Galantas Drills 2.8 Metres High Grade Gold on Joshua Vein
27 Agosto 2013 - 8:00AM
Marketwired Canada
Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL), the AIM
and TSXV quoted gold producer and explorer with a 100% interest in Ireland's
only operating gold mine, has received a core drilling result from its Omagh
Gold Property, near Omagh, County Tyrone, Northern Ireland.
Core 147 was drilled on the Central Joshua Vein by an in-house crew and rig. The
results, which are tabulated below, average 12.4 g/t gold, over a true width of
vein of 2.8 metres. The top of the mineralised intersect is estimated to be at a
vertical depth of 137.2 metres. The hole was terminated at a down-hole length of
171.8 metres.
Core 147 is the second deepest intersect yet drilled on Joshua Vein. Core 147 is
situated approximately 50 metres south of Core 103, which, as the deepest
intersect so far, found 8.4 g/t gold over a true width of 4.5 metres at a
vertical depth of 160.6 metres. Core 114B, collared close to Core 147,
intersected 6.5 g/t gold, over a true width of 1.1 metres, at a vertical depth
of 92.5 metres. Core 123, some 25 metres to the south, intersected 12.5 g/t
gold, over a true width of 1.9 metres, at a vertical depth of 45.4 metres.
A follow up core has been commenced near to Core 147, which targets the vein at
a shallower depth. The Joshua Vein is, so far, known to extend over 836 metres
along strike. The current geological model, which the latest core result further
supports, indicates a high gold accumulation along an approximate 325 metres
southern / central strike length, which is open to depth.
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 (part of
the Stewart Group and an independent, ISO 17025 laboratory) of Galway, Ireland.
The core drilling methodology was that as described on 15th September 2011.
Mr. Phelps commented, "Joshua Vein continues to reveal itself with a further
excellent drilling result and has justified the Company's continuing exploration
commitment."
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.
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.
RESULTS TABLE
JOSHUA VEIN
----------------------------------------------------------------------------
Estim- Inter-
Inter- Core ated sect
sect Dip true Vert- Sil-
Wid- at wid- ical Gold ver Lead Core
Hole Azi- th inter- th depth Au Ag Pb loss
number Easting Northing muth (m) sect (m) (m) g/t g/t % %
----------------------------------------------------------------------------
OM-
DD-13-
147(JA)
239603.594 370740.103 90 5.6 -70 2.8 137.2m 12.4 19.8 0.9 0
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NOTE: All figures have been rounded to one decimal place. Intersect depth is a
maximum estimate to the top of the intersect. Details of previous cores may be
found in the Technical Report on the Omagh Gold Project July 2013, filed on
www.sedar.com and www.galantas.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Galantas Gold Corporation
Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO
+44 (0) 2882 241100
info@galantas.com
www.galantas.com
Charles Stanley Securities (AIM Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
Galantas Gold (TSXV:GAL)
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