TIDMGAL
RNS Number : 1313H
Galantas Gold Corporation
22 November 2022
MICON INTERNATIONAL TO PREPARE UPDATED MINERAL RESOURCE ESTIMATE
FOR GALANTAS GOLD'S OMAGH PROJECT IN NORTHERN IRELAND
November 22, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce the appointment of Micon International
Limited ("Micon") to produce a NI 43-101-compliant Mineral Resource
Estimate for the Company's Omagh Gold Project in Northern
Ireland.
Mario Stifano, CEO of Galantas, commented: "Galantas has
completed more than 4,100 metres of drilling during the last year,
in our largest exploration program since the 2014 resource
estimate. We have accumulated a substantial amount of data,
including a number of new intercepts in the inferred resource, and
chip channel sampling from five levels of underground development,
in addition to the discovery of dilation zones - a pattern of vein
swelling and grade increases - identified at both Kearney and
Joshua veins. Our deeper understanding of dilation zones and
structural controls enables us to now target drilling at the Kerr
Vein system, located between the main Kearney and Joshua veins, to
test its potential on the northern extension.
"We expect a proportion of the 2014 resources to be upgraded,
and for gaps in the resource to be filled in. We are also excited
for the dilation zones to be remodelled into the resource, and look
forward to providing the new Mineral Resource Estimate by Q2
2023."
Highlights of 2021-22 drilling(1) that will be incorporated in
the upcoming Mineral Resource Estimate:
-- 31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t silver (Ag)
over a 7-metre core intersect at the Kearney Vein.
-- 17.4 g/t Au and 74.6 g/t Ag over a 13.1-metre core intersect at the Joshua Vein.
-- 10.1 g/t Au and 93.5 g/t Ag over a 6.5-metre core intersect at Joshua.
-- 26.7 g/t Au and 88.2 g/t Ag over a 2.9-metre core intersect at Kearney.
-- 21.4 g/t Au and 32.9 g/t Ag over a 2.4-metre core intersect at Kearney.
-- 31.8 g/t Au and 39.2 g/t Ag over a 4.4-metre core intersect at Kearney.
(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. Data has been rounded to 1 decimal
place. All assays are reported without application of a top cut.
For full results, see Galantas news releases dated October 12,
2021, November 24, 2021, December 13, 2021, January 31, 2022, March
21, 2022, May 16, 2022, August 4, 2022, and October 24, 2022.
Micon is an independent firm of mining industry consultants
headquartered in Toronto, Canada with offices in Vancouver and the
United Kingdom. Micon has applied skills and experience in economic
geology, mine and process plant design, mineral economics,
environmental management, mine operation and project management to
provide consulting services throughout the world to junior and
senior mining companies, financial institutions, government
agencies and law firms.
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 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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