TIDMGAL
RNS Number : 7191V
Galantas Gold Corporation
11 April 2023
GALANTAS GOLD TO EXTEND UNDERGROUND DRILLING PROGRAM AT THE
OMAGH PROJECT
April 11, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce an extension to its drilling program at the
Omagh Gold Project in Northern Ireland. An initial 600 metres of
diamond drilling is planned from the underground development to
target the Kerr zone and deeper extensions of the Joshua Vein.
The underground drive between the Kearney and Joshua veins (see
Figure 1) provides an opportunity to drill the under-explored area
between these two main veins, approximately >300 metres north,
and on strike of the Kerr surface exposures. It also allows for
deeper targeting of the Joshua Vein. Specifically, new drill holes
will test the down-dip potential of a deep dilation zone* and also
target areas outside of the current model (see Figure 2).
Earlier results for drill holes within the deeper dilation zone
on the Joshua Vein include:
-- 8.4 grams per tonne (g/t) gold (Au) over a 26.6-metre
intersection (see Galantas news release dated June 11, 2012).
-- 12.4 g/t Au over a 5.6-metre intersection (see Galantas news release dated August 27, 2013).
Mario Stifano, CEO of Galantas, commented: "We want to thank our
shareholders for their confidence in the district-scale potential
of the Omagh Project and for their support in our recent
oversubscribed private placement. We're eager to continue building
value through the drill bit by going after another area with
high-grade potential between the Kearney and Joshua veins that we
can now access through the underground drives. We look forward to
reporting on our exploration results in the coming months."
*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: Plan view showing the main veins and location of the
new drill platform in the underground development.
Figure 2: Joshua Vein long-section indicating three proposed
dilation zones (yellow arrows). The new drill holes will target the
area shown by the blue arrow and un-modelled areas above and
below.
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.
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 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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