TIDMGAL
RNS Number : 6798M
Galantas Gold Corporation
18 September 2023
GALANTAS GOLD DRILLS 13.1 GRAMS/TONNE GOLD OVER A 2.5-METRE
INTERSECTION AT THE OMAGH PROJECT
SEPTEMBER 18, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce the results for the first hole from the new
surface drill program at the Omagh Project in Northern Ireland.
Hole FR-DD-23-196 targeted a gap in the earlier resource model
on the main Joshua Vein, intersecting 13.1 grams per tonne (g/t)
gold (Au) and 91.6 g/t silver (Ag) over 2.5 metres (see Table 1 and
Figure 1).
The hole passes through an undrilled area of the earlier
resource model and falls within a predicted dilation zone* (see
Galantas news release dated August 10, 2023). Other significant
results attained within this dilation trend include hole
OM-DD-12-122 which intersected 21.2 g/t Au over 2.1 metres, hole
OM-DD-13-147 which intersected 12.4 g/t Au over 5.6 metres, and
hole OM-DD-12-103 which intersected 8.4 g/t Au over 26.6 metres
(see Figure 2 and Galantas news releases dated June 11, 2012,
October 29, 2012 and August 27, 2013).
Mario Stifano, CEO of Galantas, commented: "We are pleased with
the encouraging early results of our new drill program from
surface. As we continue drilling on the Joshua Vein, we will test
the down-dip potential of this dilation zone with the aim of
expanding the resource to ultimately add to the Omagh Mine's
production capacity."
*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.
Table 1: Summary of drill results.
Hole ID Collar Collar Azimuth/ Intersect Est. Intersect Gold Silver Lead Core
location elevation Dip (deg.) (m) true vertical (g/t) (g/t) (%) loss
(downhole) width depth (%)
(m) (m)*
239794
E
370715
FR-DD-23-196 N 168 m 250.1/50.3 2.5 1.5 132 13.1 91.6 8.9 1
---------- ---------- ----------- ----------- ------- ---------- ------- ------- ----- ------
Notes:
1. Drill hole was NQ 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.
Figure 1: Split section of drill core from hole FR-DD-23-196,
over a 0.25-metre sample length.
Figure 2: Long section of the Joshua Vein showing the dilation
zone trends (in yellow arrows) with some key intersections, and the
location of the latest intersection on hole FR-DD-23-196. The 2014
resource category model has been used for display purposes.
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, 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, 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 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.
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END
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