TIDMGAL

RNS Number : 4776V

Galantas Gold Corporation

14 December 2021

GALANTAS GOLD DRILLS 10.1 G/T GOLD AND 93.5 G/T SILVER OVER 6.5 METRES AT THE OMAGH PROJECT

December 13, 2021, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce results from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.

Drilling highlights:

-- Hole FR-DD-21-171 intersected 10.1 grams per tonne (g/t) gold (Au), 93.5 g/t silver (Ag) and 3.4% lead (Pb) over 6.5 metres (see Table 1 for details). This hole, drilled from surface, successfully targeted a potential 'dilation zone' within the Joshua Vein and is located approximately 120 metres from hole OM-DD-15-155 drilled in 2015 which intersected 9.9 g/t Au over 21.6 metres (estimated true width of 13 metres) (see Figure 1).

-- Hole FR-DD-21-UG-172 drilled from the underground at the Kearney Vein intersected two zones of mineralization including 10.4 g/t Au, 50.5 g/t Ag and 2.4% Pb over 2.8 metres (see Figure 2).

Mario Stifano, CEO of Galantas, commented: "We are very pleased with the continued success of our exploration program which continues to demonstrate high-grade mineralization at Omagh, particularly high-grade gold in wider dilation zones at both Kearney and Joshua veins. We look forward to providing further updates on drill results and our mine production plan in the near future as we advance this unique opportunity to significantly grow high-grade resources at Joshua and Kearney, which remain open on strike and to depth, while also producing gold."

Dilation zones which have potential for higher widths of mineralization have previously been identified within the Kearney underground development and are believed to be linked on shallow north-dipping planes (see press release on May 6, 2020). Figure 1 illustrates the location of hole FR-DD-21-171 on a potential dilation trend within the Joshua Vein, relative to other key intersections, including hole OM-DD15-155 drilled in 2015, which returned 9.9 g/t Au over 21.6 metres (estimated true width of 13 metres).

The dilation zones identified at the Joshua Vein, located approximately 400 metres from the main Kearney Vein, are expected to be incorporated into mine planning and future mine development, including potential plans to drill Joshua from underground to advance mining and resource expansion. The underground development in Kearney is 370 metres from the Joshua Vein, of which 152 metres have already been advanced in the cross cut, with 218 metres of development remaining to reach 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       vertical     (g/t)    (g/t)    (%)    loss 
                                                        (m)         depth (m)                             (%) 
 FR-DD-21-UG-172      287.7/66.1           1.6            0.5         117        4.1      17.9    0.9     1.9 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 and                  287.7/66.1           2.8            1.0         121        10.4     50.5    2.4      8 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 FR-DD-21-171         258.6/47.4           0.5            0.3          35         4       10.3    0.6      0 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 and                  258.7/48.4           6.5            4.3          73        10.1     93.5    3.4     12 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 FR-DD-21-169       No significant mineralization 
                   ------------------------------------------------------------------------------------------- 
 FR-DD-21-167       No significant mineralization 
                   ------------------------------------------------------------------------------------------- 
 FR-DD-21-166         277.3/48.6           0.9            0.6          88        5.3      35.5     0       0 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 FR-DD-21-165          260.5/72            1.1            0.3         104        2.4      6.2      0       0 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 and                   260.5/72            0.9            0.3         107        1.4      13.2     0       0 
                   ---------------  ----------------  ----------  -----------  -------  -------  -----  ------ 
 

Notes:

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.

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. 

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/4776V_1-2021-12-13.pdf

Qualified Person & QA/QC

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.

The Company systematically submits standards, duplicates and blanks as part of a QA/QC program. Verification of the data by the QP includes a review of the QA/QC results, with no issues being revealed.

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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