Galway Metals Inc. reported results from its diamond drilling program at the Southwest Deposit in the Company's 100%-owned Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project has district-scale potential with approximately 65-kilometre strike length of highly prospective gold showings and anomalies. Highlights: CL-179 intersected 19.5 g/t gold over 4.2 metres including 45.9 g/t gold over 1.2 metres; CL-190 intersected 2.7 g/t gold over 4.,5 metres including 13.8 g/t gold over 0.5 metres; CL-186 intersected 1.4 g/t gold over 12.9 metres; Nine additional follow-up drill holes are pending assays for this area.

Drill Results Confirm Gold Continuity: The drill holes in this release are located within the Southwest Deposit The holes were testing gap areas within the resource pit shells on the NE area of the Southwest Deposit (Adrian Zone). Results prove mineralization extends near surface, which will improve the future economics of the open pit. Hole CL-190 intersected several shallow new zones outside of the resource pit shells and will open the potential to expand the Southwest Deposit to the North and East.

The intercepts highlighted within this release are all outside the area that was included in the 2022 Mineral Resource estimate. The South Deposit is Galways highest-grade resource with an Indicated Resource of 332,000 oz Au at 2.99 g/t and an Inferred Resource of 325,000 oz Au at 4.03 g/t. Galway is mobilizing a second drill rig to target shallow high-grade mineralization in the likely starter pits at the South Deposit. The first drill rig will continue drilling high-priority gold exploration targets.

Galway is currently drilling the eastern side of the #2 target area of the Gabbro Complex. This area has many untested high quality geochemical and geophysical targets. As of June 18, 2024, four preliminary holes have been drilled to test these anomalies, with additional holes in the coming weeks.

Galway expects to drill the western side of the #2 Target area, in proximity to the highest gold in soils on the project (4980 ppb, 3210 ppb and 3120 ppb) later in this drill program. The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled, quartz-vein hosted gold deposits. These deposits consist of quartz veins and quartz stockwork within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet material.

The mineralized systems are hosted in intrusive and metasedimentary rocks within high strain zones controlled by regional fault systems. Pyrite, base metal sulphides, and stibnite occur in these deposits along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the form of sericitization and chloritization. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON.

All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP.

The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately 5% of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received.

Core recovery in the mineralized zones has averaged 99%.