Galantas GOLD Drills 26.7 G/T GOLD over 2.9 Metres ON the Kearney Vein System
GALANTAS GOLD DRILLS 26.7 G/T GOLD OVER 2.9 METRES ON THE
KEARNEY VEIN SYSTEM
November 24, 2021, TORONTO, CANADA – Galantas Gold Corporation (TSX -V & AIM:
GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results for the
second underground hole in its ongoing 4,000-metre drilling program at the Omagh Project
in Northern Ireland.
Drilling highlights:
The second hole was drilled from the lowest level in the underground development at the
Kearney Vein and returned two intersections:
• 26.7 grams per tonne (g/t) gold (Au), 88.2 g/t silver (Ag) and 3.5% lead (Pb) over 2.9
metres; including 79.5 g/t Au, 281.4 g/t Ag and 10.6% Pb over 0.9 metres (see Table
1 for details ). This result demonstrates further continuity to a zone of minerali zation
running parallel to the main Kearney Vein, which was also intercepted in the first hole
FR-DD-21-UG-168 of 17.7 g/t Au, 50.9 g/t Ag and 4.6% Pb over 2.5 metres (see news
release on October 11).
• The second, deeper intersect, hit the main Kearney V ein within the inferred resource
and returned 5.8 g/t Au, 14.2 g/t Ag and 0.2% Pb over 1.8 metres.
Mario Stifano, CEO of Galantas , commented: “The additional high- grade intercept in a
parallel vein with continuity demonst rates the potential to discover additional high- grade
mineralization at Omagh and expand the gold resources as the Company advances its plans
to commence mining early in the new year. With the deposit remaining open on strike and to
depth, Galantas’ Omagh Project provides the rare opportunity to significantly grow high-grade
resources while producing gold.”
Table 1: Summary of drill results.
Hole ID Azimuth/
Dip
(degrees)
Intersect
(m)
(downhole)
Est. t rue width
(m)
Intersect
vertical
depth (m)*
Gold
(g/t)
Silver
(g/t)
Lead
(%)
Core
loss
(%)
FR-DD-21-
UG-170
67.4/55.4 2.9 1.6 134 26.7 88.2 3.5 0
including 0.9 0.5 79.5 281.4 10.6
And 68.3/56.1 1.8 1.0 152 5.8 14.2 0.2 0
Notes:
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 depths 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 assays for the first two underground holes of the drill program.
Figure 1: Kearney long-section view showing part of the resource model, the
underground development, some key vein intersections and the first two holes FR-
DD-21-UG-168 and 170.
Figure 2: Drill core from hole FR-DD-21-UG-170.
Figure 3: Cross-section showing results for recent hole FR-DD-21-UG-170.
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 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.
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
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 at the Omagh Gold Project; the potential to discover additional high-grade mineralization
at Omagh and expand the gold resources; the Company’s plans to commence mining early in the new year ;
and the deposit r emaining open on strike and to depth. 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 f actors 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 is sues; 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.