REG - Galantas Gold Corp - Galantas Engages QME

Galantas GoldAnnouncement

15/09/2022 07:01

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RNS Number : 2762Z  Galantas Gold Corporation  15 September 2022

 

 

GALANTAS GOLD ANNOUNCES ENGAGEMENT OF QME FOR UNDERGROUND DEVELOPMENT TOWARDS
JOSHUA VEIN AT OMAGH PROJECT

 

September 15, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
that its subsidiary Flintridge Resources Limited has appointed QME Limited of
Navan, Ireland, as a mining contractor to develop the access and exploration
drives to the Joshua Vein at its Omagh Gold Project in Northern Ireland.

 

QME's project scope comprises a total of 600 metres of underground development
and is expected to commence in January 2023. Development to an exploration
drive is expected to be completed by May 2023, followed by access drives to
two mining levels at the Joshua Vein in Q3 2023.

 

Mario Stifano, CEO of Galantas, commented: "This project is very exciting on
two major fronts - to allow early detailed exploration drilling at depth on
the Joshua Vein and simultaneously increase production capability from the
Joshua Vein to supplement production from the Kearney Vein. This will greatly
assist in fully defining resources at the Joshua Vein while bringing the Omagh
Mine to a stable level of production. With intercepts such as 17.4 grams per
tonne gold and 74.6 grams per tonne silver over a 13.1-metre intersect, we
look forward to continued drilling success along the new exploration drive at
Joshua."

 

Figure 1: Joshua Vein long-section view showing three proposed 'dilation zone'
trends that dip between 24-30 degrees.

QME was founded in 1985 and is an experienced mining services provider engaged
in mine development and the supply of new and re-manufactured equipment for
underground and open pit use. QME is currently engaged in mining contracts in
Ireland and Portugal and has prior experience in mining projects in the
Republic of Ireland, Northern Ireland and Scotland. Current and past clients
include Tara Mines, Dalradian Gold, Lundin Mining and Barrick Gold.

 

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

 

Panmure Gordon & Co (AIM Joint Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

SP Angel Corporate Finance LLP (AIM Joint 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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