REG - Galantas Gold Corp - GALANTAS DRILLS 17.4 G/T GOLD AND 74.6 G/T SILVER

Galantas GoldAnnouncement

31/01/2022 07:00

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RNS Number : 0601A  Galantas Gold Corporation  31 January 2022

 

GALANTAS GOLD DRILLS 17.4 G/T GOLD AND 74.6 G/T SILVER OVER 13.1 METRES AT THE
OMAGH PROJECT

 

 

January 31, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces continued
success at intercepting high-grade gold from its ongoing 4,000-metre drilling
program at the Omagh Project in Northern Ireland.

 

Hole FR-DD-21-175 was drilled from surface and targeted the Joshua Vein. It
intersected 17.4 grams per tonne (g/t) gold (Au), 74.6 g/t silver (Ag) and 1.9
% lead (Pb) over 13.1 metres (see Table 1 for details). This hole successfully
targeted a potential 'dilation zone' within the Joshua Vein and includes a
higher-grade section with 25.3 g/t Au, 108.4 g/t Ag and 2.9% Pb over 8.7
metres.

 

Detailed plan maps indicate vein swelling in predictable zones along ore
drives in the first four levels of the mine development on the Kearney Vein.
These wider areas of mineralization, or dilation zones, are believed to be
linked on shallow, north-dipping planes. High strain between intersecting
faults, resulting in increased permeability, could concentrate fluid flow and
result in wider zones of mineralization such as those found in the underground
development (see press release on May 6, 2020 and report therein for details).
Figure 1 illustrates the location of hole FR-DD-21-175 on a potential dilation
trend within the Joshua Vein, relative to other key intersections.

 

A similar deeper dilation zone was also intersected during the current program
with hole FR-DD-21-171 intersecting 10.1 g/t Au, 93.5 g/t Ag and 3.4% Pb over
6.5 metres (see press release on December 13, 2021). In 2015, hole
OM-DD-15-155 intersected 9.9 g/t Au over 21.6 metres approximately 45 metres
below the current reported intercept (see press release on January 25, 2016).
Figure 2 summarizes the key data for these two zones and a potential third at
depth.

 

Mario Stifano, CEO of Galantas, commented: "As Galantas advances underground
mine development towards production, detailed mapping of the exposed
mineralization identified zones of thicker widths, suggesting the significant
potential to not only identify wider zones of mineralization but higher
grades, and the opportunity to significantly expand current resources with
additional drilling. The Joshua and Kearney veins remain open along strike and
to depth, and only represent 2 of the 16 veins identified to date. With the
encouraging results from our current drill program, Galantas is evaluating
accelerating the planned underground development and the required
infrastructure to the Joshua Vein which is  currently 240 metres west of the
Kearney development. This will allow for two additional drill bays for
multiple underground drills at the Kearney and Joshua veins, to expand and
accelerate the drilling program."

 

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-21-175  275.5/58.2      13.1                      6.9                  71                            17.4        74.6    1.9   8.4
 Including                     8.7                       4.5                                                25.3        108.4   2.9   9.2

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 depths intervals are from ground surface to the top
of the mineralized zone.

3.   Data has been rounded to 1 decimal place.

 

Click on, or paste the following link into your web browser, to view images
related to the drill results.

 

http://www.rns-pdf.londonstockexchange.com/rns/0601A_1-2022-1-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0601A_1-2022-1-30.pdf)

 

Qualified Person

 

Scientific or 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

Telephone: +44(0)20 7383 5100

 

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

Nick Lovering, Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

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 for 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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