TIDMGAL
RNS Number : 8460D
Galantas Gold Corporation
24 October 2022
GALANTAS GOLD EXTS DILATION ZONE TO THE NORTH AND DRILLS 14.2
GRAMS/TONNE GOLD OVER 4.5-METRE INTERSECTION
October 24, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce results for four holes from its ongoing
drilling program at the Omagh Project in Northern Ireland. Three
holes were drilled from an underground platform towards the south
of the development on the Kearney Vein, and one was drilled from a
new platform in the north.
Drilling highlights:
-- Hole FR-DD-22-UG-191 targeted a northern extension to a
proposed dilation zone* within the Kearney Vein, intersecting 6.3
grams per tonne (g/t) gold (Au) and 32.1 g/t silver (Ag) over 11
metres (see Table 1 and Figure 1). This includes a higher grade
section of 14.2 g/t Au and 59.3 g/t Ag over 4.5 metres.
-- Hole FR-DD-22-UG-188, drilled from the lowest drill platform,
intersected the main Kearney Vein 40 metres below the resource
model at 9.3 g/t Au and 23.3 g/t Ag over 2.9 metres.
-- Holes FR-DD-22-UG-187 and 184 both intersected the main
Kearney Vein and the B-lens with B-lens intersections in the
inferred resource and approximately 50 metres beneath the resource
model, respectively. The B-lens is a vein that runs parallel to the
Kearney Vein, approximately 17 metres east in this area.
Mario Stifano, CEO of Galantas, commented: "These results
underscore the success of the drilling program at the Omagh Gold
Project by extending the dilation zones at the main Kearney Vein
further north, as we predicted from earlier drilling. We are
pleased that our drill data so far is supporting the theory that
dilation zones - a pattern of vein swelling and grade increases -
are projected at depth and predictably identified at regular
intervals along strike of the first five levels of the Kearney Vein
underground development."
*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.
Figure 1: Kearney Vein long-section view showing part of the
resource model, proposed dilation zones, new and nearby
intersections.
Figure 2: Split section of drill core from hole FR-DD-22-UG-187
grading 38 g/t Au and 54 g/t Ag over an estimated true width of
0.18 metres.
Table 1: Summary of drill results.
Hole ID Azimuth/ Intersect Est. Intersect Gold (g/t) Silver Lead Core
Dip (degrees) (m) (downhole) true vertical (g/t) (%) loss
width depth (%)
(m) (m)*
FR-DD-22-UG-191 277.2/74 11 3 169 6.3 32.1 0.9 3.3
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
Including 4.5 1.2 14.2 59.3 1.5 6.9
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
FR-DD-22-UG-188 121.5/63 2.9 1.1 170 9.3 23.3 2.6 0
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
FR-DD-22-UG-187 073/49 2.4 1.5 128 13.2 27.7 1 3
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
And 073/49 1.8 1.1 133 5.5 5 0 23.5
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
And 072.5/52 1.8 1.1 152 6.7 8.6 0.3 6.9
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
FR-DD-22-UG-184 090/62 2.8 1.3 130 6.8 8.3 0.6 18.1
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
And 093/62.1 1.7 0.8 141 7 11.8 0.4 43.2
--------------- ---------------- ------- ---------- ----------- ------- ----- ------
And 099.9/64.2 1 0.4 199 3.1 3.7 0.4 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 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. Three 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 were recorded as cavities during the drill process.
Qualified Person and Quality Assurance and Control
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.
Galantas Gold operates according to rigorous internal Quality
Assurance and Quality Control (QA/QC) protocols with respect to the
insertion of blanks, standards and duplicates into the sample
stream prior to dispatch to ALS Laboratory, which are consistent
with industry best practices. The QP has reviewed the QA/QC results
in relation to these drill results and is satisfied that the
results as reported are reliable.
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, Samuel
Littler
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM 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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END
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