Galantas Announces 34% Increase in Resources at Omagh Gold Mine
12 Junio 2013 - 8:00AM
Marketwired Canada
Galantas Gold Corporation (TSX VENTURE:GAL) (AIM:GAL) is pleased to announce a
summary of an updated resource estimate relating to its wholly owned,
operational, gold project at Omagh, County Tyrone, Northern Ireland.
The resource estimate is based on drilling results received up to 5th May 2013.
The following table summarises the block model estimate and compares it to the
previous estimate by ACA Howe, which was based on drilling results up to 8th
June 2012 :
ACA Howe 2012 report Galantas 2013 report
Drilling to 8th June 2012 Drilling to 5thMay 2013
MINERALISED RESOURCE CUT-OFF 2.5 g/t Au (gold) CUT-OFF 2.5 g/t Au (gold)
ZONE CATEGORY Grade Grade
TONNES (Au g/t) Au ozs TONNES (Au g/t) Au ozs
KEARNEY MEASURED 0 0 0 55,896 6.09 10,941
KEARNEY INDICATED 270,900 7.94 69,000 327,542 6.56 69,057
KEARNEY INFERRED 490,000 8.54 135,000 831,860 6.16 164,651
JOSHUA MEASURED 13,000 6.48 2,800 59,002 4.92 9,331
JOSHUA INDICATED 66,800 6.27 13,000 250,140 5.32 42,804
JOSHUA INFERRED 173,000 8.48 47,000 395,886 6.45 82,148
ELKINS INDICATED 68,500 4.24 9,000 68,500 4.24 9,000
ELKINS INFERRED 20,000 5.84 3,800 20,000 5.84 3,800
KERR MEASURED 2,250 6.75 500 2,250 6.75 500
KERR INDICATED 5,400 5.03 900 5,400 5.03 900
KERR INFERRED 26,000 4.58 4,000 26,000 4.58 4,000
GORMLEYS INFERRED 75,000 8.78 21,000 75,000 8.78 21,000
GARRY'S INFERRED 0 0.00 0 0 0.00 0
PRINCES INFERRED 10,000 38.11 13,000 10,000 38.11 13,000
SAMMY'S INFERRED 27,000 6.07 5,000 27,000 6.07 5,000
KEARNEY INFERRED 18,000 3.47 2,000 18,000 3.47 2,000
NORTH
TOTALS MEASURED 15,250 6.52 3,300 77,919 5.87 20,772
INDICATED 411,600 7.01 92,000 651,582 5.85 121,761
INFERRED 839,000 8.53 231,000 1,403,746 6.54 295,599
Note: Rounded numbers, gold grades capped at 75g/t. Cut-off grade of 2.5g/t
Au & a minimum mining width of 0.9 metres. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
The drilling program, subsequent to June 2012, was targeted to increase the
amount of Measured and Indicated Resources, to increase the confidence of loan
finance providers, related to the potential development of an underground mine.
The drilling target was achieved. There has been an overall increase in
Resources classified as Measured and Indicated from a total of 95,300 troy
ounces gold (2012) to 142,533 troy ounces gold (an increase of 50%) and a 28%
increase in Resources classified as Inferred, from 231,000 troy ounces gold
(2012) to 295,599 troy ounces gold (2013). The overall increase is 34%. The
unaudited, estimated cost of the drilling program (subsequent to 8th June 2012)
was approximately GBP 927,000.
The database used in the 2013 resource estimate contains results from 299
surface diamond drill holes and 540 channels. Sampling methodology, security &
verification followed standard procedures previously detailed on April 5th 2006
and the samples were analysed (gold by fire assay with atomic absorption finish
and other metals by ICP-ORE) at OMAC Laboratory Ltd (now ALS Minerals Division),
an independent, ISO 17025 laboratory, of Galway, Ireland. The core drilling
methodology was that as described on 15th September 2011.
The Company intends to file a complete Technical Report on SEDAR within 45 days
of this release, as required by NI 43-101.
Roland Phelps, President & CEO, Galantas Gold Corporation commented, "The 2013
Resource Estimate is an important milestone in the development of an underground
gold mine on our Omagh site. A revised economic study can now be initiated and
loan finance discussions will continue when that is complete. Planning permits
continue to progress, with final additional information now being prepared for
consultation."
Roland Phelps, B.Sc., C.Eng, MIMMM, President & CEO, Galantas Gold Corporation
is the Qualified Person (QP) for the NI.43-101 Report on the Resource Estimate
of the Omagh Gold Deposit (2013). Data collection procedures and the preparation
of the resource estimate has been carried out under his supervision and he has
reviewed and approved the contents of this press release. The QP is not
independent of the Company. The financial component of this disclosure has been
reviewed by Leo O' Shaughnessy (Chief Financial Officer, Galantas Gold
Corporation) and is based upon local financial data prepared under his
supervision.
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 geological interpretation,
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;
actual and estimated costs; 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.
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
Investor Relations :
Courtenay Heading (Maclir Consulting Ltd)
(UK) +44 (0) 7624 424 455
c.heading@galantas.com
Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
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