TIDMGAL
RNS Number : 7110O
Galantas Gold Corporation
12 October 2021
GALANTAS GOLD INTERSECTS HIGH-GRADE GOLD AT THE OMAGH PROJECT IN
NORTHERN IRELAND
October 12, 2021, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce results for its ongoing 4,000-meter drill
program at the Omagh Project in Northern Ireland.
Drilling highlights:
-- The first hole to target the Kearney vein from an underground
drill platform returned two high-grade intersections:
-- 17.7 grams per tonne (g/t) gold (Au), 50.9 g/t silver (Ag)
and 4.6% lead (Pb) over 2.5 metres; including 30.5 g/t Au, 60.8 g/t
Ag and 4.4% Pb over 0.8 metres (see Table 1 for details). This
shallower intersect, occurring at approximately 136.5 metres
vertical depth from surface, provides continuity to a
parallel-running zone of mineralization 13 metres west of the main
Kearney vein and this structure will be tested with further
underground drilling.
-- 10.8 g/t Au, 23.6 g/t Ag and 3.3% Pb over 1.5 metres. This
intersection at 176.3 metres vertical depth penetrates a gap in the
current resource model.
-- Surface drilling targeting the Joshua vein is also in
progress and results for the first of these holes are as follows:
7.7 g/t Au, 24.3 g/t Ag and 0.6% Pb over a 2.7-metre downhole
intersection.
A map showing results from the program can be viewed at the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/7110O_1-2021-10-11.pdf
Mario Stifano, CEO of Galantas, commented: "We are very
encouraged by the positive start to the surface and underground
exploration program consisting of 4,000 metres of diamond drilling
on the Kearney and Joshua veins - two of many high-priority targets
on the Company's land package. Underground drilling on the Kearney
vein is testing deeper extensions of mineralized zones, and
targeting higher widths of mineralization within the vein. Drilling
will also target continuity and grade of additional mineralized
zones running parallel to the main orebody."
Drill results are expected to support the mine plan as the
Company moves into a new phase of underground mining and
accelerated development. The Company has currently completed 2,000
metres of underground development at the Kearney vein and
development is currently within 240 metres of accessing the Joshua
vein.
Table 1: Summary of drill results.
Hole ID Azimuth/ Intersect Est. true Intersect Gold Silver Lead Core
Dip (degrees) (m) (downhole) width (m) vertical (g/t) (g/t) (%) loss
depth (m) (%)
FR-DD-21-UG-168 140.5/43.5 2.5 1.2 136.5 17.7 50.9 4.6 8.7
--------------- ---------------- ----------- ----------- ------- ------- ----- ------
including 0.8 0.4 30.5 60.8 4.4 11.4
--------------- ---------------- ----------- ----------- ------- ------- ----- ------
And 142.3/44 1.5 0.7 176.3 10.8 23.6 3.3 0
--------------- ---------------- ----------- ----------- ------- ------- ----- ------
FR-DD-21-164 257/48.5 2.7 1.8 38 7.7 24.3 0.6 3.8
--------------- ---------------- ----------- ----------- ------- ------- ----- ------
Notes:
1. Drill holes were HQ size and drilled using a triple tube
method to maximise 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 depth intervals are from ground surface to
the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
4. The Company has only received assay results for the two holes
reported here. Further announcements will be made when more results
are received.
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 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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