Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Galway Metals (TSXV: GWM; US-OTCQB: GAYMF) is preparing to release a new mineral resource update within days encompassing all six of the Clarence Stream gold project’s discovery zones in New Brunswick.
Recent exploration has confirmed a continuous mineralized strike of at least 3.1 km, connecting previously separate deposits. Most recently, the company has succeeded in expanding the George Murphy Zone (GMZ) in several directions and connecting the GMZ to the Adrian Zone (to the north) and the GMZ to the Richard Zone (to the southwest), which was previously connected to the Jubilee Zone (to the southwest).
“Galway has eliminated the 400-metre gap between the GMZ and Richard Zones, meaning the zones are now connected,” Galway’s VP for corporate development and director, Larry Strauss, told The Northern Miner. “We are delighted to finally prove our belief that these four new mineralized zones are connected, with a total strike length of 3.1 km.”
Previously, the company reported intercepts of 1.3 gram per tonne (g/t) gold over 41.2 metres (now 42 metres) in hole 189 and 1.4 g/t gold over 13.5 metres, plus 1.2 g/t over 9 metres, plus 0.8 g/t over 13 metres, plus 1.3 g/t gold over 5 metres, plus 1 g/t gold over 5 metres in hole 185 in this gap. New results in the gap include 1.4 g/t gold over 34.5 metres in hole 188 and 1.3 g/t gold over 42 metres in hole 189, among others.
“Also in this gap area is a new intersection in hole 186 of 0.8 g/t gold over 25.5 metres, which is in addition to that hole’s previously-released intersect of 18.8 g/t gold over 6 metres,” said Strauss.
