TIDMGAL
RNS Number : 9196Q
Galantas Gold Corporation
24 February 2023
GALANTAS GOLD PROVIDES UPDATE ON THE OMAGH GOLD PROJECT
February 24, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is providing an update on the Omagh Project in Northern
Ireland.
The Company is targeting an updated NI 43-101-compliant mineral
resource estimate by the end of Q2 2023 to incorporate an
additional 7,800 metres of drilling with many of the drill holes
indicating higher gold grades and thicker widths in dilation zones.
Internal modelling indicates that the grades and widths of
mineralization increase within the dilation zones at the Kearney
and Joshua veins. At Kearney, examples of drill holes that fall
within dilation zones are drill hole FR-DD-22-UG-181 at a vertical
depth of 150 metres that intersected 7 metres (estimated 3.3 metres
true thickness) of 31.7 grams per tonne (g/t) gold, and drill hole
FR-DD-22-UG-186 at a vertical depth of 143 metres that intersected
4.4 metres (estimated 3.0 metres true thickness) of 31.8 g/t gold
(see Galantas' press releases dated March 21, 2022 and August 4,
2022).
Given the potentially high grade and thicker widths within
dilation zones below the current underground development, the
Company is proceeding with a sustainable mine plan targeted by the
end of Q2 2023 that will allow the Company to develop at these
lower levels in order to optimize production. The mine plan will
determine the suitability of targeting initially 10,000 gold ounces
a year, with the potential for this to increase to 20,000 ounces a
year, followed by staged expansions. The plan is expected to
include development options for mining at the lower levels of the
Kearney Vein and to the north and south extensions of the vein's
existing workings.
The Company has also completed its first hole targeting the Kerr
Vein from underground, approximately 200 metres north of the known
surface exposure and approximately 200 metres south of a historic
base-of-till gold anomaly. Quartz veinlets associated with the
sulphide minerals, pyrite and galena, have been recorded in the
core within the target zone supporting management's view that Kerr
may extend northwards between the high-grade Joshua and Kearney
veins. Historical Pionjar drilling (base-of-till sampling) by
RioFinex in the 1980s identified 8 g/t gold between the Kearney and
Joshua veins, approximately 100 metres north of the development
drift. The Company intends to drill additional underground holes at
Kerr from the crosscut development.
At the Joshua Vein, a detailed geotechnical assessment is
planned to identify the optimal location for the raisebore hole
which will be used as a secondary egress. Management is also
reviewing the location for a portal at Joshua to optimize access to
the north and south extensions for future production.
The recruitment and retention of underground mining crews at the
Omagh Project has continued to be a challenge due to the
consequences of only being able to recruit miners from the UK and
Ireland, greatly impacting productivity. A core group of
experienced miners is now focused on plans for mine and waste
development, prioritizing access to the high-grade dilation zones
below the current underground workings as the Company looks to
transition to contract mining with Q.M.E. Mining Services (NI) Ltd.
as a potential manpower, mining and development solution. The
Company will establish a new mine optimization plan to develop to
the high-grade dilation zones at depth to maximize
productivity.
Qualified Persons
Scientific and technical disclosures relating to exploration 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.
Production and development disclosures in this press release
have been reviewed and approved by Brendan Morris, who is
considered, by virtue of his education, experience and professional
association, a Qualified Person under the terms of NI 43-101. Mr.
Morris is not considered independent under NI 43-101 as he is the
Chief Operating Officer 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, 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 outcome of exploration and development plans,
operations and prospects of the Company. 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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