Galantas Drills 2.4 Metres High Grade Gold on Joshua Vein
08 Enero 2013 - 7:00AM
Marketwired Canada
Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the 'Company'), the AIM
and TSXV quoted gold producer and explorer with a 100% interest in Ireland's
only operating gold mine, has received core drilling results from its Omagh Gold
Property, near Omagh, County Tyrone, Northern Ireland.
Ten cores were drilled on the Joshua vein. The results, which are tabulated
below, include a high-grade intersection of 23.6 g/t (grammes per tonne) gold
with 38 g/t silver, over a true width of 2.4 metres, at a vertical depth of 51.4
metres and which included a 0.8m section reported at 64 g/t gold.
The cores reported 13 significant mineralised intersects. Intersects above
cut-off grade ((i)as assessed within the Howe Technical Report detailed below),
average a true width of 1.1m, 12.6 g/t gold, 25.6 g/t silver and 1.5% lead.
Vertical depths range from 50 metres to 91 metres. The average sample grade
(width weighted) of all intersects (including those below cut-off) was 8.6 g/t
gold at average true width of 0.8m.
The Joshua vein is, so far, known to extend over 836 metres along strike. The
southern-most of the Joshua cores so far reported appear to confirm two vein
structures. Good gold accumulation (width and grade) has been discovered within
80m of the southern freehold property boundary (cores 12-122 and 12-134). Three
cores reported herein (12-131, 12-140 and 12-136), show a reduction of width and
gold grade near to the freehold boundary, below cut-off grade.
The current geological model indicates a high gold accumulation to occur along
an approximate 325 metre southern strike length. To the north lies an
approximate 90 metre strike length of apparently lower gold accumulation.
Further north, the vein system is similar to the south in that it is comprised
of two vein structures. Two shallow drill holes situated near the northern
freehold boundary appeared to indicate a vein thinning in that area. However,
the latest results have shown improved grades and widths in this part of the
vein system, with core 12-95 reporting 7.40 g/t gold over a true width of 1m at
a vertical depth of 91.4m. A second shallower intercept was reported in the same
core, giving 7.0 g/t gold over 0.6m true width at a depth of 73.3m. An earlier
reported core (11-101A, 11th June 2012), some 30m to the south, reported 7.5 g/t
gold over 1.5m true width at 65 m vertical depth and 5.4 g/t gold over 0.9m true
width at 74.7m vertical depth. Other cores previously reported (11-88 and 11-91,
5th April 2012) extend improved grades south-wards.
A total of 2,336.9 metres has been core drilled during the fourth quarter of
2012. This brings the total number of metres drilled, since the beginning of the
15,000 metre program, to 16,346.9m and completes that phase on target. Drilling
continues using the company's own CS14 core drilling rig, manned by in-house
drillers. Up to a further 1600 metres of drilling are planned in the short-term,
extending the program to 18,000 metres, following up the high gold intersect
reported today. When the remaining results are received, the company expects to
arrange an independent re-assessment of resources to Canadian National
Instrument 43-101 standard. The re-assessment will be timed to enable the follow
up cores to be included. The majority of the program has targeted potential
measured and indicated categories of resource, since active discussions with a
major lender has shown that these categories are necessary to meet the lender's
requirements.
The samples were taken by geological staff under the supervision of R. Phelps
C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person
for the program under NI 43-101 and who is also a "Qualified Person" as defined
in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock
Exchange. Sampling methodology, security & verification followed standard
procedures previously detailed on April 5th 2006 and the samples were analysed
(gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an
independent, ISO 17025 laboratory) of Galway, Ireland. The core drilling
methodology was that as described on 15th September 2011.
Mr. Phelps commented, "The latest excellent drilling results include the best
result so far on Joshua Vein - possibly the best on the whole Galantas Northern
Ireland gold license - so far. Further assays will be reported when received and
are expected over the next 8-10 weeks."
(i)The Technical Report on the Omagh Gold Project, Counties Tyrone and
Fermanagh, Northern Ireland by ACA Howe International Ltd (UK) is available on
the Company's website at http://www.galantas.com/operations/ and at
www.sedar.com.
SPECIAL NOTE REGARDING 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 drilling intersections and analyses, for 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, including:
gold price volatility; discrepancies between actual and estimated production,
actual and estimated metal grades and geologically interpreted widths, actual
and estimated metallurgical recoveries; mining operational risk; regulatory
restrictions, including environmental regulatory restrictions and liability;
risks of sovereign involvement; speculative nature of gold exploration;
dilution; competition; loss of key employees; additional funding requirements;
planning and other permitting issues; and defective title to mineral claims or
property. These factors and others that could affect Galantas's 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.
Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.
RESULTS TABLES
SOUTH
JOSHUA
----------------------------------------------------------------------------
Intersect Dip
Width at
Hole number Easting Northing Azimuth (m) intersect
----------------------------------------------------------------------------
OM-DD-12-134 239714.9 370638.1 275 3.9 52.4
----------------------------------------------------------------------------
Including
----------------------------------------------------------------------------
OM-DD-12-131 239624.0 370606.0 90 1.4 51.2
----------------------------------------------------------------------------
and 0.9 51.4
----------------------------------------------------------------------------
OM-DD-12-140 239720.4 370579.9 275 0.4 46.6
----------------------------------------------------------------------------
OM-DD-12-136 239719.1 370555.0 275 1.6 53.3
----------------------------------------------------------------------------
and 0.5 56.1
----------------------------------------------------------------------------
SOUTH
JOSHUA
----------------------------------------------------------------------------
Intersect
Estimated Vertical Core
TRUE depth Gold/Au Silver/Ag Lead/Pb loss
Hole number width (m) (m) g/t g/t % %
----------------------------------------------------------------------------
OM-DD-12-134 2.4 51.4 23.6 38 2.2 4
----------------------------------------------------------------------------
Including 0.8 64
----------------------------------------------------------------------------
OM-DD-12-131 0.9 62.7 1 0 0 7
----------------------------------------------------------------------------
and 0.6 70.1 1.7 7.9 0.3 9
----------------------------------------------------------------------------
OM-DD-12-140 0.3 29.8 4.6 11.4 0 1
----------------------------------------------------------------------------
OM-DD-12-136 0.9 28.7 2 2.7 0.1 44
----------------------------------------------------------------------------
and 0.3 62.8 2.3 28.8 0 12
----------------------------------------------------------------------------
CENTRAL
JOSHUA
----------------------------------------------------------------------------
Intersect Dip
Width at
Hole number Easting Northing Azimuth (m) intersect
----------------------------------------------------------------------------
OM-DD-12-141 239624.6 370820.0 90 1.2 47.1
----------------------------------------------------------------------------
CENTRAL
JOSHUA
----------------------------------------------------------------------------
Intersect
Estimated Vertical Core
TRUE depth Gold/Au Silver/Ag Lead/Pb loss
Hole number width (m) (m) g/t g/t % %
----------------------------------------------------------------------------
OM-DD-12-141 0.8 49.9 6.9 25.1 1.8 6
----------------------------------------------------------------------------
NORTH
JOSHUA
----------------------------------------------------------------------------
Intersect Dip
Width at
Hole number Easting Northing Azimuth (m) intersect
----------------------------------------------------------------------------
OM-DD-12-95 239710.0 371184.0 265 0.9 47.4
----------------------------------------------------------------------------
and 1.5 48.3
----------------------------------------------------------------------------
OM-DD-12-138 239642.7 371132.0 274 0.6 46.2
----------------------------------------------------------------------------
OM-DD-12-132 239696.3 370950.0 272 1.6 54.6
----------------------------------------------------------------------------
OM-DD-12-135 239697.2 370950.0 272 1.8 72
----------------------------------------------------------------------------
OM-DD-12-129 239711.8 370915.0 270 1.4 46.6
----------------------------------------------------------------------------
NORTH
JOSHUA
----------------------------------------------------------------------------
Intersect
Estimated Vertical Core
TRUE depth Gold/Au Silver/Ag Lead/Pb loss
Hole number width (m) (m) g/t g/t % %
----------------------------------------------------------------------------
OM-DD-12-95 0.6 73.3 7 5 0 0
----------------------------------------------------------------------------
and 1 91.4 7.4 10.6 0.6 0
----------------------------------------------------------------------------
OM-DD-12-138 0.4 13.8 1.9 6.6 0 0
----------------------------------------------------------------------------
OM-DD-12-132 1 61.9 3.2 1.2 0 29
----------------------------------------------------------------------------
OM-DD-12-135 0.6 90.6 1.3 3.1 0.1 20
----------------------------------------------------------------------------
OM-DD-12-129 1 55.4 8.6 48 2.8 9
----------------------------------------------------------------------------
NOTE: All figures have been rounded to one decimal place. Intersect depth is a
maximum estimate to the top of the intersect.
FOR FURTHER INFORMATION PLEASE CONTACT:
Galantas Gold Corporation
Jack Gunter P.Eng
Chairman
+44 (0) 2882 241100
Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
+44 (0) 2882 241100
info@galantas.com
www.galantas.com
Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
Investor Relations
Courtenay Heading (Maclir Consulting Ltd)
(UK) +44 (0) 7624 424 455
c.heading@Galantas.com
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