GALANTAS GOLD ANNOUNCES
COMPLETION OF TRIAL STOPING PROGRAM AT OMAGH GOLD PROJECT, NORTHERN
IRELAND
JUNE 18,
2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL;
OTCQX: GALKF) ("Galantas" or the "Company") is
pleased to announce the successful completion of its trial stoping
program at the Cavanacaw Gold Mine at the Omagh Project in County
Tyrone, Northern Ireland.
Mario Stifano, CEO of Galantas,
commented: "The trial has brought a high
level of understanding to the mine development process and helped
us conclude that the Cavanacaw Mine can be
mined successfully, utilizing a longhole mining method and
backfill. The trial stoping has provided sufficient information to
bring a high level of confidence for a successful stoping program
in the future."
Provisional revenues generated from
concentrate sales totalled approximately US$1,103,000 in 2023 and
approximately US$207,000 in Q1 2024. The net proceeds from
concentrate sales are being offset against development assets,
until the mine commences commercial production.
Six stopes were successfully mined
and backfilled using a narrow vein, modified Avoca longhole open
stoping method, in two separate blocks. The minimum stope width was
2.2 metres planned with a stope length of 10 to 15 metres. Vertical
distance between the stoping levels was approximately 8 metres from
roof to floor. Following the success of the trial, the Company
plans to increase the distance between levels to 12 metres.
Relatively low-grade areas of the mine were selected for the trial
to assess the suitability of the mining method and also to serve as
a training project for the locally trained mining
operators.
A total of 3,175 tonnes of
mineralized material was successfully mined from the six stopes
during this phase in a safe and controlled manner. Reconciliation
was completed for two of the stopes, and grades returned an average
percentage increase of 113%* from the grade modelled in the
technical report "Resource Estimate, Preliminary Economic
Assessment & Detailed Feasibility Study on the Omagh Gold
Project, County Tyrone, Northern Ireland" dated July 26, 2014 and
filed on September 4, 2014.
Trials have led to an optimized
cycle of two days from the initial stope blast to completion of
backfill, thus reducing the potential for dilution and also
streamlining the process. This mining method can now be applied to
more than 240 stopes which are already planned for the Kearney and
Joshua zones, with grades in the range of 2.0 grams per tonne (g/t)
gold to 17 g/t.
*Higher grade reconciliation may not
be indicative of future grade reconciliations.
Qualified Person
Scientific and technical information
relating to production and development in this news release has
been reviewed and approved by Brendan Morris, who is considered, by
virtue of his education, experience and professional association, a
Qualified Person within the meaning 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.
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, and exploring the Gairloch Project hosting the Kerry Road
gold-bearing VMS deposit in Scotland.
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, Elliot Peters
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 news 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 results of exploration and mine
development programs at the Omagh Project and Gairloch 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 news 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 news release, except as required by
law.
