Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
(“Galantas” or the “Company”) is pleased to announce the results of
the second exploration drill hole at the Gairloch Project in
Scotland.
Drilling highlights:
- Hole 23-GL-02 intersected 1.88
grams per tonne (g/t) gold (Au), 1.23% copper (Cu), 0.51% zinc
(Zn), 0.01% cobalt (Co) and 4.64 g/t silver (Ag) over 33 metres,
including 2.55 g/t Au, 1.72% Cu, 0.80% Zn, 5.59 g/t Ag and 0.01% Co
over 19.33 metres.
- Four holes have been completed so
far over the main deposit area totaling 190.4 metres.
- The company is currently drilling a
deep hole through the centre of the deposit to understand the local
stratigraphy and to explore for further mineralization at
depth.
Table 1: Summary of drill
results.
Hole |
From (m) |
To (m) |
Width (m) |
Gold (g/t) |
Copper (%) |
Zinc (%) |
Cobalt (%) |
Silver (g/t) |
Copper Equivalent (%) |
23-GL-02 |
17.00 |
50.00 |
33.00 |
1.88 |
1.23 |
0.51 |
0.01 |
4.64 |
2.83 |
including |
30.00 |
49.33 |
19.33 |
2.55 |
1.72 |
0.80 |
0.01 |
5.59 |
3.92 |
Notes:
- Reported intervals are downhole
widths.
- The copper equivalent values are
estimated using approximate metal prices of $8,350/t copper,
$2,480/t zinc, $1,900/oz gold, $23/oz silver and $33,140/t cobalt
and are presented for ease of interval comparison only.
Metallurgical factors are assumed to be 100% although recovery
factors and smelter returns may vary significantly.
- True width estimated at 99.6% of
intersect width (32.87 metres and 19.26 metres respectively), based
on historical information that the unit dips at approximately 50
degrees. Galantas drilled down dip at 45 degrees intersecting the
mineralization at 85 degrees.
Drill program
This drill hole was a 50-metre step back from
hole 23-GL-01 (see Galantas’ news release dated July 10, 2023) and
is part of a program of six holes aiming to test the Kerry Road
deposit. The mineralized horizon intercepted in this hole 23-GL-02
was observed within a quartz-carbonate-rich unit between hornblende
schist, much like the first hole 23-GL-01. The sulphide within this
horizon was predominantly massive and semi-massive pyrrhotite and
chalcopyrite.
A total of 494 metres has been drilled to date,
with the results of holes 3 and 4 expected in the coming weeks.
Hole 5 is a deep hole currently drilling below the known
deposit.
Mario Stifano, CEO of Galantas, commented: “This
second hole has proven to be far richer and wider than anticipated.
The results further confirm our belief that we are sitting on a
potentially significant and district-scale, high-grade polymetallic
mineral deposit and one that could be of strategic importance for
the UK and Europe’s critical metal supply.”
Figure 1: Section of drill core from
hole 23-GL-02 showing rich chalcopyrite (a sulphide mineral that
contains approximately 34% copper by weight).
Prospecting at the Gairloch
Project
Prospecting has identified multiple massive
sulphide horizons in outcrop at newly exposed bedrock from a road
cutting 1.5km east of the Kerry Road deposit. Results of the
sampling are expected within the coming weeks. Further prospecting
will continue along trend towards the Gorm Lochs Prospect which
lies 10km south of Kerry Road. Historical samples collected at Gorm
Lochs include up to 4 g/t Au in outcrop (see Galantas’ news release
dated January 26, 2023).
Table 2: Drill hole
location.
Hole |
Easting |
Northing |
Elevation (m) |
Azimuth (grid) |
Dip |
Length (m) |
23-GL-02 |
183816 |
872519 |
156 |
223 |
-45 |
53.2 |
Gairloch Project Overview
The Kerry Road deposit is a stratabound,
Besshi-style, VMS gold-copper-zinc deposit exposed at surface. It
is one of the oldest known Besshi deposits, similar in age to the
Sherridon district in Manitoba, Canada. The Kerry Road deposit was
discovered by Consolidated Goldfields in the 1970s where 87 holes
were drilled over 9,189 metres. No commercial exploration has taken
place since then until 2018 when drilling by GreenOre Gold PLC
(GreenOre) confirmed the presence of mineralization at Kerry Road
by intercepting 1.0 g/t gold, 0.9% copper and 0.6% zinc over 17
metres (see Galantas’ news release dated January 26, 2023). Rock
chip sampling conducted by GreenOre in 2018 also identified
elevated levels of cobalt in bedrock.
The Kerry Road deposit lies within the Gairloch
Schist Belt, a Paleoproterozic volcanic arc terrane extending over
25 km. The unit of interest is a quartz carbonate schist with the
main minerals being chalcopyrite, sphalerite, pyrite and
pyrrhotite. Limited exploration has been conducted over the area in
recent years. The British Geological Survey (BGS) identified an
outcrop of 4 g/t Au in their MRP146 report of the area, associated
with a significant geophysical anomaly approximately 10 km south of
the Kerry Road deposit, yet the area remains untested. This area is
one of multiple targets identified by Galantas for follow-up
exploration.
Galantas has acquired a 100% interest and the
exclusive rights to explore and develop the Gairloch Project, a 217
km² mineral licence area covering the Gairloch Schist Belt.
Qualified Person and Quality Assurance
and Control
The technical and historical information in this
release has been reviewed and approved by Gavin Berkenheger (CGeol,
EurGeol) who is considered, by virtue of his education, experience
and professional association, a Qualified Person under the terms of
NI 43-101. Mr. Berkenheger is not considered independent under NI
43-101 as he is a consultant 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 Laboratories, 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.
Drill hole 23-GL-02 was positioned 50 metres
step back from hole 23-GL-01 and drilled at 45 degrees dip in NQ
core size. Core samples were split in half in mainly metre-long
samples, inserting regular blanks and standards for QA/QC purposes.
Analysis was conducted by ALS Laboratories in Loughrea, Ireland.
Samples were prepared using PREP-31B crush to 70% less than 2mm,
rifle split off 1kg and pulverize split to better than 85% passing
75 microns. Multi-element analysis was conducted using ME-ICP61a
four acid digestion with ICP-AES finish. Gold was analyzed using
Au-AA25 ore grade fire assay.
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 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 results of exploration programs at the
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 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e629bcb-6b94-4aa9-ba14-0372417c78be
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