(MENAFN- GlobeNewsWire - Nasdaq) TORONTO, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the“Company”) is pleased to announce the results for the first hole from the new surface drill program at the Omagh Project in Northern Ireland.
Hole FR-DD-23-196 targeted a gap in the earlier resource model on the main Joshua Vein, intersecting 13.1 grams per tonne (g/t) gold (Au) and 91.6 g/t silver (Ag) over 2.5 metres (see Table 1 and Figure 1).
The hole passes through an undrilled area of the earlier resource model and falls within a predicted dilation zone* (see Galantas news release dated August 10, 2023). Other significant results attained within this dilation 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 over 5.6 metres, and hole OM-DD-12-103 which intersected 8.4 g/t Au over 26.6 metres (see Figure 2 and Galantas news releases dated June 11, 2012, October 29, 2012 and August 27, 2013).
Mario Stifano, CEO of Galantas, commented:“We are pleased with the encouraging early results of our new drill program from surface. As we continue drilling on the Joshua Vein, we will test the down-dip potential of this dilation zone with the aim of expanding the resource to ultimately add to the Omagh Mine's production capacity.”
*Dilation zones which have potential for higher widths of mineralization have previously been identified within the Kearney underground development and are believed to be linked on shallow north-dipping planes.
Table 1: Summary of drill results.
| Hole ID || Collar location || Collar elevation || Azimuth/ |
| Intersect (m) (downhole) || Est. true width (m) || Intersect 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 |
Drill hole was NQ size and drilled using a triple tube method to maximize 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.
All assays are reported without application of a top cut.
Figure 1 : Split section of drill core from hole FR-DD-23-196, over a 0.25-metre sample length.
Figure 2: Long section of the Joshua Vein showing the dilation zone trends (in yellow arrows) with some key intersections, and the location of the latest intersection on hole FR-DD-23-196. The 2014 resource category model has been used for display purposes.
Qualified Person and Quality Assurance and Control
Scientific and 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.
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 Laboratory, 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.
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.
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Website: +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
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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