REG - Galantas Gold Corp - Drilling Results - 31.8 G/T hold over 4.4 metres

Galantas GoldAnnouncement

04/08/2022 07:15

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RNS Number : 8544U  Galantas Gold Corporation  04 August 2022

 

 

GALANTAS GOLD DRILLS 31.8 G/T GOLD OVER 4.4 METRES AT THE OMAGH PROJECT

 

August 4, 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-186 targeted a dilation zone within the Kearney Vein
and intersected 31.8 grams per tonne (g/t) gold (Au) and 39.2 g/t silver (Ag)
over 4.4 metres, including 69.6 g/t Au and 86.6 g/t Ag over 1.4 metres (see
Table 1, Figures 1 & 2). Other intersections within this same hole include
10.4 g/t Au and 29.4 g/t Ag over 3.3 metres, and 6.7 g/t Au and 6.8 g/t Ag
over 1.2 metres on the 'B-lens'.

 

·    Hole FR-DD-22-UG-182 targeted the main Kearney Vein and intersected
8.9 g/t Au and 36.4 g/t Ag over 2.1 metres (see Figure 3) approximately 25
metres south of the previously reported FR-DD-22-UG-181 intersection of 31.7
g/t Au and 58.5 g/t Ag over 7 metres (see Galantas' press release dated March
21, 2022).

 

Mario Stifano, CEO of Galantas, commented: "The ongoing drilling program has
now successfully demonstrated the dilation zone model* at both the Kearney and
Joshua veins with multiple high-grade intercepts including 17.4 g/t Au and
74.6 g/t Ag over 13.1 metres, and 10.1 g/t Au and 93.5 g/t Ag over 6.5 metres.
Ongoing development of the underground decline will facilitate deeper drilling
and more precise targeting of dilation zones to the south at Kearney, planned
later this year. Drilling is also planned from the 1084 level, with the aim of
identifying and delineating new dilation zones to the north at Kearney.

"The Company has successfully commissioned the secondary egress and has now
commenced blasting of our first stope at Omagh. The timeline to transition
Galantas to an underground gold miner has taken longer than initially expected
but the commitment and focus by the Galantas team to build and train a
workforce, rehabilitate the mine and mill, secure critical mining equipment
while also drilling some of our best intercepts to date is no small
accomplishment. The Company is reviewing our mine plan and production guidance
for the next 16 months including the timing to advance development to the
higher grade Joshua Vein to provide multiple mine headings as well as
underground drill platforms to extend the mineralization to depth and test new
targets."

 

*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-186  039/37          3.3                       2.5                  140                            10.4        29.4    1.6   0
 And              039/37          4.4                       3.0                  143                            31.8        39.2    4.0   0
 Including                        1.4                       1.0                                                 69.6        86.6    9.6   0
 And              038/37          1.2                       0.7                  156                            6.7         6.8     0     0
 FR-DD-22-UG-185  158.4/28        2.3                       0.5                  141                            3.8         4.8     0.2   22.0
 And              160.4/33        2.0                       0.5                  184                            2.2         2.8     0.1   7.4
 FR-DD-22-UG-182  122.2/55.3      2.1                       1.0                  158                            8.9         36.4    0.9   36.8

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.   Two of the reported intersections have an abnormally high core loss
that may bias (either positively or negatively) the assay value for those
intersections, and thus these intersections may not be fully representative of
the true intersect value. These core losses are likely to be the result of
cavities.

 

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/8544U_1-2022-8-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8544U_1-2022-8-3.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 Joint Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

SP Angel Corporate Finance LLP (AIM Joint 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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