TORONTO, Oct. 12, 2021 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results for its ongoing 4,000-meter drill program at the Omagh Project in Northern Ireland.
- The first hole to target the Kearney vein from an underground drill platform returned two high-grade intersections:
- 17.7 grams per tonne (g/t) gold (Au), 50.9 g/t silver (Ag) and 4.6% lead (Pb) over 2.5 metres; including 30.5 g/t Au, 60.8 g/t Ag and 4.4% Pb over 0.8 metres (see Table 1 for details). This shallower intersect, occurring at approximately 136.5 metres vertical depth from surface, provides continuity to a parallel-running zone of mineralization 13 metres west of the main Kearney vein and this structure will be tested with further underground drilling.
- 10.8 g/t Au, 23.6 g/t Ag and 3.3% Pb over 1.5 metres. This intersection at 176.3 metres vertical depth penetrates a gap in the current resource model.
- Surface drilling targeting the Joshua vein is also in progress and results for the first of these holes are as follows: 7.7 g/t Au, 24.3 g/t Ag and 0.6% Pb over a 2.7-metre downhole intersection.
Mario Stifano, CEO of Galantas, commented: “We are very encouraged by the positive start to the surface and underground exploration program consisting of 4,000 metres of diamond drilling on the Kearney and Joshua veins – two of many high-priority targets on the Company’s land package. Underground drilling on the Kearney vein is testing deeper extensions of mineralized zones, and targeting higher widths of mineralization within the vein. Drilling will also target continuity and grade of additional mineralized zones running parallel to the main orebody.”
Drill results are expected to support the mine plan as the Company moves into a new phase of underground mining and accelerated development. The Company has currently completed 2,000 metres of underground development at the Kearney vein and development is currently within 240 metres of accessing the Joshua vein.
Table 1: Summary of drill results.
|Hole ID||Azimuth/Dip (degrees)||Intersect (m) (downhole)||Est. true width (m)||Intersect vertical depth (m)||Gold (g/t)||Silver (g/t)||Lead (%)||Core loss (%)|
1. Drill holes were HQ size and drilled using a triple tube method to maximise 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.
2. Intersect vertical depth intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
4. The Company has only received assay results for the two holes reported here. Further announcements will be made when more results are received.
Figure 1: Kearney long-section view showing part of the resource model, the underground development, some key vein intersections and recent hole FR-DD-21-UG-168.
Figure 2: Drill core from hole FR-DD-21-UG-168.
Figure 3: Cross section showing results for recent hole FR-DD-21-UG-168.
Figure 4: Cross section showing results for recent hole FR-DD-21-164 and nearby intersections.
Scientific or technical disclosures in this press 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.
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 Northern Ireland’s first gold mine.
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Telephone: +44 (0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500
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 the new phase of underground mining, accelerated mine development and the results of exploration programs, 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 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.