Galantas Gold Drills 19.8 Grams/Tonne Gold Over 1.7 Metres at the Omagh Project
19 7월 2023 - 3:00PM
Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
("
Galantas" or the "
Company") is
pleased to announce results for a hole drilled from an underground
platform within the second level of the Kearney Vein development at
the Omagh Project in Northern Ireland.
Hole FR-DD-23-UG-193 intersected 19.8 grams per
tonne (g/t) gold (Au) and 11.3 g/t silver (Ag) over 1.7 metres
targeting the Kearney B-lens (see Table 1 and Figure 1). This is
the most northerly intersection in the latest underground drill
program, and provides important information on the course and
continuity of mineralization outside the main Kearney Vein.
A new surface drilling program is underway at
Omagh to test a predicted dilation zone at the Joshua Vein which
has potential to host higher widths of mineralization (see
Galantas’ news release dated June 22, 2023).
Mario Stifano, CEO of Galantas, commented: “Our
drill program continues to yield positive results, improving our
understanding of the high-grade gold mineralization below the Omagh
mine. We’re pleased with the outcome of this final underground hole
at the main Kearney Vein as we transition our drill program from
underground to surface to target the other main Joshua Vein and
potentially add to the number of dilation zones previously
delineated from historical drilling. We look forward to reporting
on these drill results as they become available.”
Table 1: Summary of drill results.
Hole ID |
Collarlocation |
Collar elevation |
Azimuth/Dip (deg.) |
Intersect(m) (downhole) |
Est. truewidth (m) |
Intersectvertical depth from surface (m) |
Gold(g/t) |
Silver(g/t) |
Lead(%) |
Coreloss(%) |
FR-DD-23-UG-193 |
240097 E371149 N |
84.2 m |
52.9/44.3 |
1.7 |
1.1 |
102 |
19.8 |
11.3 |
0 |
0 |
Notes:
- Drill holes were HQ 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.
- Intersect vertical depth intervals
are from ground surface to the top of the mineralized zone.
- Data has been rounded to 1 decimal
place.
- All assays are reported without
application of a top cut.
Figure 1: Part of a split section of drill core from
hole FR-DD-23-UG-193 grading 72.4 g/t Au and 38 g/t Ag over a
0.36-metre core length.
Qualified Person and
Quality Assurance and Control
Scientific and technical disclosures in this
news 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.
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.
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 CorporationMario Stifano: Chief Executive
OfficerEmail: info@galantas.comWebsite: www.galantas.comTelephone:
+44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)Philip Secrett, Harrison
Clarke, George Grainger, 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4bf3651f-7165-401f-8479-1d162a354bbe
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