Galantas GOLD Drills 31.7 G/T GOLD over 7 Metres at the Omagh Project Eastern Lenses Intersected Include 73.6 G/T GOLD over 2.2 Metres
GALANTAS GOLD DRILLS 31.7 G/T GOLD OVER 7 METRES AT THE
OMAGH PROJECT
EASTERN LENSES INTERSECTED INCLUDE 73.6 G/T GOLD OVER 2.2 METRES
March 21, 2022, TORONTO, CANADA – Galantas Gold Corporation (TSX -V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results for three
holes from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.
All three holes were drilled from the underground development at the Kearney Vein.
Drilling highlights:
• Hole FR-DD-22-UG-181 intersected 31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t
silver (Ag) over 7 metres at the main Kearney Vein including 106.3 g/t Au and 111 g/t
Ag over 1 metre (see Table 1, Figures 1, 2 and 3). A deeper intersect of 7.3 g/t Au and
5.7 g/t Ag over 2.3 metres was recorded at a 278-metre vertical depth, approximately
55 metres east of the main Kearney Vein.
• Hole FR-DD-21-UG-174 intersected 73.6 g/t Au and 93.4 g/t Ag over 2.2 metres on a
parallel-running vein known as the ‘B -lens’, approximately 28 m etres east of the
Kearney Vein.
• Hole FR-DD-21-UG-176 intersected 23.8 g/t Au and 16.8 g/t Ag over 2.9 metres on a
further parallel zone of minerali zation referred to in Figure 4 as the ‘C -lens’,
approximately 40 metres east of the Kearney Vein.
Drill holes FR-DD-21-UG-174 and 176 targeted parallel zones of minerali zation east of the
main vein. Both of these holes, and hole FR -DD-22-UG-181, fall with in the dilation zone
model (see Figure 1 and press releases on May 6, 2020, and January 31, 2022)*. Importantly,
high gold mineralization has been identified across two vertical levels at RL000 and RL03 0
(Figure 4) with historic al intersection 07 -47 on a stringer vein west of Kearney, and new
intersection on the C-lens, separated by 62 metres west-east.
Mario Stifano, CEO of Galantas, commented: “Our drilling program continues to yield very
positive results, particularly the hig h-grade gold intersections in parallel veins with recent
results demonstrating the continuity of the lenses. These are some of our best drill results to
date and point to the significant potential to expand gold resources at the Omagh Projec t.
The Company has successfully identified dilation zones at both Kearney and Joshua veins
with multiple drill intercepts, and is developing plans to advance underground development
and infrastructure at Joshua to allow multiple underground drill platforms to expand our
drilling program.”
*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 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-22-UG-181 99/60 7 3.3 150 31.7 58.5 2.8 10
including 1 0.5 155 106.3 111 3.2 0
and 95/67 1.2 0.4 244 2.2 1.5 0.1 0
and 95/69 2.3 0.7 278 7.3 5.7 0.2 22
FR-DD-21-UG-176 54.7/56.6 3.7 1.9 148 5.2 6.4 0.1 10.9
and 54.5/57.2 2.9 1.5 160 23.8 16.8 0.1 0
FR-DD-21-UG-174 35.6/44.6 2.2 1.3 134 73.6 93.4 8.9 0
and 35.6/44.6 2 1.2 137 4.3 3.9 0 0
and 35.9/44.3 2.4 1.3 153 8.1 7.7 0.2 2.1
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 depth intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
Figure 1: Kearney Vein long-section view showing part of the resource model, the FR-
DD-22-UG-181, FR-DD-21-UG-176 and FR-DD-21-UG-174 intersections, other key vein
intersections, and two proposed dilation zone trends.
Figure 2: Cross section view showing hole FR-DD-22-UG-181 and part of the
resource model.
Figure 3: Split section of drill core from hole FR-DD-22-UG-181, part of a Kearney
Vein sample grading 213 g/t Au and 134 g/t Ag.
Figure 4: Cross section showing key intersections on the main Kearney Vein, B-lens,
C-lens and stringer to the west.
Qualified Person
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.
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, Samuel Littler
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 app licable Canadian securities laws, including the results of
exploration programs , and mine development at the Omagh Gold 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 Ga lantas 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 pri ce 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 press release should no t 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.