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:
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.
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.
Azimuth/ Dip (degrees) Intersect (m) (downhole) Est. true width (m)
Intersect vertical depth (m) Gold (g/t) Silver (g/t) Lead (%) Core loss (%)
FR-DD-21-UG-168 140.5/43.5 2.5 1.2 136.5 17.7 50.9 4.6 8.7
including 0.8 0.4 30.5 60.8 4.4 11.4
And 142.3/44 1.5 0.7 176.3 10.8 23.6 3.3 0
FR-DD-21-164 257/48.5 2.7 1.8 38 7.7 24.3 0.6 3.8
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.
Intersect vertical depth intervals are from ground surface to the top of the mineralized zone.
Data has been rounded to 1 decimal place.
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.
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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.
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 Northern Ireland's first gold mine.
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer