REG - Galantas Gold Corp - 31.7 G/T Gold Over 7 Metres At The Omagh Project

Galantas GoldAnnouncement

21/03/2022 07:00

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RNS Number : 3614F  Galantas Gold Corporation  21 March 2022

 

 

GALANTAS GOLD DRILLS 31.7 G/T GOLD OVER 7 METRES AT THE OMAGH PROJECT

 

EASTERN LENSES INTERSECTED INCLUDE 73.6 G/T GOLD OVER 2.2 METRES

 

 

March 21, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
results for three holes from its ongoing 4,000-metre drilling program at the
Omagh Project in Northern Ireland. All three holes were drilled from the
underground development at the Kearney Vein.

 

Drilling highlights:

 

·    Hole FR-DD-22-UG-181 intersected 31.7 grams per tonne (g/t) gold (Au)
and 58.5 g/t silver (Ag) over 7 metres at the main Kearney Vein including
106.3 g/t Au and 111 g/t Ag over 1 metre (see Table 1, Figures 1, 2 and 3). A
deeper intersect of 7.3 g/t Au and 5.7 g/t Ag over 2.3 metres was recorded at
a 278-metre vertical depth, approximately 55 metres east of the main Kearney
Vein.

 

·    Hole FR-DD-21-UG-174 intersected 73.6 g/t Au and 93.4 g/t Ag over 2.2
metres on a parallel-running vein known as the 'B-lens', approximately 28
metres east of the Kearney Vein.

 

·    Hole FR-DD-21-UG-176 intersected 23.8 g/t Au and 16.8 g/t Ag over 2.9
metres on a further parallel zone of mineralization referred to in Figure 4 as
the 'C-lens', approximately 40 metres east of the Kearney Vein.

 

Drill holes FR-DD-21-UG-174 and 176 targeted parallel zones of mineralization
east of the main vein. Both of these holes, and hole FR-DD-22-UG-181, fall
within the dilation zone model (see Figure 1 and press releases on May 6,
2020, and January 31, 2022)*. Importantly, high gold mineralization has been
identified across two vertical levels at RL000 and RL030 (Figure 4) with
historical intersection 07-47 on a stringer vein west of Kearney, and new
intersection on the C-lens, separated by 62 metres west-east.

 

Mario Stifano, CEO of Galantas, commented: "Our drilling program continues to
yield very positive results, particularly the high-grade gold intersections in
parallel veins with recent results demonstrating the continuity of the lenses.
These are some of our best drill results to date and point to the significant
potential to expand gold resources at the Omagh Project. The Company has
successfully identified dilation zones at both Kearney and Joshua veins with
multiple drill intercepts, and is developing plans to advance underground
development and infrastructure at Joshua to allow multiple underground drill
platforms to expand our drilling program."

 

*Dilation zones which have potential for higher widths of mineralization have
previously been identified within the Kearney underground development and are
believed to be linked on shallow north-dipping planes.

 

 

 

Table 1: Summary of drill results.

 Hole ID          Azimuth/        Intersect (m) (downhole)  Est. true width (m)  Intersect vertical depth (m)  Gold (g/t)  Silver  Lead  Core loss (%)

                  Dip (degrees)                                                                                            (g/t)   (%)
 FR-DD-22-UG-181  99/60           7                         3.3                  150                           31.7        58.5    2.8   10
 including                        1                         0.5                  155                           106.3       111     3.2   0
 and              95/67           1.2                       0.4                  244                           2.2         1.5     0.1   0
 and              95/69           2.3                       0.7                  278                           7.3         5.7     0.2   22
 FR-DD-21-UG-176  54.7/56.6       3.7                       1.9                  148                           5.2         6.4     0.1   10.9
 and              54.5/57.2       2.9                       1.5                  160                           23.8        16.8    0.1   0
 FR-DD-21-UG-174  35.6/44.6       2.2                       1.3                  134                           73.6        93.4    8.9   0
 and              35.6/44.6       2                         1.2                  137                           4.3         3.9     0     0
 and              35.9/44.3       2.4                       1.3                  153                           8.1         7.7     0.2   2.1

Notes:

1.   Drill holes were HQ size and drilled using a triple tube method to
maximize core recovery. The samples were analyzed (gold by fire assay and
other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) of Galway,
Ireland.

2.   Intersect vertical depth intervals are from ground surface to the top
of the mineralized zone.

3.   Data has been rounded to 1 decimal place.

 

 

Click on, or paste the following link into your web browser, to view images
related to the drill results.

 

http://www.rns-pdf.londonstockexchange.com/rns/3614F_1-2022-3-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3614F_1-2022-3-19.pdf)

 

 

Qualified Person

 

Scientific and technical disclosures in this press release have been reviewed
and approved by Dr Sarah Coulter, who is considered, by virtue of her
education, experience and professional association, a Qualified Person under
the terms of NI 43-101. Dr Coulter is not considered independent under NI
43-101 as she is the Chief Geologist of Galantas Gold Corporation.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

About Galantas Gold Corporation

 

Galantas Gold Corporation is a Canadian public company that trades on the
TSX-Venture Exchange and the London Stock Exchange AIM market, both under the
symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The
Company's strategy is to create shareholder value by operating and expanding
Northern Ireland's first gold mine.

 

Enquiries

 

Galantas Gold Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger, Samuel Littler

Telephone: +44(0)20 7383 5100

 

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

Nick Lovering, Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, including the results of exploration
programs, and mine development at the Omagh Gold Project. Forward-looking
statements are based on estimates and assumptions made by Galantas in light of
its experience and perception of historical trends, current conditions and
expected future developments, as well as other factors that Galantas believes
are appropriate in the circumstances. Many factors could cause Galantas'
actual results, the performance or achievements to differ materially from
those expressed or implied by the forward looking statements or strategy,
including: gold price volatility; discrepancies between actual and estimated
production, actual and estimated metallurgical recoveries and throughputs;
mining operational risk, geological uncertainties; regulatory restrictions,
including environmental regulatory restrictions and liability; risks of
sovereign involvement; speculative nature of gold exploration; dilution;
competition; loss of or availability of key employees; additional funding
requirements; uncertainties regarding planning and other permitting issues;
and defective title to mineral claims or property. These factors and others
that could affect Galantas' forward-looking statements are discussed in
greater detail in the section entitled "Risk Factors" in Galantas' Management
Discussion & Analysis of the financial statements of Galantas and
elsewhere in documents filed from time to time with the Canadian provincial
securities regulators and other regulatory authorities. These factors should
be considered carefully, and persons reviewing this press release should not
place undue reliance on forward-looking statements. Galantas has no intention
and undertakes no obligation to update or revise any forward-looking
statements in this press release, except as required by law.

 

 

 

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