TIDMGAL
RNS Number : 0601A
Galantas Gold Corporation
31 January 2022
GALANTAS GOLD DRILLS 17.4 G/T GOLD AND 74.6 G/T SILVER OVER 13.1
METRES AT THE OMAGH PROJECT
January 31, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
announces continued success at intercepting high-grade gold from
its ongoing 4,000-metre drilling program at the Omagh Project in
Northern Ireland.
Hole FR-DD-21-175 was drilled from surface and targeted the
Joshua Vein. It intersected 17.4 grams per tonne (g/t) gold (Au),
74.6 g/t silver (Ag) and 1.9 % lead (Pb) over 13.1 metres (see
Table 1 for details). This hole successfully targeted a potential
'dilation zone' within the Joshua Vein and includes a higher-grade
section with 25.3 g/t Au, 108.4 g/t Ag and 2.9% Pb over 8.7
metres.
Detailed plan maps indicate vein swelling in predictable zones
along ore drives in the first four levels of the mine development
on the Kearney Vein. These wider areas of mineralization, or
dilation zones, are believed to be linked on shallow, north-dipping
planes. High strain between intersecting faults, resulting in
increased permeability, could concentrate fluid flow and result in
wider zones of mineralization such as those found in the
underground development (see press release on May 6, 2020 and
report therein for details). Figure 1 illustrates the location of
hole FR-DD-21-175 on a potential dilation trend within the Joshua
Vein, relative to other key intersections.
A similar deeper dilation zone was also intersected during the
current program with hole FR-DD-21-171 intersecting 10.1 g/t Au,
93.5 g/t Ag and 3.4% Pb over 6.5 metres (see press release on
December 13, 2021). In 2015, hole OM-DD-15-155 intersected 9.9 g/t
Au over 21.6 metres approximately 45 metres below the current
reported intercept (see press release on January 25, 2016). Figure
2 summarizes the key data for these two zones and a potential third
at depth.
Mario Stifano, CEO of Galantas, commented: "As Galantas advances
underground mine development towards production, detailed mapping
of the exposed mineralization identified zones of thicker widths,
suggesting the significant potential to not only identify wider
zones of mineralization but higher grades, and the opportunity to
significantly expand current resources with additional drilling.
The Joshua and Kearney veins remain open along strike and to depth,
and only represent 2 of the 16 veins identified to date. With the
encouraging results from our current drill program, Galantas is
evaluating accelerating the planned underground development and the
required infrastructure to the Joshua Vein which is currently 240
metres west of the Kearney development. This will allow for two
additional drill bays for multiple underground drills at the
Kearney and Joshua veins, to expand and accelerate the drilling
program."
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-21-175 275.5/58.2 13.1 6.9 71 17.4 74.6 1.9 8.4
---------------- ---------------- ---------- ----------- ------- ------- ----- ------
Including 8.7 4.5 25.3 108.4 2.9 9.2
---------------- ---------- ----------- ------- ------- ----- ------
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/0601A_1-2022-1-30.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 gold production
and resources at the Omagh Project in Northern Ireland.
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, John Prior
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 and mine development
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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