Galway Metals Company (Great Wall Motors– Everything, GAYMF-OTC has conducted a preliminary economic assessment (PEA) on the 100% owned Clarence Stream gold project in southwestern New Brunswick.
The PEA will rely on its updated mineral resource estimates announced on July 13, 2026, and will incorporate the significant technical work completed over the past several years to assess the project’s economic potential, the company said.
Galway has obtained an option to acquire a 100% equity interest in Clarence Stream from Wolfden Resources Corp. in August 2016. Clarence Stream is located 70 kilometers southwest of Fredericton and hosts an indicated resource of 27.2 million tonnes of gold grading 1.62 g/t, which contains 1.42 million ounces. Furthermore, there is an inferred resource of 28.5 million tonnes of gold grading 1.40 g/t containing 1.29 million ounces.
Galway President and CEO Rob Hinchcliffe said: “The completion of our updated Mineral Resource Estimate represents an important milestone for the Clarence Stream project and provides a strong foundation for taking the project forward through the preliminary economic assessment. “In addition to the current strength of the gold market, we believe now is the right time to begin this next phase of technical assessment,” he said. “The PEA will evaluate a range of development alternatives and help determine the preferred path forward for Clarence Stream.”
PEA will evaluate the potential development of Clarence Stream, including mining and processing alternatives, infrastructure requirements, capital and operating cost estimates, and a range of engineering trade-off studies aimed at optimizing the project and supporting the selection of a preferred development scenario. The study will also evaluate opportunities to improve treatment alternatives, project infrastructure and the overall development strategy.
Galloway shares fell 2.08%, or $0.01, to 47 cents on Thursday. Shares are trading in a 52-week range of $1.01 and 35 cents.
Clarence Stream is an emerging gold district approximately 65 kilometers long and up to 28 kilometers wide in certain areas. Galway also has a 90% participating interest in the Estrades Project, a high-grade, gold-rich VMS polymetallic mine in the northern Abitibi district of western Quebec. DOWA Minerals and Mining Limited has a 10% participating interest in the project and has the option to increase its interest to 45%.
The Galway company recently released drilling results from 34 diamond drill holes at the North Deposit within the Clarence Stream project. The company said several drilling operations have been completed in centers of approximately 25 and 50 meters within the northern extension of the North Deposit, which is located 430 meters north of the current limited-drill resource. Drilling in this area continues to intersect gold mineralization and improves Galway’s understanding of the northern continuity of the system, while also testing potential extensions deeper and westward, she said.
“With four drilling rigs currently operating as part of a planned 40,000 meter drilling program for 2026, Galway is well placed to continue expanding and upgrading the mineral resource, making new discoveries across our 65-kilometre block and developing the Clarence Stream through future economic studies,” the company said.
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