REG - Galantas Gold Corp - Drilling Results - Gairloch Project in Scotland

Galantas GoldAnnouncement

16/10/2023 07:00

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RNS Number : 1519Q  Galantas Gold Corporation  16 October 2023

 

 

GALANTAS GOLD DRILLS 34.25 METRES AT 1.87 GRAMS/TONNE GOLD, 1.17% COPPER,
1.20% ZINC AND 131 GRAMS/TONNE COBALT AT GAIRLOCH PROJECT IN SCOTLAND

 

OCTOBER 16, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
the results of the fifth exploration drill hole at the Gairloch Project in
Scotland.

Highlights:

·    Hole 23-GL-05 intersected 1.87 grams per tonne (g/t) gold (Au), 1.17%
copper (Cu), 1.20% zinc (Zn), 131 g/t cobalt (Co) and 7.06 g/t silver (Ag)
over 34.25 metres with new mineralization identified a further 100 metres at
depth.

 

·    Recent and historical drilling have identified a mineralized trend
with a strike of over 1 km and to a depth of 250 metres.

 

Mario Stifano, CEO of Galantas, commented: "Our first drill program at the
Gairloch Project continues to exceed management's expectations, as the results
from this fifth hole has further solidified the high-grade copper-gold
potential while extending known mineralization to depth. Mineralization has
been drilled over an area 1 km in strike, up to 150 metres wide and to a depth
of 250 metres, and remains open. The Company plans to conduct modern
geophysics over the 10 km-long known mineralized belt to prioritize drilling
targets for a planned new drilling program."

 

Table 1: Summary of drill results.

 

 Hole      From (m)  To (m)  Width (m)  Est. True Width (m)  Gold (g/t)  Copper (%)  Zinc (%)  Silver (g/t)  Cobalt (g/t)  Copper Equivalent (%)
 23-GL-05  10.00     44.25   34.25      22.02                1.87        1.17        1.20      7.06          131           3.02
 23-GL-05  84.00     85.00   1.00       0.64                 0.09        1.04        0.16      1.50          80            1.20
 23-GL-05  87.00     88.00   1.00       0.64                 0.29        1.23        0.05      2.00          150           1.53
 23-GL-05  141.00    144.00  3.00       1.93                 0.13        0.08        0.13      0.00          67            0.24

Notes:

1.     Reported intervals are downhole widths.

2.     The copper equivalent values are estimated using approximate metal
prices of $8,350/t copper, $2,480/t zinc, $1,900/oz gold, $23/oz silver and
$33,140/t cobalt and are presented for ease of interval comparison only.
Metallurgical factors are assumed to be 100% although recovery factors and
smelter returns may vary significantly.

3.     True widths are estimated to be 64.3% of intersection lengths. Hole
23-GL-05 was drilled vertical into the mineralized unit which is assumed to
dip at 50 degrees.

 

Drill program

Drill hole 23-GL-05 was a vertical hole drilled 22 metres east of hole
23-GL-04, intersecting the mineralized unit at 10 metres down to 44.25 metres.
This hole targeted a geophysical anomaly and also acted as a stratigraphic
hole. Previously unknown zones of mineralization were identified for a further
100 metres below the main mineralized zone down to a depth of 144 metres.

This drilling program was localized within 100 metres of where the mineralized
unit is exposed at surface. Historical drilling identified a 1 km-long
mineralized trend which the Company will aim to explore and expand in the
coming year (see Figure 1). The deepest intersection to date has been in
historical hole GBH82 collared 620 metres to the southeast of the current
hole, which intersected 5 metres at 1.07 g/t Au and 1.75% Cu at 250 metres
depth.

Figure 1: Map showing drill hole locations at the Gairloch Project.

For more information about historical drill holes referenced in Figure 1, see
Galantas' news releases dated January 27, 2023 and August 29, 2023.

Figure 2: Uncut section of drill core from hole 23-GL-05 showing massive
sulphide.

Table 2: Drill hole location.

 

 Hole      Easting  Northing  Elevation (m)  Azimuth (grid)  Dip  Length (m)
 23-GL-05  183844   872446    150            -               -90  390

Gairloch Project overview

The Kerry Road deposit is a stratabound, Besshi-style, VMS gold-copper-zinc
deposit exposed at surface. It is one of the oldest known Besshi deposits,
similar in age to the Sherridon district in Manitoba, Canada. The Kerry Road
deposit was discovered by Consolidated Goldfields in the 1970s where 87 holes
were drilled over 9,189 metres. No commercial exploration has taken place
since then until 2018 when drilling by GreenOre Gold PLC ("GreenOre")
confirmed the presence of mineralization at Kerry Road by intersecting 1.0 g/t
gold, 0.9% copper and 0.6% zinc over 17 metres (see Galantas' news release
dated January 27, 2023). Rock chip sampling conducted by GreenOre in 2018 also
identified elevated levels of cobalt in the bedrock.

 

The Kerry Road deposit lies within the Gairloch Schist Belt, a Paleoproterozic
volcanic arc terrane extending over 25 km. The unit of interest is a quartz
carbonate schist with the main minerals being chalcopyrite, sphalerite, pyrite
and pyrrhotite. Limited exploration has been conducted over the area in recent
years. The British Geological Survey (BGS) identified an outcrop of 4 g/t Au
in their MRP146 report of the area, associated with a significant geophysical
anomaly approximately 10 km south of the Kerry Road deposit, yet the area
remains untested. This area is one of multiple targets identified by Galantas
for follow-up exploration.

 

Galantas has acquired a 100% interest and the exclusive rights to explore and
develop the Gairloch Project, a 217 km² mineral licence area covering the
Gairloch Schist Belt.

 

Qualified Person and Quality Assurance and Control

 

The technical and historical information in this release has been reviewed and
approved by Gavin Berkenheger (CGeol, EurGeol) who is considered, by virtue of
his education, experience and professional association, a Qualified Person
under the terms of NI 43-101. Mr. Berkenheger is not considered independent
under NI 43-101 as he is a consultant 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
Laboratories, 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.

 

Drill hole 23-GL-05 was positioned 22 metres east of hole 23-GL-04 and drilled
at -90 degrees dip in NQ core size. Core samples were split in half in mainly
metre-long samples, inserting regular blanks, standards and duplicates for
QA/QC purposes. Analysis was conducted by ALS Laboratories in Loughrea,
Ireland. Samples were prepared using PREP-31B crush to 70% less than 2mm,
rifle split off 1kg and pulverize split to better than 85% passing 75 microns.
Multi-element analysis was conducted using ME-ICP61 a four acid digestion with
ICP-AES finish. Gold was analyzed using Au-AA25 ore grade fire assay.

 

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, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit
in Scotland.

 

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, 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 results of exploration programs
at the Gairloch 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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