TIDMGAL
RNS Number : 8705T
Galantas Gold Corporation
01 December 2021
GEOPHYSICAL RESULTS AT GALANTAS GOLD'S OMAGH PROJECT IN NORTHERN
IRELAND INDICATE POTENTIAL OF NEAR-SITE EXPLORATION TARGETS
November 30, 2021, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to report that new geophysical surveys near the
Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern
Ireland, indicate the potential presence of gold-bearing structures
(see Figure 1).
Click on, or paste the following link into your web browser, to
view image related to the geophysical results.
http://www.rns-pdf.londonstockexchange.com/rns/8705T_1-2021-11-29.pdf
Galantas recently carried out induced polarization (IP) gradient
array surveys close to the Cavanacaw Gold Mine. The Company's
intention was to determine the value of the gradient array method
not previously tried in this area. Two one-square-kilometre test
grids covered targets that were previously identified by other
methods.
The East Grid incorporated the Elkins Vein about 500 metres east
of the main Kearney Vein. It was last drilled in 2006-7 with
shallow downhole intersections grading up to 16.4 grams per tonne
(g/t) gold (Au) over 0.6 metres, 11.3 g/t Au over 1.7 metres, and
4.1 g/t Au over 3.3 metres (see ACA Howe technical report (2008)
for full dataset). The Elkins Vein has been explored over a strike
length of 250 metres. An apparent resistivity IP anomaly aligned
north-south coincides with the previously known portion of the
Elkins Vein. The resistivity anomaly suggests continuity of the
Elkins structure to the south. A further resistivity high,
approximately 300 metres to the east, also aligns with historically
recorded base-of-till gold.
The West Grid covers a historical gold anomaly cluster at Pigeon
Top approximately 1,500 metres west of the Joshua Vein. Records of
historic Pionjar drilling to base-of-till from the show that the
original licence holders recovered samples at rock-head with values
up to 13.5 g/t gold. High values of residual resistivity, oriented
north-south over approximately 500 metres, coincide with these
base-of-till gold anomalies. No diamond drilling has been conducted
at Pigeon Top to date.
According to Consulting Geophysicist Graham Reid of BRG Ltd.,
the anomalies most likely represent fault structures in the
bedrock. There is no evidence that they are caused by variation in
the overburden. The local and regional bedrock stratigraphy is
oriented east-north-east at a high angle to the anomalies. In
contrast, the known Cavanacaw vein systems all have a northerly
orientation within 20 degrees of each other. Technical literature
on other occurrences indicate that high resistivity can be caused
by pore water and strong wall-rock alteration, both of which are
observed underground in the wall rocks of the Joshua and Kearney
veins. It is therefore most likely that high residual resistivity
anomalies represent fault zones which potentially host the gold
veins at Cavanacaw.
Mario Stifano, CEO of Galantas, commented: "We are encouraged by
these early findings as part of our ongoing exploration efforts. It
is the first time ground geophysical surveys were conducted on the
property since the 1980s when Rio Tinto explored the area. These
results, combined with high-grade gold samples at the target areas,
provide us with new drilling targets and demonstrate that induced
polarization surveys offer an effective exploration tool in this
part of the Tyrone Gold District. The results strengthen our belief
in the prospectivity of our 549-square-kilometre district-scale
exploration licence to build on our high-grade gold resources at
Cavanacaw."
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, 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' 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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