TIDMGAL
RNS Number : 5142D
Galantas Gold Corporation
22 June 2023
GALANTAS GOLD TO COMMENCE NEW SURFACE EXPLORATION DRILLING AT
THE OMAGH GOLD PROJECT
June 22, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the " Company")
is pleased to announce the commencement of a new surface drilling
program at the Omagh Gold Project in Northern Ireland in early
July.
Following a meeting of the Fermanagh and Omagh District Council
(FODC) Planning Committee on June 21, 2023, the Company has
Permitted Development rights to commence drilling of eight
exploration holes at the Omagh Project site. The holes will target
gaps and areas of the inferred resource at the main Joshua Vein,
including an additional predicted dilation zone, which has
potential for higher widths of mineralization. The dilation zones
identified to date at the Joshua Vein, located approximately 400
metres from the other main Kearney Vein, are expected to be
incorporated into mine planning and future mine development,
including potential plans to drill Joshua from underground to
advance mining and resource expansion.
Earlier results of drilling associated with dilation zones
include the following core intersections:
-- 21.2 grams per tonne (g/t) gold (Au) over 2.1 metres of core in hole OM-DD-12-122 (see Galantas news release
dated October 29, 2012).
-- 12.4 g/t Au over 5.6 metres of core in hole OM-DD-13-147 (see Galantas news release dated August 27, 2013).
-- 8.4 g/t Au over 26.6 metres of core in hole OM-DD-12-103 (see Galantas news release dated June 11, 2012).
Mario Stifano, CEO of Galantas, commented: "We are excited to
mobilize the drill to embark on this new phase of exploration, as
we transition from underground drilling to surface drilling.
Information gathered during this drill program will be critical in
helping us optimize the mine plan and potentially add high-grade
ounces to production."
Qualified Person
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.
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 Corporation
Mario Stifano: Chief Executive Officer
Email: info@galantas.com
Website: www.galantas.com
Telephone: +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.
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END
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