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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END
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