TIDMGAL
RNS Number : 3408T
Galantas Gold Corporation
24 November 2021
GALANTAS GOLD DRILLS 26.7 G/T GOLD OVER 2.9 METRES ON THE
KEARNEY VEIN SYSTEM
November 24, 2021, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce results for the second underground hole in
its ongoing 4,000-metre drilling program at the Omagh Project in
Northern Ireland.
Drilling highlights:
The second hole was drilled from the lowest level in the
underground development at the Kearney Vein and returned two
intersections:
-- 26.7 grams per tonne (g/t) gold (Au), 88.2 g/t silver (Ag)
and 3.5% lead (Pb) over 2.9 metres; including 79.5 g/t Au, 281.4
g/t Ag and 10.6% Pb over 0.9 metres (see Table 1 for details). This
result demonstrates further continuity to a zone of mineralization
running parallel to the main Kearney Vein, which was also
intercepted in the first hole FR-DD-21-UG-168 of 17.7 g/t Au, 50.9
g/t Ag and 4.6% Pb over 2.5 metres (see news release on October
11).
-- The second, deeper intersect, hit the main Kearney Vein
within the inferred resource and returned 5.8 g/t Au, 14.2 g/t Ag
and 0.2% Pb over 1.8 metres.
Mario Stifano, CEO of Galantas, commented: "The additional
high-grade intercept in a parallel vein with continuity
demonstrates the potential to discover additional high-grade
mineralization at Omagh and expand the gold resources as the
Company advances its plans to commence mining early in the new
year. With the deposit remaining open on strike and to depth,
Galantas' Omagh Project provides the rare opportunity to
significantly grow high-grade resources while producing gold."
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-170 67.4/55.4 2.9 1.6 134 26.7 88.2 3.5 0
---------------- ---------------- ----------- ------------ ------- ------- ----- ------
including 0.9 0.5 79.5 281.4 10.6
---------------- ----------- ------------ ------- ------- ----- ------
And 68.3/56.1 1.8 1.0 152 5.8 14.2 0.2 0
---------------- ---------------- ----------- ------------ ------- ------- ----- ------
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 depths 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 assays for the first two
underground holes of the drill program.
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/3408T_1-2021-11-23.pdf
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
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 at the Omagh Gold
Project; the potential to discover additional high-grade
mineralization at Omagh and expand the gold resources; the
Company's plans to commence mining early in the new year; and the
deposit remaining open on strike and to depth. 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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END
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