Galantas GOLD Intercepts 33 Metres at 1.88 Grams/Tonne GOLD, 1.23% Copper, 0.51% Zinc at Gairloch Project IN Scotland
GALANTAS GOLD INTERCEPTS 33 METRES AT 1.88 GRAMS/TONNE
GOLD, 1.23% COPPER, 0.51% ZINC AT GAIRLOCH PROJECT IN
SCOTLAND
JULY 27, 2023 , TORONTO, CANADA – Galantas Gold Corporation (TSX -V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of the
second exploration drill hole at the Gairloch Project in Scotland.
Drilling highlights:
• Hole 23 -GL-02 intersected 1.88 grams per tonne (g/t) gold (Au), 1.23 % copper (Cu),
0.51% zinc (Zn), 0.01% cobalt (Co) and 4.64 g/t silver (Ag) over 33 metres, including 2.55
g/t Au, 1.72% Cu, 0.80% Zn, 5.59 g/t Ag and 0.01% Co over 19.33 metres.
• Four holes have been completed so far over the main deposit area totaling 190.4 metres.
• The company is currently drilling a deep hole through the centre of the deposit to
understand the local stratigraphy and to explore for further mineralization at depth.
Table 1: Summary of drill results.
Hole From
(m) To (m) Width (m) Gold
(g/t)
Copper
(%) Zinc (%) Cobalt
(%)
Silver
(g/t)
Copper
Equivalent
(%)
23-GL-02 17.00 50.00 33.00 1.88 1.23 0.51 0.01 4.64 2.83
including 30.00 49.33 19.33 2.55 1.72 0.80 0.01 5.59 3.92
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 width estimated at 99.6% of intersect width (32.87 metres and 19.26 metres respectively), based on historical information that
the unit dips at approximately 50 degrees. Galantas drilled down dip at 45 degrees intersecting the mineralization at 85 degrees.
Drill program
This drill hole was a 50-metre step back from hole 23-GL-01 (see Galantas’ news release dated
July 10, 2023) and is part of a program of six holes aiming to test the Kerry Road deposit. The
mineralized horizon intercepted in this hole 23-GL-02 was observed within a quartz-carbonate-
rich unit between hornblende schist, much like the first hole 23-GL-01. The sulphide within this
horizon was predominantly massive and semi-massive pyrrhotite and chalcopyrite.
A total of 494 metres has been drilled to date, with the results of holes 3 and 4 expected in the
coming weeks. Hole 5 is a deep hole currently drilling below the known deposit.
Mario Stifano, CEO of Galantas, commented: “This second hole has proven to be far richer and
wider than anticipated. The results further confirm our belief that we are sitting on a potentially
significant and district-scale, high-grade polymetallic mineral deposit and one that could be of
strategic importance for the UK and Europe’s critical metal supply.”
Figure 1: Section of drill core from hole 23 -GL-02 showing rich chalcopyrite (a sulphide
mineral that contains approximately 34% copper by weight).
Prospecting at the Gairloch Project
Prospecting has identified multiple massive sulphide horizons in outcrop at newly exposed
bedrock from a road cutting 1.5km east of the Kerry Road deposit. Results of the sampling are
expected within the coming weeks. Further prospecting will continue along trend towards the
Gorm Lochs Prospect which lies 10km south of Kerry Road. Historical samples collected at Gorm
Lochs include up to 4 g/t Au in outcrop (see Galantas’ news release dated January 26, 2023).
Table 2: Drill hole location.
Hole Easting Northing Elevation (m) Azimuth
(grid) Dip Length
(m)
23-GL-02 183816 872519 156 223 -45 53.2
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 hol es 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 intercepting 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 bedrock.
The Kerry Road deposit lies within the Gairloch Schist Belt, a Paleoproterozic volca nic 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 Geologic al 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) pro tocols 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-02 was positioned 50 metres step back from hole 23-GL-01 and drilled at 45
degrees dip in NQ core size. Core samples were split in half in mainly metre -long samples,
inserting regular blanks and standards 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-ICP61a 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 in formation 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, 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, 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 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 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 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.