REG - Galantas Gold Corp - Drilling Update - 14.2 G/T over 4.5 metres

Galantas GoldAnnouncement

24/10/2022 08:15

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RNS Number : 8460D  Galantas Gold Corporation  24 October 2022

 

 

GALANTAS GOLD EXTENDS DILATION ZONE TO THE NORTH AND DRILLS 14.2 GRAMS/TONNE
GOLD OVER 4.5-METRE INTERSECTION

 

October 24, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
results for four holes from its ongoing drilling program at the Omagh Project
in Northern Ireland. Three holes were drilled from an underground platform
towards the south of the development on the Kearney Vein, and one was drilled
from a new platform in the north.

 

Drilling highlights:

 

·    Hole FR-DD-22-UG-191 targeted a northern extension to a proposed
dilation zone* within the Kearney Vein, intersecting 6.3 grams per tonne (g/t)
gold (Au) and 32.1 g/t silver (Ag) over 11 metres (see Table 1 and Figure 1).
This includes a higher grade section of 14.2 g/t Au and 59.3 g/t Ag over 4.5
metres.

 

·    Hole FR-DD-22-UG-188, drilled from the lowest drill platform,
intersected the main Kearney Vein 40 metres below the resource model at 9.3
g/t Au and 23.3 g/t Ag over 2.9 metres.

 

·    Holes FR-DD-22-UG-187 and 184 both intersected the main Kearney Vein
and the B-lens with B-lens intersections in the inferred resource and
approximately 50 metres beneath the resource model, respectively. The B-lens
is a vein that runs parallel to the Kearney Vein, approximately 17 metres east
in this area.

 

Mario Stifano, CEO of Galantas, commented: "These results underscore the
success of the drilling program at the Omagh Gold Project by extending the
dilation zones at the main Kearney Vein further north, as we predicted from
earlier drilling. We are pleased that our drill data so far is supporting the
theory that dilation zones - a pattern of vein swelling and grade increases -
are projected at depth and predictably identified at regular intervals along
strike of the first five levels of the Kearney Vein underground development."

 

*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: Kearney Vein long-section view showing part of the resource model,
proposed dilation zones, new and nearby intersections.

 

Figure 2: Split section of drill core from hole FR-DD-22-UG-187 grading 38 g/t
Au and 54 g/t Ag over an estimated true width of 0.18 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-191  277.2/74        11                        3                    169                            6.3         32.1    0.9   3.3
 Including                        4.5                       1.2                                                 14.2        59.3    1.5   6.9
 FR-DD-22-UG-188  121.5/63        2.9                       1.1                  170                            9.3         23.3    2.6   0
 FR-DD-22-UG-187  073/49          2.4                       1.5                  128                            13.2        27.7    1     3
 And              073/49          1.8                       1.1                  133                            5.5         5       0     23.5
 And              072.5/52        1.8                       1.1                  152                            6.7         8.6     0.3   6.9
 FR-DD-22-UG-184  090/62          2.8                       1.3                  130                            6.8         8.3     0.6   18.1
 And              093/62.1        1.7                       0.8                  141                            7           11.8    0.4   43.2
 And              099.9/64.2      1                         0.4                  199                            3.1         3.7     0.4   0

 

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.   Three 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 were recorded as cavities during
the drill process.

 

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.

 

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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