TIDMGAL
RNS Number : 8544U
Galantas Gold Corporation
04 August 2022
GALANTAS GOLD DRILLS 31.8 G/T GOLD OVER 4.4 METRES AT THE OMAGH
PROJECT
August 4, 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-186 targeted a dilation zone within the
Kearney Vein and intersected 31.8 grams per tonne (g/t) gold (Au)
and 39.2 g/t silver (Ag) over 4.4 metres, including 69.6 g/t Au and
86.6 g/t Ag over 1.4 metres (see Table 1, Figures 1 & 2). Other
intersections within this same hole include 10.4 g/t Au and 29.4
g/t Ag over 3.3 metres, and 6.7 g/t Au and 6.8 g/t Ag over 1.2
metres on the 'B-lens'.
-- Hole FR-DD-22-UG-182 targeted the main Kearney Vein and
intersected 8.9 g/t Au and 36.4 g/t Ag over 2.1 metres (see Figure
3) approximately 25 metres south of the previously reported
FR-DD-22-UG-181 intersection of 31.7 g/t Au and 58.5 g/t Ag over 7
metres (see Galantas' press release dated March 21, 2022).
Mario Stifano, CEO of Galantas, commented: "The ongoing drilling
program has now successfully demonstrated the dilation zone model*
at both the Kearney and Joshua veins with multiple high-grade
intercepts including 17.4 g/t Au and 74.6 g/t Ag over 13.1 metres,
and 10.1 g/t Au and 93.5 g/t Ag over 6.5 metres. Ongoing
development of the underground decline will facilitate deeper
drilling and more precise targeting of dilation zones to the south
at Kearney, planned later this year. Drilling is also planned from
the 1084 level, with the aim of identifying and delineating new
dilation zones to the north at Kearney.
"The Company has successfully commissioned the secondary egress
and has now commenced blasting of our first stope at Omagh. The
timeline to transition Galantas to an underground gold miner has
taken longer than initially expected but the commitment and focus
by the Galantas team to build and train a workforce, rehabilitate
the mine and mill, secure critical mining equipment while also
drilling some of our best intercepts to date is no small
accomplishment. The Company is reviewing our mine plan and
production guidance for the next 16 months including the timing to
advance development to the higher grade Joshua Vein to provide
multiple mine headings as well as underground drill platforms to
extend the mineralization to depth and test new targets."
*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. Intersect Gold Silver Lead Core
Dip (degrees) (m) (downhole) true vertical (g/t) (g/t) (%) loss
width depth (m)* (%)
(m)
FR-DD-22-UG-186 039/37 3.3 2.5 140 10.4 29.4 1.6 0
--------------- ---------------- ------- ------------ ------- ------- ----- ------
And 039/37 4.4 3.0 143 31.8 39.2 4.0 0
--------------- ---------------- ------- ------------ ------- ------- ----- ------
Including 1.4 1.0 69.6 86.6 9.6 0
--------------- ---------------- ------- ------------ ------- ------- ----- ------
And 038/37 1.2 0.7 156 6.7 6.8 0 0
--------------- ---------------- ------- ------------ ------- ------- ----- ------
FR-DD-22-UG-185 158.4/28 2.3 0.5 141 3.8 4.8 0.2 22.0
--------------- ---------------- ------- ------------ ------- ------- ----- ------
And 160.4/33 2.0 0.5 184 2.2 2.8 0.1 7.4
--------------- ---------------- ------- ------------ ------- ------- ----- ------
FR-DD-22-UG-182 122.2/55.3 2.1 1.0 158 8.9 36.4 0.9 36.8
--------------- ---------------- ------- ------------ ------- ------- ----- ------
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.
4. All assays are reported without application of a top cut.
5. Two of the reported intersections have an abnormally high
core loss that may bias (either positively or negatively) the assay
value for those intersections, and thus these intersections may not
be fully representative of the true intersect value. These core
losses are likely to be the result of cavities.
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/8544U_1-2022-8-3.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 Joint Broker & Corporate
Adviser)
Hugh Rich, John Prior
Telephone: +44(0)20 7886 2500
SP Angel Corporate Finance LLP (AIM Joint Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Broking)
Telephone: +44(0)20 3470 0470
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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