REG - Galantas Gold Corp - Extension to Underground Drilling Program

Galantas GoldAnnouncement

11/04/2023 07:00

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RNS Number : 7191V  Galantas Gold Corporation  11 April 2023

 

 

GALANTAS GOLD TO EXTEND UNDERGROUND DRILLING PROGRAM AT THE OMAGH PROJECT

 

April 11, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce an
extension to its drilling program at the Omagh Gold Project in Northern
Ireland. An initial 600 metres of diamond drilling is planned from the
underground development to target the Kerr zone and deeper extensions of the
Joshua Vein.

 

The underground drive between the Kearney and Joshua veins (see Figure 1)
provides an opportunity to drill the under-explored area between these two
main veins, approximately >300 metres north, and on strike of the Kerr
surface exposures. It also allows for deeper targeting of the Joshua Vein.
Specifically, new drill holes will test the down-dip potential of a deep
dilation zone* and also target areas outside of the current model (see Figure
2).

 

Earlier results for drill holes within the deeper dilation zone on the Joshua
Vein include:

·    8.4 grams per tonne (g/t) gold (Au) over a 26.6-metre intersection
(see Galantas news release dated June 11, 2012).

·    12.4 g/t Au over a 5.6-metre intersection (see Galantas news release
dated August 27, 2013).

 

Mario Stifano, CEO of Galantas, commented: "We want to thank our shareholders
for their confidence in the district-scale potential of the Omagh Project and
for their support in our recent oversubscribed private placement. We're eager
to continue building value through the drill bit by going after another area
with high-grade potential between the Kearney and Joshua veins that we can now
access through the underground drives. We look forward to reporting on our
exploration results in the coming months."

 

 

*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: Plan view showing the main veins and location of the new drill
platform in the underground development.

 

 

Figure 2: Joshua Vein long-section indicating three proposed dilation zones
(yellow arrows). The new drill holes will target the area shown by the blue
arrow and un-modelled areas above and below.

 

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.

 

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.

 

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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