Galantas GOLD Drills 34.25 Metres at 1.87 Grams/Tonne GOLD, 1.17% Copper, 1.20% Zinc and 131 Grams/Tonne Cobalt at Gairloch Project IN Scotland
GALANTAS GOLD DRILLS 34.25 METRES AT 1.87 GRAMS/TONNE GOLD,
1.17% COPPER, 1.20% ZINC AND 131 GRAMS/TONNE COBALT AT
GAIRLOCH PROJECT IN SCOTLAND
OCTOBER 16, 2023, TORONTO, CANADA – Galantas Gold Corporation (TSX-V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of the fifth
exploration drill hole at the Gairloch Project in Scotland.
Highlights:
• Hole 23 -GL-05 intersected 1.87 grams per tonne (g/t) gold (Au), 1.17% copper (Cu),
1.20% zinc (Zn), 131 g/t cobalt (Co) and 7.06 g/t silver (Ag) over 34.25 metres with new
mineralization identified a further 100 metres at depth.
• Recent and historical drilling have identified a mineralized trend with a strike of over 1 km
and to a depth of 250 metres.
Mario Stifano, CEO of Galantas, commented: “ Our first drill program at the Gairloch Project
continues to exceed management’s expectations, as the results from this fifth hole has further
solidified the high -grade copper-gold potential while extending known mineralization to depth.
Mineralization has been drilled over an area 1 km in strike, up to 150 metres wide and to a depth
of 250 metres, and remains open. The Company plans to conduct modern geophysics over the
10 km -long known mineralized belt to prioritize drilling targets for a planned new drilling
program.”
Table 1: Summary of drill results.
Hole From
(m) To (m) Width
(m)
Est.
True
Width
(m)
Gold
(g/t)
Copper
(%)
Zinc
(%)
Silver
(g/t)
Cobalt
(g/t)
Copper
Equivalent
(%)
23-GL-05 10.00 44.25 34.25 22.02 1.87 1.17 1.20 7.06 131 3.02
23-GL-05 84.00 85.00 1.00 0.64 0.09 1.04 0.16 1.50 80 1.20
23-GL-05 87.00 88.00 1.00 0.64 0.29 1.23 0.05 2.00 150 1.53
23-GL-05 141.00 144.00 3.00 1.93 0.13 0.08 0.13 0.00 67 0.24
Notes:
1. Reported intervals are downhole widths.
2. The copper equivalent values are estimated using approximate metal prices of $8,350/t copper, $2,480/t zinc, $1,900/oz gold,
$23/oz silver and $33,140/t cobalt and are presented for ease of interval comparison only. Metallurgical factors are assumed to be
100% although recovery factors and smelter returns may vary significantly.
3. True widths are estimated to be 64.3% of intersection lengths. Hole 23-GL-05 was drilled vertical into the mineralized unit which is
assumed to dip at 50 degrees.
Drill program
Drill hole 23-GL-05 was a vertical hole drilled 22 metres east of hole 23-GL-04, intersecting the
mineralized unit at 10 metres down to 44.25 metres. This hole targeted a geophysical anomaly
and also acted as a stratigraphic hole. Previously unknown zones of m ineralization were
identified for a fu rther 100 metres below the main mineralized zone down to a depth of 144
metres.
This drilling program was localized within 100 metres of where the mineralized unit is exposed
at surface. Historical drilling identified a 1 km-long mineralized trend which the Company will aim
to explore and expand in the coming year (see Figure 1). The deepest intersection to date has
been in historical hole GBH82 collared 620 metres to the southeast of the current hole, which
intersected 5 metres at 1.07 g/t Au and 1.75% Cu at 250 metres depth.
Figure 1: Map showing drill hole locations at the Gairloch Project.
For more information about historical drill holes referenced in Figure 1 , see Galantas’ news
releases dated January 26, 2023 and August 29, 2023.
Figure 2: Uncut section of drill core from hole 23-GL-05 showing massive sulphide.
Table 2: Drill hole location.
Hole Easting Northing Elevation (m)
Azimuth
(grid) Dip
Length
(m)
23-GL-05 183844 872446 150 - -90 390
Gairloch Project overview
The Kerry Road deposit is a stratabound, Besshi-style, VMS gold-copper-zinc deposit exposed
at surface. It is one of the oldest known Besshi deposits, similar in age to the Sherridon district
in Manitoba, Canada. The Kerry Road deposit was discovered by Consolidated Goldfields in the
1970s where 87 holes were drilled over 9,189 metres. No commercial exploration has taken
place since then until 2018 when drilling by GreenOre Gold PLC ( “GreenOre”) confirmed the
presence of mineralization at Kerry Road by inter secting 1.0 g/t gold, 0.9% copper and 0.6%
zinc over 17 metres (see Galantas’ news release dated January 26, 2023). Rock chip sampling
conducted by GreenOre in 2018 also identified elevated levels of cobalt in the bedrock.
The Kerry Road deposit lies within the Gairloch Schist Belt, a Paleoproterozic volcanic arc
terrane extending over 25 km. The unit of interest is a quartz carbonate schist with the main
minerals being chalcopyrite, sphalerite, pyrite and pyrrhotite. Limited exploration has been
conducted over the area in recent years. The British Geological Survey (BGS) identified an
outcrop of 4 g/t Au in their MRP146 report of the area, associated with a significant geophysical
anomaly approximately 10 km south of the Kerry Road deposit, yet the area remains untested.
This area is one of multiple targets identified by Galantas for follow-up exploration.
Galantas has acquired a 100% interest and the exclusive rights to explore and develop the
Gairloch Project, a 217 km² mineral licence area covering the Gairloch Schist Belt.
Qualified Person and Quality Assurance and Control
The technical and historical information in this release has been reviewed and approved by
Gavin Berkenheger (CGeol, EurGeol) who is considered, by virtue of his education, experience
and professional association, a Qualified Person under the terms of NI 43-101. Mr. Berkenheger
is not considered independent under NI 43 -101 as he is a consultant 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 Laboratories, 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.
Drill hole 23-GL-05 was positioned 22 metres east of hole 23-GL-04 and drilled at -90 degrees
dip in NQ core size . Core samples were split in half in mainly metre-long samples, inserting
regular blanks, standards and duplicates for QA/QC purposes. Analysis was conducted by ALS
Laboratories in Loughrea, Ireland. Samples were prepared using PREP-31B crush to 70% less
than 2mm, rifle split off 1kg and pulverize split to better than 85% passing 75 microns. Multi -
element analysis was conducted using ME-ICP61 a four acid digestion with ICP-AES finish. Gold
was analyzed using Au-AA25 ore grade fire assay.
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 Lond on 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 Nor thern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold -
bearing VMS deposit in Scotland.
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, 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
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 results of exploration programs at
the 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; uncertaint ies 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 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.