Galantas GOLD Drills 17.4 G/T GOLD and 74.6 G/T Silver over 13.1 Metres at the Omagh Project
GALANTAS GOLD DRILLS 17.4 G/T GOLD AND 74.6 G/T SILVER OVER
13.1 METRES AT THE OMAGH PROJECT
January 31, 2022, TORONTO, CANADA – Galantas Gold Corporation (TSX-V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) announces continued success at
intercepting high -grade gold from its ongoing 4,000 -metre drilling program at the Omagh
Project in Northern Ireland.
Hole FR-DD-21-175 was drilled from surface and targeted the Joshua Vein . It intersected
17.4 grams per tonne (g/t) gold (Au), 74.6 g/t silver (Ag) and 1.9 % lead (Pb) over 13.1 metres
(see Table 1 for details). This hole successfully targeted a potential ‘dilation zone’ within the
Joshua Vein and includes a higher-grade section with 25.3 g/t Au, 108.4 g/t Ag and 2.9% Pb
over 8.7 metres.
Detailed plan maps indicate vein swelling in predictable zones along ore drives in the first
four levels of the mine development on the Kearney Vein. These wider areas of
mineralization, or dilation zones, are believed to be linked on shallow, north-dipping planes.
High strain between intersecting faults, resulting in increased permeability, could concentrate
fluid flow and result in wider zones of mineralization such as those found in the underground
development (see press re lease on May 6 , 2020 and report therein for details). Figure 1
illustrates the location of hole FR -DD-21-175 on a potential dilation trend within the Joshua
Vein, relative to other key intersections.
A similar deeper dilation zone was also intersected during the current program with hole FR-
DD-21-171 intersecting 10.1 g/t Au, 93.5 g/t Ag and 3.4% Pb over 6.5 metres (see press
release on December 13, 2021). In 2015, hole OM-DD-15-155 intersected 9.9 g/t Au over
21.6 metres approximately 45 metres below the current reported intercept (see press release
on January 25, 2016). Figure 2 summarizes the key data for these two zones and a potential
third at depth.
Mario Stifano, CEO of Galantas, commented: “As Galantas advances underground mine
development towards production, detailed mapping of the exposed minerali zation identified
zones of thicker widths, suggesting the significant potential to not only identify wider zones
of mineralization but higher grad es, and the opportunity to significantly expand current
resources with additional drilling . The Joshua and Kearney veins remain open along strike
and to depth, and only represent 2 of the 16 veins identified to date. With the encouraging
results from our c urrent drill program , Galantas is evaluating accelerating the planned
underground development and the r equired infrastructure to the Joshua Vein which is
currently 240 metres west of the Kearney development. This will allow for two additional drill
bays for multiple underground drills at the Kearney and Joshua veins, to expand and
accelerate the drilling program."
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
(%)
FR-DD-21-175 275.5/58.2 13.1 6.9 71 17.4 74.6 1.9 8.4
Including 8.7 4.5 25.3 108.4 2.9 9.2
Notes:
1. Drill holes were HQ 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.
2. Intersect vertical depths intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
Figure 1: Joshua Vein long-section view showing the FR-DD-21-175 intersection and
other key intersections that lie along the proposed ‘dilation zone’ trend.
Figure 2: Joshua Vein long-section view showing three proposed ‘dilation zone’
trends that dip between 24-30 degrees.
Figure 3: Split section of drill core from hole FR -DD-21-175, part of a sample grading
30.1 g/t Au, 107 g/t Ag.
Qualified Person
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 pa rt 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.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
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, John Prior
Telephone: +44(0)20 7886 2500
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 the results of
exploration programs and mine development for the Omagh Gold Proj ect. 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; disc repancies 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; ris ks 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 Gala ntas 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 relia nce 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.