TIDMGAL
RNS Number : 3614F
Galantas Gold Corporation
21 March 2022
GALANTAS GOLD DRILLS 31.7 G/T GOLD OVER 7 METRES AT THE OMAGH
PROJECT
EASTERN LENSES INTERSECTED INCLUDE 73.6 G/T GOLD OVER 2.2
METRES
March 21, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce results for three holes from its ongoing
4,000-metre drilling program at the Omagh Project in Northern
Ireland. All three holes were drilled from the underground
development at the Kearney Vein.
Drilling highlights:
-- Hole FR-DD-22-UG-181 intersected 31.7 grams per tonne (g/t)
gold (Au) and 58.5 g/t silver (Ag) over 7 metres at the main
Kearney Vein including 106.3 g/t Au and 111 g/t Ag over 1 metre
(see Table 1, Figures 1, 2 and 3). A deeper intersect of 7.3 g/t Au
and 5.7 g/t Ag over 2.3 metres was recorded at a 278-metre vertical
depth, approximately 55 metres east of the main Kearney Vein.
-- Hole FR-DD-21-UG-174 intersected 73.6 g/t Au and 93.4 g/t Ag
over 2.2 metres on a parallel-running vein known as the 'B-lens',
approximately 28 metres east of the Kearney Vein.
-- Hole FR-DD-21-UG-176 intersected 23.8 g/t Au and 16.8 g/t Ag
over 2.9 metres on a further parallel zone of mineralization
referred to in Figure 4 as the 'C-lens', approximately 40 metres
east of the Kearney Vein.
Drill holes FR-DD-21-UG-174 and 176 targeted parallel zones of
mineralization east of the main vein. Both of these holes, and hole
FR-DD-22-UG-181, fall within the dilation zone model (see Figure 1
and press releases on May 6, 2020, and January 31, 2022)*.
Importantly, high gold mineralization has been identified across
two vertical levels at RL000 and RL030 (Figure 4) with historical
intersection 07-47 on a stringer vein west of Kearney, and new
intersection on the C-lens, separated by 62 metres west-east.
Mario Stifano, CEO of Galantas, commented: "Our drilling program
continues to yield very positive results, particularly the
high-grade gold intersections in parallel veins with recent results
demonstrating the continuity of the lenses. These are some of our
best drill results to date and point to the significant potential
to expand gold resources at the Omagh Project. The Company has
successfully identified dilation zones at both Kearney and Joshua
veins with multiple drill intercepts, and is developing plans to
advance underground development and infrastructure at Joshua to
allow multiple underground drill platforms to expand our drilling
program."
*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.
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-22-UG-181 99/60 7 3.3 150 31.7 58.5 2.8 10
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
including 1 0.5 155 106.3 111 3.2 0
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
and 95/67 1.2 0.4 244 2.2 1.5 0.1 0
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
and 95/69 2.3 0.7 278 7.3 5.7 0.2 22
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
FR-DD-21-UG-176 54.7/56.6 3.7 1.9 148 5.2 6.4 0.1 10.9
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
and 54.5/57.2 2.9 1.5 160 23.8 16.8 0.1 0
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
FR-DD-21-UG-174 35.6/44.6 2.2 1.3 134 73.6 93.4 8.9 0
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
and 35.6/44.6 2 1.2 137 4.3 3.9 0 0
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
and 35.9/44.3 2.4 1.3 153 8.1 7.7 0.2 2.1
--------------- ---------------- ---------- ---------- ------- ------- ----- ------
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 depth 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/3614F_1-2022-3-19.pdf
Qualified Person
Scientific and 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 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, Samuel
Littler
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
at 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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