REG - Galantas Gold Corp - Drilling Results - Omagh Gold Project

Galantas GoldAnnouncement

19/07/2023 07:00

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RNS Number : 4379G  Galantas Gold Corporation  19 July 2023

 

 

 

GALANTAS GOLD DRILLS 19.8 GRAMS/TONNE GOLD OVER 1.7 METRES AT THE OMAGH
PROJECT

 

July 19, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
results for a hole drilled from an underground platform within the second
level of the Kearney Vein development at the Omagh Project in Northern
Ireland.

 

Hole FR-DD-23-UG-193 intersected 19.8 grams per tonne (g/t) gold (Au) and 11.3
g/t silver (Ag) over 1.7 metres targeting the Kearney B-lens (see Table 1 and
Figure 1). This is the most northerly intersection in the latest underground
drill program, and provides important information on the course and continuity
of mineralization outside the main Kearney Vein.

 

A new surface drilling program is underway at Omagh to test a predicted
dilation zone at the Joshua Vein which has potential to host higher widths of
mineralization (see Galantas' news release dated June 22, 2023).

 

Mario Stifano, CEO of Galantas, commented: "Our drill program continues to
yield positive results, improving our understanding of the high-grade gold
mineralization below the Omagh mine. We're pleased with the outcome of this
final underground hole at the main Kearney Vein as we transition our drill
program from underground to surface to target the other main Joshua Vein and
potentially add to the number of dilation zones previously delineated from
historical drilling. We look forward to reporting on these drill results as
they become available."

 

Table 1: Summary of drill results.

 

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

                                                     Dip (deg.)                                                                                                         (g/t)   (%)
 FR-DD-23-UG-193  240097 E         84.2 m            52.9/44.3    1.7                       1.1                  102                                        19.8        11.3    0     0

                  371149 N

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.

 

 

 

 

 

 

Figure 1: Part of a split section of drill core from hole FR-DD-23-UG-193
grading 72.4 g/t Au and 38 g/t Ag over a 0.36-metre core length.

 

 

 

Qualified Person and Quality Assurance and Control

 

Scientific and technical disclosures in this news 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, 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, 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 news 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 and mine
development programs at the Omagh Project and 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 news
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 news release, except as required by law.

 

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