TIDMGAL
RNS Number : 5467K
Galantas Gold Corporation
29 August 2023
GALANTAS GOLD DRILLS 31 METRES AT 4.42 GRAMS/TONNE GOLD, 0.71%
COPPER, 0.52% ZINC AND 69 GRAMS/TONNE COBALT AT GAIRLOCH PROJECT IN
SCOTLAND
MINERALIZATION EXPANDS 1.4 KILOMETRES SOUTHEAST OF DRILLING
AUGUST 29, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce the results of the third and fourth
exploration drill holes and prospecting samples at the Gairloch
Project in Scotland.
Drilling highlights:
-- Hole 23-GL-04 intersected 4.42 grams per tonne (g/t) gold
(Au), 0.71% copper (Cu), 0.52% zinc (Zn), 69 g/t cobalt (Co) and
3.74 g/t silver (Ag) over 31 metres, including 15.46 g/t Au, 0.80%
Cu, 1.91% Zn, 133 g/t Co and 6.35 g/t Ag over 6.95 metres.
-- Hole 23-GL-03 intersected 1.34 g/t Au, 0.86% Cu, 0.16% Zn, 82
g/t Co and 3.20 g/t Ag over 18 metres.
-- Five holes have now been completed over the main deposit area
totaling 580 metres. The Company is now focused on generating
additional drill targets along strike of the deposit.
-- Prospecting identified 0.91 g/t Au in bedrock 1.4 kilometres
from recent drilling, as well as 34.3% iron (Fe) and 0.19 g/t Au in
bedrock within a 10-metre-wide banded iron formation.
Mario Stifano, CEO of Galantas, commented: "We're excited by the
high grade and thick zones from drill results to date at the
Gairloch Project, indicating a potential large-scale mineralizing
system. We are keen to establish new target areas for further drill
testing and resource drilling, to unlock the full potential of the
217 km(2) land package covering the Gairloch Schist Belt."
Table 1: Summary of drill results.
From Width Gold Copper Zinc Cobalt Silver Copper Equivalent
Hole (m) To (m) (m) (g/t) (%) (%) (%) (g/t) (%)
23-GL-03 35.00 53.00 18.00 1.34 0.86 0.16 82 3.20 1.95
------ ------- ------ ------- ------- ----- ------- ------- ------------------
23-GL-04 10.00 41.00 31.00 4.42 0.71 0.52 69 3.74 4.17
------ ------- ------ ------- ------- ----- ------- ------- ------------------
including 12.05 19.00 6.95 15.46 0.80 1.91 133 6.35 12.82
------ ------- ------ ------- ------- ----- ------- ------- ------------------
Notes:
1. Reported intervals are downhole widths.
2. 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.
3. True widths unknown due to local structural complexities.
Hole 23-GL-03 was drilled at 223 azimuth, perpendicular to assumed
strike of ore body at -45 degrees dip. Hole 23-GL-04 was drilled as
a scissor hole to hole 23-GL-03, 50m south at an azimuth of 43
degrees and -55 degrees dip.
Drill program
Drill hole 23-GL-03 was drilled 57 metres southeast of hole
23-GL-02, intersecting the mineralized unit at 35 metres down to 53
metres. Hole 23-GL-04 was drilled 49 metres southwest of hole
23-GL-03, towards the mineralized unit in the opposite direction,
hitting the zone from 10 metres to 41 metres. This hole was a
15-metre step out from the known historic deposit area.
The deep hole, 23-GL-05, has been drilled to a depth of 390
metres, and is being logged and split. The Company will now focus
on identifying the deposit's extension.
The current drilling was localized within 100 metres of where
the mineralized unit is exposed at surface. Historical drilling
identified a 900-metre-long mineralized trend which the Company
will aim to explore and expand in the coming year (see Figure 1).
Historical hole GBH82 intersected the mineralized unit at around
250 metres below surface over 620 metres southeast from the
Company's hole 23-GL-05. Hole GBH82 intersected 5 metres at 1.07
g/t Au and 1.75% Cu.
Working 120 metres back towards Galantas' recent drilling,
historical hole GBH81 intersected 6 metres at 0.85 g/t Au and 1.19%
Cu at around 200 metres below surface. At around 150 metres below
surface, historical drill hole GBH68 intersected 6 metres at 1.5
g/t Au and 5.92% Cu. At 100 metres below surface, historical drill
hole GBH67 intersected 6 metres at 2.27 g/t Au and 2.28% Cu.
In the opposite direction going 280 metres northwest along
strike from the recent drilling area, historical hole GBH48
intersected 10 metres at 0.12 g/t Au and 0.5% Cu. These new and
historical grades over such a wide area demonstrate the potential
of the Kerry Road deposit with future drilling planned to explore
along strike and at depth.
For more information about historical drill holes referenced
above, see Galantas' news release dated January 26, 2023.
Figure 1: Map showing location of selected drill holes at the
Gairloch Project.
Figure 2: Uncut section of drill core from hole 23-GL-04 showing
massive sulphide.
Prospecting at Gairloch Project
The prospecting results have identified a gold bearing unit 1.4
kilometres southeast from the recent drill hole 23-GL-05. The
1.5-kilogram grab sample was taken from a 2-metre-wide sulphide
zone outcropping on the road side (see Figure 3) and returned 0.91
g/t Au. Further work here is warranted to understand the presence
of gold within this unit and explore along trend.
A separate 1.5-kilogram grab sample from the outcropping banded
iron formation which is about 10 metres wide and lies 300 metres
away from the recent drilling (see Figure 4), returned 34.3% Fe and
0.19 g/t Au. These banded iron formations are known to exist
throughout the Gairloch Schist Belt and measure between 0.5 metres
to 15 metres wide, extending multiple kilometres. Further
exploratory work will be conducted over the banded iron formations
in the area in the upcoming exploration program.
Prospecting will also continue along trend towards the Gorm
Lochs Prospect which lies 10 kilometres south of the Kerry Road
deposit. Historical samples collected at the Gorm Lochs include up
to 4 g/t Au in outcrop (see Galantas' news release dated January
26, 2023).
Figure 3: Newly exposed sulphide outcrop grading 0.91 g/t
gold.
Figure 4: Outcrop of newly exposed banded iron formation (BIF)
grading 34.3% Fe and 0.19 g/t Au.
Table 2: Drill hole locations.
Elevation Azimuth Length
Hole Easting Northing (m) (grid) Dip (m)
23-GL-03 183858 872478 154 223 -45 65.2
-------- --------- ---------- -------- ---- -------
23-GL-04 183826 872440 142 43 -55 42.8
-------- --------- ---------- -------- ---- -------
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
intersecting 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 km(2) 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-03 was positioned 50 metres step back from hole
23-GL-02 and drilled at -45 degrees dip in NQ core size. Drill hole
23-GL-04 was positioned 50 metres southwest and perpendicular to
hole 23-GL-03 at -55 degrees dip. Core samples were split in half
in mainly metre-long samples, inserting regular blanks, standards
and duplicates 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 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, 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.
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