REG - Galantas Gold Corp - Galantas Gold Drills 10.1 G/T Gold Over 6.5 Metres

Galantas GoldAnnouncement

14/12/2021 07:00

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RNS Number : 4776V  Galantas Gold Corporation  14 December 2021

 

 

GALANTAS GOLD DRILLS 10.1 G/T GOLD AND 93.5 G/T SILVER OVER 6.5 METRES AT THE
OMAGH PROJECT

 

 

December 13, 2021, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
results from its ongoing 4,000-metre drilling program at the Omagh Project in
Northern Ireland.

 

Drilling highlights:

 

·    Hole FR-DD-21-171 intersected 10.1 grams per tonne (g/t) gold (Au),
93.5 g/t silver (Ag) and 3.4% lead (Pb) over 6.5 metres (see Table 1 for
details). This hole, drilled from surface, successfully targeted a potential
'dilation zone' within the Joshua Vein and is located approximately 120 metres
from hole OM-DD-15-155 drilled in 2015 which intersected 9.9 g/t Au over 21.6
metres (estimated true width of 13 metres) (see Figure 1).

 

·    Hole FR-DD-21-UG-172 drilled from the underground at the Kearney Vein
intersected two zones of mineralization including 10.4 g/t Au, 50.5 g/t Ag and
2.4% Pb over 2.8 metres (see Figure 2).

 

Mario Stifano, CEO of Galantas, commented: "We are very pleased with the
continued success of our exploration program which continues to demonstrate
high-grade mineralization at Omagh, particularly high-grade gold in wider
dilation zones at both Kearney and Joshua veins. We look forward to providing
further updates on drill results and our mine production plan in the near
future as we advance this unique opportunity to significantly grow high-grade
resources at Joshua and Kearney, which remain open on strike and to depth,
while also producing gold."

 

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 (see press release on
May 6, 2020). Figure 1 illustrates the location of hole FR-DD-21-171 on a
potential dilation trend within the Joshua Vein, relative to other key
intersections, including hole OM-DD15-155 drilled in 2015, which returned 9.9
g/t Au over 21.6 metres (estimated true width of 13 metres).

 

The dilation zones identified at the Joshua Vein, located approximately 400
metres from the main Kearney Vein, are expected to be incorporated into mine
planning and future mine development, including potential plans to drill
Joshua from underground to advance mining and resource expansion. The
underground development in Kearney is 370 metres from the Joshua Vein, of
which 152 metres have already been advanced in the cross cut, with 218 metres
of development remaining to reach the Joshua Vein.

 

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-UG-172  287.7/66.1      1.6                       0.5                  117                           4.1         17.9    0.9   1.9
 and              287.7/66.1      2.8                       1.0                  121                           10.4        50.5    2.4   8
 FR-DD-21-171     258.6/47.4      0.5                       0.3                  35                            4           10.3    0.6   0
 and              258.7/48.4      6.5                       4.3                  73                            10.1        93.5    3.4   12
 FR-DD-21-169     No significant mineralization
 FR-DD-21-167     No significant mineralization
 FR-DD-21-166     277.3/48.6      0.9                       0.6                  88                            5.3         35.5    0     0
 FR-DD-21-165     260.5/72        1.1                       0.3                  104                           2.4         6.2     0     0
 and              260.5/72        0.9                       0.3                  107                           1.4         13.2    0     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 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/4776V_1-2021-12-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4776V_1-2021-12-13.pdf)

 

 

Qualified Person & QA/QC

 

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.

 

The Company systematically submits standards, duplicates and blanks as part of
a QA/QC program. Verification of the data by the QP includes a review of the
QA/QC results, with no issues being revealed.

 

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
Northern Ireland's first gold mine.

 

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

Telephone: +44(0)20 7886 2500

 

 

 

 

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