Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) recently shared results from seven diamond drill holes at the Southwest deposit of its wholly owned Clarence Stream Au project in New Brunswick, according to an updated research note by Red Cloud Analyst Ron Stewart on May 14.
The drilling focused on the northeastern section of the deposit and revealed consistent high-grade mineralization, with one intercept grading as high as 20.7 grams per tonne gold (g/t Au) over 11 meters (CL-249). These promising results are anticipated to positively impact the upcoming Mineral Resource Estimate (MRE), which is scheduled for release in the second quarter of 2026.
The company has conducted approximately 70,000 meters of drilling across the North, South, and Southeast deposits since the last MRE, Stewart noted. This extensive drilling campaign has not only reinforced the continuity of high-grade mineralization but has also identified 12 additional high-priority targets, suggesting significant growth potential for the project. The project benefits from excellent infrastructure, including multiple paved roads, grid power, railways, and a deepwater port.
Details of Results
Specifically, infill drilling has confirmed the continuity of mineralization. Holes CL-249, CL-350, and CL-251, drilled approximately 25 meters apart, not only confirmed high-grade zones but also revealed a secondary mineralized zone at greater depths. Another hole, CL-250, drilled 50 meters from the others, supported the continuity between shallower high-grade zones and deeper sections, the note said.
Notable results included 20.7 g/t Au over 11 meters including 49.2 g/t Au over 4 meters in hole CL-249, 6 g/t Au over 8 meters including 18.3 g/t Au over 2 meters in hole CL-252, and 7.6 g/t Au over 3 meters including 21 g/t Au over 1 meter in hole CL-251.
Additionally, a district-scale geophysical program is currently underway to identify new targets beyond the three main deposits, Stewart said. This program includes the Resolve EM survey for near-surface targeting and the HeliTEM EM survey for deeper penetration. The Clarence Stream project spans approximately 65 kilometers of a prospective structural corridor, and several regional targets have exhibited stronger anomalies than those within the resource area.
Upcoming Catalysts for Co.
With four rigs continuously operating, the updated MRE is expected by mid-2026, followed by a Preliminary Economic Assessment (PEA) by the end of the year. The current MRE includes 0.9 million ounces (12.4 Mt at 2.31 g/t Au) and 1.33 million ounces (16 Mt at 2.6 g/t Au) in Indicated and Inferred resources, respectively. The Southwest deposit, hosting 70% of these resources, has shown metallurgical recoveries of up to 98%. There is also potential for antimony production, with preliminary recoveries also up to 98%.
"We maintain our BUY rating and CA$2.20/share target price for the stock," Stewart wrote. "We value Galway using the in-situ Ev/oz value of US$65/oz applied to ounces at Clarence Stream and Estrades (and) believe that positive exploration and development updates should drive the stock in the near-term."
Upcoming catalysts include ongoing assays from the Clarence Stream drill program, metallurgical testing results, the updated MRE in mid-2026, and drilling at the Estrades JV in the second half of 2026, the analyst said.
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- Galway Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Galway Metals Inc.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
Disclosures for Red Cloud Securities, Galway Metals Inc., May 14, 2026:
Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report.
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