Galantas Gold Corporation
figure 1
Split section of drill core from hole FR-DD-23-196, sample length over 0.25 m
Figure 2
Long section of the Joshua Vein showing trends of the dispersal zone with some major intersections (in yellow arrows) and the location of the latest intersection at hole FR-DD-23-196. The 2014 resource category model has been used for demonstration purposes.
TORONTO, Sept. 18, 2023 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V and AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of the first hole . New surface drill program at the Omagh Project in Northern Ireland.
Hole FR-DD-23-196 targeted a gap in an earlier resource model on the main Joshua Wayne, producing 13.1 grams per tonne (g/t) gold (Au) and 91.6 g/t silver (Ag) over 2.5 metres. ) intersects (see Table 1 and Figure 1).
The hole passes through the previously undrilled area of the resource model and falls within the estimated dispersal zone* (see Galantas news release of August 10, 2023). Other significant results obtained within this dispersed trend include hole OM-DD-12-122 which intersected 21.2 g/t Au over 2.1 metres, hole OM-DD-13-147 which intersected 12.4 g/t Au intersects over 5.6 m, and hole OM-DD-12-103 which intersects 8.4 g/t Au over 26.6 m (see Figure 2 and Galantas news releases of 11 June 2012, 29 October 2012 and 27 August 2013). .
Mario Stefano, CEO of Galantas, commented: “We are pleased with the encouraging early results from our new drill program from surface. As we continue drilling at the Joshua Vein, we will test the down-dip potential of this dispersive zone with the aim of ultimately expanding the resource to increase the production potential of the Omagh mine.
*Extension zones containing potential for greater width of mineralization have previously been identified within the Kearney underground development and are believed to be associated with shallow north-dipping planes.
Table 1: Summary of drill results.
|
hole id |
collar location |
collar height |
azimuth/ |
Intersection (m) (downhole) |
EST. True Width(m) |
Intersection vertical depth (m)* |
gold(g/t) |
silver |
lead |
core loss (%) |
|
FR-DD-23-196 |
239794 e |
168 m |
250.1/50.3 |
2.5 |
1.5 |
132 |
13.1 |
91.6 |
8.9 |
1 |
notes:
-
The drill hole was NQ shaped and drilled using the triple tube method to maximize core recovery. The samples were analyzed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratories Ltd. (ISO 17025) of Galway, Ireland.
-
The intersecting vertical depth interval is from the ground surface to the top of the mineral zone.
-
Data is rounded to 1 decimal place.
-
All tests are reported without a top cut.
figure 1: divided section of drill core from hole FR-DD-23-196, more than 0.25 meters Sample length.
Galantas Gold Corporation
Figure 2: Long section of the Joshua Vein showing trends of the dispersal zone with some major intersections (in yellow arrows) and the location of the latest intersection at hole FR-DD-23-196. The 2014 resource category model has been used for demonstration purposes.
Galantas Gold Corporation(2)
Qualified Persons and Quality Assurance and Control
The scientific and technical disclosures in this press release have been reviewed and approved by Dr. Sarah Coulter, who is considered a qualified person under the terms of NI 43-101 based on her education, experience, and professional association. Dr. Coulter is not considered independent under NI 43-101 because she is the Chief Geologist for Galantus Gold Corporation.
Galantas Gold ALS operates according to rigorous internal quality assurance and quality control (QA/QC) protocols regarding the inclusion of blanks, standards and duplicates in the sample stream prior to shipment to the laboratory, which are in line with industry best practices . The QP has reviewed the QA/QC results regarding these drill results and is satisfied that the reported results are reliable.
Neither the 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 in this announcement is considered insider information as determined under the EU law version of the Market Abuse Regulation (EU) No 596/2014 (“UK MAR”), which is part of UK law. European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company’s obligations under Article 17 of the UK March. Upon 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 traded on the TSX Venture Exchange and the London Stock Exchange AIM market 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.
inquiry
Galantas Gold Corporation
Mario Stefano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secret, Harrison Clark, Samuel Littler
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouveret (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 the results of the exploration and mine development programs at the Omagh Project and the Gairloch Project. Forward-looking statements are based on estimates and assumptions made by Galantas based on 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. Galantas’ actual results, performance or achievements may differ materially from the results expressed or implied by the forward-looking statements or strategy due to a number of factors, including: volatility in the price of gold; Discrepancies between actual and estimated production, actual and estimated metallurgical recovery and throughput; mining operational risks, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; The speculative nature of gold exploration; dilution; Competition; loss or availability of key employees; additional funding needs; uncertainties regarding planning and other permitting issues; and faulty ownership of mineral claims or property. These factors and others that may affect Galanta’s forward-looking statements are discussed in more detail in the section titled “Risk Factors” in Galanta’s management discussion and in the documents filed from time to time by Galanta and others. The financial statements of the places have been analyzed. 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.
The photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/afb0cab3-6d44-405e-b9ed-c44267a16046
https://www.globenewswire.com/NewsRoom/AttachmentNg/692cefb8-1943-4b28-aa63-eb4e36149b23
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