Galantas GOLD Extends Dilation Zone to the North and Drills 14.2 Grams/Tonne GOLD over 4.5-METRE Intersection
GALANTAS GOLD EXTENDS DILATION ZONE TO THE NORTH AND DRILLS
14.2 GRAMS/TONNE GOLD OVER 4.5-METRE INTERSECTION
October 24, 2022, TORONTO, CANADA – Galantas Gold Corporation (TSX -V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results for four holes
from its ongoing drilling program at the Omagh Project in Northern Ireland. Three holes were
drilled from an underground platform towards the south of the development on the Kearney Vein,
and one was drilled from a new platform in the north.
Drilling highlights:
• Hole FR-DD-22-UG-191 targeted a northern extension to a proposed dilation zone* within
the Kearney Vein, intersecting 6.3 grams per tonne (g/t) gold (Au) and 32.1 g/t silver (Ag)
over 11 metres (see Table 1 and Figure 1). This includes a higher grade section of 14.2
g/t Au and 59.3 g/t Ag over 4.5 metres.
• Hole FR -DD-22-UG-188, drilled from the lowest drill platform, intersected the main
Kearney Vein 40 metres below the resource model at 9.3 g/t Au and 23.3 g/t Ag over 2.9
metres.
• Holes FR-DD-22-UG-187 and 184 both intersected the main Kearney Vein and the B-
lens with B-lens inters ections in the inferred resource and approximately 50 metres
beneath the resource model, respectively. The B-lens is a vein that runs parallel to the
Kearney Vein, approximately 17 metres east in this area.
Mario Stifano, CEO of Galantas, commented: “ These results underscore the success of the
drilling program at the Omagh Gold Project by extending the dilation zones at the main Kearney
Vein further north, as we predicted from earlier drilling. We are pleased that our drill data so far
is supporting the theory that dilation zones – a pattern of vein swelling and grade increases –
are projected at depth and predictably identified at regular intervals along strike of the first five
levels of the Kearney Vein underground development.”
*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.
Figure 1: Kearney Vein long-section view showing part of the resource model, proposed
dilation zones, new and nearby intersections.
Figure 2: Split section of drill core from hole FR-DD-22-UG-187 grading 38 g/t Au and 54
g/t Ag over an estimated true width of 0.18 metres.
Table 1: Summary of drill results.
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.
4. All assays are reported without application of a top cut.
5. Three of the reported intersections have an abnormally high core loss that may bias (either positively or
negatively) the assay value for those intersections, and thus these intersections may not be fully
representative of the true intersect value. These core losses were recorded as cavities during the drill
process.
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 , whi ch 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
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-191 277.2/74 11 3 169 6.3 32.1 0.9 3.3
Including 4.5 1.2 14.2 59.3 1.5 6.9
FR-DD-22-UG-188 121.5/63 2.9 1.1 170 9.3 23.3 2.6 0
FR-DD-22-UG-187 073/49 2.4 1.5 128 13.2 27.7 1 3
And 073/49 1.8 1.1 133 5.5 5 0 23.5
And 072.5/52 1.8 1.1 152 6.7 8.6 0.3 6.9
FR-DD-22-UG-184 090/62 2.8 1.3 130 6.8 8.3 0.6 18.1
And 093/62.1 1.7 0.8 141 7 11.8 0.4 43.2
And 099.9/64.2 1 0.4 199 3.1 3.7 0.4 0
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, 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 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 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 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 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.