REG - Galantas Gold Corp - Drilling Results - Omagh Project

Galantas GoldAnnouncement

18/09/2023 07:00

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RNS Number : 6798M  Galantas Gold Corporation  18 September 2023

 

 

GALANTAS GOLD DRILLS 13.1 GRAMS/TONNE GOLD OVER A 2.5-METRE INTERSECTION AT
THE OMAGH PROJECT

 

SEPTEMBER 18, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
the results for the first hole from the new surface drill program at the Omagh
Project in Northern Ireland.

 

Hole FR-DD-23-196 targeted a gap in the earlier resource model on the main
Joshua Vein, intersecting 13.1 grams per tonne (g/t) gold (Au) and 91.6 g/t
silver (Ag) over 2.5 metres (see Table 1 and Figure 1).

 

The hole passes through an undrilled area of the earlier resource model and
falls within a predicted dilation zone* (see Galantas news release dated
August 10, 2023). Other significant results attained within this dilation
trend include hole OM-DD-12-122 which intersected 21.2 g/t Au over 2.1 metres,
hole OM-DD-13-147 which intersected 12.4 g/t Au over 5.6 metres, and hole
OM-DD-12-103 which intersected 8.4 g/t Au over 26.6 metres (see Figure 2 and
Galantas news releases dated June 11, 2012, October 29, 2012 and August 27,
2013).

 

Mario Stifano, CEO of Galantas, commented: "We are pleased with the
encouraging early results of our new drill program from surface. As we
continue drilling on the Joshua Vein, we will test the down-dip potential of
this dilation zone with the aim of expanding the resource to ultimately add to
the Omagh Mine's production capacity."

 

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

                                                  Dip (deg.)                                                                                             (g/t)   (%)
 FR-DD-23-196  239794 E         168 m             250.1/50.3   2.5                       1.5                  132                            13.1        91.6    8.9   1

               370715 N

 

Notes:

1.   Drill hole was NQ 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: Split section of drill core from hole FR-DD-23-196, over a
0.25-metre sample length.

 

 

Figure 2: Long section of the Joshua Vein showing the dilation zone trends (in
yellow arrows) with some key intersections, and the location of the latest
intersection on hole FR-DD-23-196. The 2014 resource category model has been
used for display purposes.

 

 

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.

 

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 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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