Micon International to Prepare Updated Mineral Resource Estimate FOR Galantas Gold’S Omagh Project IN Northern Ireland
MICON INTERNATIONAL TO PREPARE UPDATED MINERAL RESOURCE
ESTIMATE FOR GALANTAS GOLD’S OMAGH PROJECT IN NORTHERN
IRELAND
November 22, 2022, TORONTO, CANADA – Galantas Gold Corporation (TSX-V & AIM: GAL;
OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the appointment of
Micon International Limited (“Micon”) to produce a NI 43 -101-compliant Mineral Resource
Estimate for the Company’s Omagh Gold Project in Northern Ireland.
Mario Stifano, CEO of Galantas, commented: “Galantas has completed more than 4,100 metres
of drilling during the last year, in our largest exploration program since the 2014 resource
estimate. We have accumulated a substantial amount of data, including a number of new
intercepts in the inferred resource, and chip channel sampling from five levels of underground
development, in addition to the discovery of dilation zones – a pattern of vein swelling and grade
increases – identified at both Kearney and Joshua veins. Our deeper understanding of dilation
zones and structural controls enables us to now target drilling at the Kerr Vein system, located
between the main Kearney and Joshua veins, to test its potential on the northern extension.
“We expect a proportion of the 2014 resources to be upgraded, a nd for gaps in the resource to
be filled in. We are also excited for the dilation zones to be remodelled into the resource, and
look forward to providing the new Mineral Resource Estimate by Q2 2023.”
Highlights of 2021-22 drilling1 that will be incorporated in the upcoming Mineral Resource
Estimate:
• 31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t silver (Ag) over a 7-metre core intersect at
the Kearney Vein.
• 17.4 g/t Au and 74.6 g/t Ag over a 13.1-metre core intersect at the Joshua Vein.
• 10.1 g/t Au and 93.5 g/t Ag over a 6.5-metre core intersect at Joshua.
• 26.7 g/t Au and 88.2 g/t Ag over a 2.9-metre core intersect at Kearney.
• 21.4 g/t Au and 32.9 g/t Ag over a 2.4-metre core intersect at Kearney.
• 31.8 g/t Au and 39.2 g/t Ag over a 4.4-metre core intersect at Kearney.
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. Data has been rounded to
1 decimal place. All assays are reported without application of a top cut. For full results, see Galantas news releases dated
October 12, 2021, November 24, 2021, December 13, 2021, January 31, 2022, March 21, 2022, May 16, 2022, August 4, 2022,
and October 24, 2022.
Micon is an independent firm of mining industry consultants headquartered in Toronto, Canada
with offices in Vancouver and the United Kingdom. Micon has applied skills and experience in
economic geology, mine and proc ess plant design, mineral economics, environmental
management, mine operation and project management to provide consulting services
throughout the world to junior and senior mining companies, financial institutions, government
agencies and law firms.
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 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.