REG - Galantas Gold Corp - Micon to Prepare Updated Mineral Resource Estimate

Galantas GoldAnnouncement

22/11/2022 07:00

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RNS Number : 1313H  Galantas Gold Corporation  22 November 2022

 

MICON INTERNATIONAL TO PREPARE UPDATED MINERAL RESOURCE ESTIMATE FOR GALANTAS
GOLD'S OMAGH PROJECT IN NORTHERN IRELAND

 

November 22, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
the appointment of Micon International Limited ("Micon") to produce a NI
43-101-compliant Mineral Resource Estimate for the Company's Omagh Gold
Project in Northern Ireland.

 

Mario Stifano, CEO of Galantas, commented: "Galantas has completed more than
4,100 metres of drilling during the last year, in our largest exploration
program since the 2014 resource estimate. We have accumulated a substantial
amount of data, including a number of new intercepts in the inferred resource,
and chip channel sampling from five levels of underground development, in
addition to the discovery of dilation zones - a pattern of vein swelling and
grade increases - identified at both Kearney and Joshua veins. Our deeper
understanding of dilation zones and structural controls enables us to now
target drilling at the Kerr Vein system, located between the main Kearney and
Joshua veins, to test its potential on the northern extension.

 

"We expect a proportion of the 2014 resources to be upgraded, and for gaps in
the resource to be filled in. We are also excited for the dilation zones to be
remodelled into the resource, and look forward to providing the new Mineral
Resource Estimate by Q2 2023."

 

Highlights of 2021-22 drilling(1) that will be incorporated in the upcoming
Mineral Resource Estimate:

 

•   31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t silver (Ag) over a
7-metre core intersect at the Kearney Vein.

•   17.4 g/t Au and 74.6 g/t Ag over a 13.1-metre core intersect at the
Joshua Vein.

•   10.1 g/t Au and 93.5 g/t Ag over a 6.5-metre core intersect at Joshua.

•   26.7 g/t Au and 88.2 g/t Ag over a 2.9-metre core intersect at
Kearney.

•   21.4 g/t Au and 32.9 g/t Ag over a 2.4-metre core intersect at
Kearney.

•   31.8 g/t Au and 39.2 g/t Ag over a 4.4-metre core intersect at
Kearney.

 

(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.
Data has been rounded to 1 decimal place. All assays are reported without
application of a top cut. For full results, see Galantas news releases dated
October 12, 2021, November 24, 2021, December 13, 2021, January 31, 2022,
March 21, 2022, May 16, 2022, August 4, 2022, and October 24, 2022.

 

Micon is an independent firm of mining industry consultants headquartered in
Toronto, Canada with offices in Vancouver and the United Kingdom. Micon has
applied skills and experience in economic geology, mine and process plant
design, mineral economics, environmental management, mine operation and
project management to provide consulting services throughout the world to
junior and senior mining companies, financial institutions, government
agencies and law firms.

 

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.

 

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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