Au for 1.36 million ounces, and an underground constrained Indicated resource of 0.52 million tonnes at 3.60 g/t Au for 60,000 ounces. Approximately 50% of Indicated ounces occur above 3.0 g/t Au, and approximately 35% occur above 5.0 g/t Au.
The drilling footprint incorporates approximately 340 diamond drill holes totaling approximately 70,000 metres completed since the 2022 MRE. Technical parameters set the cut-off grade at $31/t NSR for open pit and $171/t NSR for underground. The long-term gold price assumption is US$3,250/oz, with antimony at US$29,000/t.
The company is reviewing proposals for a Preliminary Economic Assessment (PEA) and will continue expansion drilling, metallurgical test work, and geotechnical studies.
Galway Metals Inc. (GWM) released its updated Mineral Resource Estimate (MRE) on July 13, 2026, aligning with the target completion date of Q2 2026 announced on February 5, 2026. The update reflects the results of a 70,000-metre drilling campaign, which increased gold ounces by 20% and Indicated tonnage by 54%.
The average Indicated grade has diluted from 2.3 g/t Au in 2022 to 1.62 g/t Au. This reduction is attributed to expansion and infill drilling conducted at a lower cut-off grade of $31/t NSR, a change that materially alters the project's economic profile compared to prior estimates. Additionally, the MRE includes an Indicated resource of 19,500 tonnes of antimony, adding a secondary commodity stream amidst rising antimony prices, though this introduces processing complexity and price volatility risk.
The release meets previous expectations and management guidance, providing a foundation for the upcoming Preliminary Economic Assessment (PEA) without fundamentally altering the project's development timeline or risk profile.
Galway Metals Inc. is a pre-revenue junior exploration company advancing two advanced-stage projects in Canada. Its flagship asset is the Clarence Stream Gold Project in New Brunswick, a district-scale property with a 65-kilometre strike-length featuring three deposits: North, South, and Southwest. Mineralization at Clarence Stream is structurally controlled, quartz-vein hosted, and associated with gold and antimony.
The company’s secondary asset is the Estrades Project in Quebec, a former producing polymetallic VMS mine targeting gold, zinc, copper, lead, and silver. A preliminary economic assessment (PEA) for Estrades was completed in January 2026, and a strategic joint venture option with DOWA Metals & Mining is in place.
Galway Metals is led by CEO Robert Hinchcliffe, the former CFO of Kirkland Lake Gold and founder of Galway Resources, which was sold for $340 million. Jason Flight serves as VP of Exploration, bringing prior experience from Barrick and New Found Gold.