Galway Metals Commences 5,000-Metre Drill Program at Estrades Funded by DOWA
Galway’s DOWA-funded 5,000-metre drill start at Estrades marks an expected joint venture milestone.
Galway Metals Inc. announced the commencement of a 5,000-metre diamond drilling program at its Estrades Project in western Québec. The campaign is fully funded by DOWA METALS & MINING CO., LTD. under the binding option and joint venture term sheet signed in January 2026. Primary objectives include obtaining representative mineralized material for metallurgical testwork at SGS Canada and expanding geological knowledge of the Main, Central, and East zones.
As of the release date, the company has completed the 3rd drill hole of the campaign. The drilling supports the evaluation of development pathways identified in the January 2026 Preliminary Economic Assessment (PEA). DOWA currently holds a 10% interest and may earn up to a 45% interest through phased funding totaling up to US$25 million. Management highlighted the program as an important first field step under the agreement, emphasizing DOWA's expertise in zinc concentrate processing and project development.
Galway Metals Inc. (GWM) announced progress consistent with the previously disclosed DOWA joint venture term sheet. The drilling campaign represents a disclosed milestone within the Phase I work program, aligning with historical projections and confirming the execution of the joint venture agreement. The announcement introduces no changes to financial guidance, resource estimates, or strategic direction. The impact on the stock price is expected to be incremental and supportive rather than transformative.
Galway Metals Inc. (GWM) is a pre-revenue junior exploration company advancing two primary projects in Canada. The company’s Clarence Stream Project is a 100%-owned gold and antimony property located in southwestern New Brunswick, featuring a 65-kilometre strike length. An updated 2026 Mineral Resource Estimate reported 27.2 million tonnes of Indicated resources grading 1.62 g/t Au for 1.42 million ounces, plus 28.5 million tonnes of Inferred resources. Metallurgical testing has confirmed up to 98% gold and 84% antimony recoveries using a hybrid cyanidation-flotation process.
The Estrades Project is a 100%-owned former producing polymetallic VMS deposit in northwestern Québec, with historical production occurring in 1990-1991. A January 2026 PEA outlined strong economics, with a 33% after-tax IRR (long-term pricing) and 61% IRR (spot pricing) under a toll-milling scenario. The project is now advancing under a JV with DOWA.