Galway Metals (GWM.V) has released an updated resource estimate on its Clarence Stream gold project in New Brunswick. This is the first update since 2017 and incorporates in excess of 100,000 meters of drilling in almost 350 holes.
The open pit now contains 886,000 ounces of gold in the indicated resource with an additional 731,000 ounces in the inferred resource category as well as respectively 9,500 tonnes and 1,100 tonnes of antimony. The average grade is quite high with almost 2.3 g/t gold in the indicated category and 1.93 g/t in the inferred category, but the company has not provided an anticipated strip ratio. The cutoff grade used for the open pit was 0.38 g/t which should indicate the strip ratio shouldn’t be too bad, but we’d like to see official confirmation.
The project also hosts an underground resource with 603,000 ounces in the inferred resource at an average grade of 4.5 g/t gold.
The total resource across all categories and combining open pit and underground ounces now stands at 2.25 million ounces. This means the 2022 resource contains 532,000 additional ounces in the measured and indicated resource category while the inferred resources increased by 1.05 million ounces. So for every meter drilled since the 2017 resource estimate, Galway was able to add 15.8 ounces of gold.
Disclosure: The author has no position in Galway Metals. Please read our disclaimer.
