REG - Galantas Gold Corp - Gairloch first exploration drill hole results

Galantas GoldAnnouncement

10/07/2023 07:00

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RNS Number : 4157F  Galantas Gold Corporation  10 July 2023

 

GALANTAS GOLD INTERCEPTS 17.9 METRES AT 2.87% COPPER, 0.77 GRAMS/TONNE GOLD,
0.46% ZINC AND 0.03% COBALT AT GAIRLOCH PROJECT IN SCOTLAND

JULY 10, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce the
results of the first exploration drill hole at the Gairloch Project in
Scotland.

Drilling highlights:

·    Cobalt and vanadium, which are part of the UK's list of critical
minerals(1), have been discovered, in addition to other minerals that are
important raw materials enabling the transition to clean energy, including
copper, silver, titanium and zinc.

 

·    Hole 23-GL-01 intersected 2.87% copper (Cu), 0.77 grams per tonne
(g/t) gold (Au), 0.46% zinc (Zn), 0.03% cobalt (Co) and 7.52 g/t silver (Ag)
over 17.90 metres, including 5.08% Cu, 0.46 g/t Au, 0.35% Zn, 12.93 g/t Ag,
0.01% Co, 0.23% titanium (Ti) and 176 g/t vanadium (V) over 1.68 metres.

 

·    Four holes have been completed over the main deposit area totaling
190.4 metres, with another two holes planned by August.

 

Table 1: Summary of drill results.

 Hole       From (m)  To (m)  Width (m)  Gold (g/t)  Copper (%)  Zinc (%)  Cobalt (%)  Silver (g/t)  Titanium (%)  Vanadium (g/t)  Copper Equivalent (%)
 23-GL-01   4.78      22.68   17.90      0.77        2.87        0.46      0.03        7.52          0.02          19.93           3.77
 including  21.00     22.68   1.68       0.46        5.08        0.35      0.01        12.93         0.23          175.48          5.66

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 width is estimated at 17.7 metres, based on historical
information that the unit dips at approximately 50 degrees. Galantas drilled
down dip at 45 degrees intersecting the mineralization at 85 degrees.

While the titanium and vanadium grades are low in this first hole, it
indicates their presence within the system and the potential to discover
higher grades.

Drill program

This drill hole is part of a program of six holes aiming to test the Kerry
Road deposit which has seen limited historical drilling and has never had a
resource estimate. The mineralized horizon intercepted in the first hole
23-GL-01 was observed within a quartz carbonate rich unit sandwiched between
hornblende schist. The sulphide within this horizon was predominantly massive
and semi-massive pyrrhotite and chalcopyrite.

Two further holes are planned - one which will test the mineralization at a
deeper level and a deep hole to test below the current deposit.

Mario Stifano, CEO of Galantas, commented: "This is a fantastic result for our
first drill hole in Scotland demonstrating significant polymetallic grades.
The discovery of new critical minerals is a major development for the project
and we look forward to reporting further results as they become available."

Figure 1: Part of a split section of drill core from hole 23-GL-01 showing
massive sulphide.

Table 2: Drill hole locations.

 Hole      Easting  Northing  Elevation (m)  Azimuth (grid)  Dip  Length (m)
 23-GL-01  183764   872517    139            260             -45  29.2
 23-GL-02  183816   872519    156            223             -45  53.2
 23-GL-03  183858   872478    154            223             -45  65.2
 23-GL-04  183826   872440    142            43              -55  42.8

Prospecting at Gairloch Project

Prospecting has identified multiple massive sulphide horizons in outcrop at
newly exposed bedrock from a road cutting 1.5km east of the Kerry Road
deposit. Further prospecting will continue along trend towards the Gorm Lochs
Prospect which lies 10km south of Kerry Road.  Historical samples collected
at the Gorm Lochs include up to 4 g/t Au in outcrop (see Galantas' news
release dated January 26, 2023).

Figure 2: Road cutting where new massive sulphide has been observed in
bedrock.

 

 

 

 

 

 

 

 

 

 

 

 

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 intercepting 1.0 g/t gold,
0.9% copper and 0.6% zinc over 17 metres (see Galantas' news release dated
January 26, 2023). Rock chip sampling conducted by GreenOre in 2018 also
identified elevated levels of cobalt in 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.

 

Hole 23-GL-01 was positioned over the outcropping mineralization and drilled
at 45 degrees dip in NQ core size. Core samples were split in half in mainly
metre-long samples, inserting regular blanks and standards 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-ICP61a four acid digestion with ICP-AES finish. Gold
was analyzed using Au-AA25 ore grade fire assay.

 

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.

 

(1)
https://www.gov.uk/government/publications/uk-critical-mineral-strategy/resilience-for-the-future-the-uks-critical-minerals-strategy
(https://www.gov.uk/government/publications/uk-critical-mineral-strategy/resilience-for-the-future-the-uks-critical-minerals-strategy)

 

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 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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