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Galway Metals ( (TSE:GWM) ) has issued an update.
Galway Metals reported new drill results from 11 diamond drill holes at the Southwest Deposit of its Clarence Stream project, highlighted by an intercept of 2.6 g/t gold over 16.0 metres, including 6.2 g/t over 5.0 metres, and additional significant intervals such as 1.8 g/t over 8.0 metres and 7.5 g/t over 2.0 metres. The drilling was designed to connect mineralization between existing 2022 resource pits and test extensions along pit margins, with results confirming shallow, wide zones of mineralization outside current resources and gold mineralization beneath existing pit shells, supporting the potential to link pits and expand the Southwest Deposit both laterally and at depth. Management says the results strengthen confidence in the resource model and highlight future expansion opportunities, with assays still pending for 32 additional holes, while the project also benefits from up to $50,000 in exploration support from the New Brunswick Junior Mining Assistance Program.
The most recent analyst rating on (TSE:GWM) stock is a Hold with a C$0.89 price target. To see the full list of analyst forecasts on Galway Metals stock, see the TSE:GWM Stock Forecast page.
Spark’s Take on TSE:GWM Stock
According to Spark, TipRanks’ AI Analyst, TSE:GWM is a Neutral.
The score is held back mainly by weak financial performance (pre-revenue, widening losses and negative cash flow), partly offset by a low-debt balance sheet. Technicals are strong with clear trend support above key moving averages, while valuation is constrained by negative earnings and no stated dividend yield. Recent financings and positive drilling results add support by improving funding visibility and exploration upside.
To see Spark’s full report on TSE:GWM stock, click here.
More about Galway Metals
Galway Metals Inc. is a Canadian mineral exploration company focused on high-grade gold, with its 100%-owned flagship Clarence Stream Gold Project in New Brunswick. The project, characterized as an intrusion-related, structurally controlled, quartz-vein hosted gold system, hosts district-scale potential over an approximately 65-kilometre strike length and carries a 2022 mineral resource estimate of 922,000 ounces of indicated gold and 1.334 million ounces of inferred gold.
Average Trading Volume: 683,632
Technical Sentiment Signal: Buy
Current Market Cap: C$88.85M
See more insights into GWM stock on TipRanks’ Stock Analysis page.