Galantas Gold Corporation Galantas targets early ore (1367J)
07 September 2016 - 4:00PM
UK Regulatory
TIDMGAL
RNS Number : 1367J
Galantas Gold Corporation
07 September 2016
GALANTAS GOLD CORPORATION
TSXV - "GAL"
AIM - "GAL"
GALANTAS TARGETS EARLY ORE FOR UNDERGROUND DEVELOPMENT
7th September 2016. Galantas has identified amongst its recent
drilling results the presence of a gold vein stringer in the
western part of the Kearney vein system. Core H159 (reported 24(th)
August 2016) intersected 1 metre of mineralisation grading 5.7 g/t
gold and 6.2 g/t silver. The vein stringer was not previously
worked within the open pit because it lay close to the edge of the
permitted open pit mining envelope.
The vein stringer has now been confirmed by a surface exposure
made during recent safety works on the area above the planned lower
underground portal and adit, which is scheduled to be built at the
base of the Kearney open pit. Samples have been taken of the vein
stringer at surface. The samples returned 52.9, 24.5, 10.2 and 6.2
g/t gold, 81.6, 30.4, 28.8 and 13.8 g/t silver and 0.3, 4.8, 3.9
and 0% lead. Due to the outcrop of the vein near and over the brow
of a pit safety bench, the vein was not channel sampled, however
grab samples were collected. The surface exposure of the vein
stringer lies approximately 50 metres vertically above the vein
intersect of core H159 and continuity of mineralisation is not
certain from the data acquired so far.
The presence of the Kearney vein stringer is potentially
important because it is anticipated to be about 11 metres south
from the planned underground development decline. The surface
samples suggest that, if sufficient vein continuity and
mineralisation can be established during development, it may be
possible to develop limited ore, on this part of the Kearney
system, earlier in the underground development program than
previously considered, with processing of the recovered ore within
the existing processing plant.
The processing of ore earlier in the development program than
previously considered may have positive cash flow implications.
Roland Phelps, President & CEO, Galantas Gold Corporation
said, "Whilst there is still work to do to be certain that this
Kearney stringer is viable to mine, its discovery is an interesting
development that could prove very beneficial to the early cash-flow
of the underground project."
The samples were taken by geological staff under the supervision
of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold
Corporation), the Qualified Person (QP) for the program under NI
43-101 and who is also a "Qualified Person" as defined in the Note
for Mining Oil & Gas Companies, June 2009, of the London Stock
Exchange. Sampling methodology, security and verification followed
standard procedures (April 2006) with standards, blanks and
duplicates added at a frequency of 1 for every 20. The samples were
analysed as follows: gold by fire assay and ICP-AES on 50g samples
(fire assay and gravimetric finish for samples >10 ppm Au);
other metals by ICP-MS and ICP-AES, at ALS Geochemistry
Laboratories of Galway, Ireland, and were considered compliant with
all requirements of International Standards ISO 17025:2005. Grab
samples are not reliable data for the purposes of resource
estimation, although these samples are strongly indicative of gold
mineralisation. Readers are referred to the disclosure dated 24(th)
August 2016 for complete technical details regarding Core H159.
SPECIAL NOTE REGARDING 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 amongst others,
geological matters, development intentions and cash flow
expectations, 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's 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.
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.
Enquiries
Galantas Gold Corporation
Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Ranald McGregor-Smith, Nick Lovering
Telephone: +44(0)20 7659 1234
This information is provided by RNS
The company news service from the London Stock Exchange
END
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