REG - Galantas Gold Corp - Drilling Results - 22.5 g/t Gold over 2.7 metres

Galantas GoldAnnouncement

09/02/2023 07:00

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RNS Number : 3746P  Galantas Gold Corporation  09 February 2023

 

GALANTAS GOLD DRILLS 22.5 GRAMS/TONNE GOLD OVER 2.7 METRES WITHIN A 11.5-METRE
INTERSECTION

 

February 9, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
the results for three holes drilled from underground platforms within the
Kearney Vein development at the Omagh Project in Northern Ireland.

 

Drilling highlights:

 

·    Hole FR-DD-22-UG-192, targeted within the northern dilation zone*,
intersected 6.2 grams per tonne (g/t) gold (Au) and 46.6 g/t silver (Ag) over
a 11.1-metre intersection (see Table 1 and Figure 1). This includes a higher
grade section of 22.5 g/t Au and 170.8 Ag over 2.7 metres.

 

·    A deeper intersection on hole FR-DD-22-UG-192 recorded 14.4 g/t Au
over 1.1 metres (see Table 1 and Figure 2); future drilling will test the
continuity of this new zone of mineralization.

 

·    Hole FR-DD-22-UG-190 hit the B-lens outside of the current resource
model with an intersection of 5 g/t Au over 1.7 metres, extending the B-lens
16 metres south of hole FR-DD-22-UG-187 (see Galantas' news release dated
October 24, 2022).

 

Mario Stifano, CEO of Galantas, commented: "Our exploration program at Omagh
is consistently delivering solid gold grades, allowing us to hone in on
further targets for follow-up drilling that is ongoing. As expected, this
underexplored deposit continues to yield promising results, particularly at
the main Kearney Vein and the B-lens, which is another vein running parallel
to Kearney. We are excited to incorporate these results in our future mineral
resource update to also help optimize our mine plan."

 

*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.

Figure 1: Part of a split section of drill core from hole FR-DD-22-UG-192
grading 42.8 g/t Au and 432 g/t Ag over a core length of 0.36 metres.

 

Figure 2: Part of a split section of drill core from a deeper intersection on
hole FR-DD-22-UG-192 grading 75.2 g/t Au and 72 g/t Ag over a core length of
0.21 metres.

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-192  261/69.1        11.1                      4.0                  156                            6.2         46.6    1.2   1.8
 Including                        2.7                       1.0                  163                            22.5        170.8   4.6   3.9
 And              261/69.1        1.1                       0.4                  179                            14.4        13.6    0.4   0
 FR-DD-22-UG-190  110.8/43.4      1.4                       1.0                  128                            4.0         3.5     0     28
 And                              1.7                       1.2                  142                            5.0         2.7     0     3.2
 FR-DD-22-UG-189  129.4/26.1      1.9                       1.3                  131                            4.7         8.8     1     8.3

 

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.

4.   All assays are reported without application of a top cut.

5.   One of the reported intersections has an abnormally high core loss that
may bias (either positively or negatively) the assay value for that
intersection, and thus may not be fully representative of the true intersect
value.

 

Qualified Person and Quality Assurance and Control

 

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.

 

Galantas Gold operates according to rigorous internal Quality Assurance and
Quality Control (QA/QC) protocols with respect to the insertion of blanks,
standards and duplicates into the sample stream prior to dispatch to ALS
Laboratory, which are consistent with industry best practices. The QP has
reviewed the QA/QC results in relation to these drill results and is satisfied
that the results as reported are reliable.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

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
gold production and resources at the Omagh Project in Northern Ireland.

 

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

 

SP Angel Corporate Finance LLP (AIM Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

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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