Stringer Vein Samples Return up to 11 G/T GOLD 7 G/T Silver.
GALANTAS GOLD CORPORATION
TSXV – AIM “GAL”
STRINGER VEIN SAMPLES RETURN UP TO 11 g/t GOLD 7 g/t SILVER.
1st August 2017 : Galantas Gold Corporation (the “Company” or “Galantas”) is pleased to announce
sampling results of a vein intersected during tunnelling works at its underground gold mine near
Omagh, County Tyrone, Northern Ireland, currently in development.
Galantas announced (12th July 2017) that it had intersected an anticipated stringer (off-shoot) vein in
the underground tunnel development at a position 47 metres from the portal. It reported that
samples had been taken and that vein width was a minimum of 0.5metres. The results of grab
samples of the vein (tabled below) have now been received and have returned values of between
1.1 – 11.0 g/t gold and 1.4 – 7.0 g/t silver.
Structural analysis, supported by the data in the tunnel intersect, indicates that a second
intersection with a potential continuation of the stringer vein is likely, as the planned underground
drivage turns from a westerly direction and continues northwards a further distance of 67 metres
from the first intersect.
Arrangements are being put in place to develop vein drivages to exploit the stringer vein. This is
expected to provide feed to the processing plant within 10 weeks, whilst the tunnel development
continues to progress towards accessing the principal target, which are the main Kearney veins
below. Improved blasting arrangements have been formalised with Police Service Northern Ireland
(PSNI). The improved arrangements are not expected to form an impediment to operations and are
expected to accelerate development progress.
The processing plant has already been re-commissioned ready to accept feed.
As expected, the initial program of lining the portal and adjacent section of tunnel with shotcrete
(reported 12th July 2017) is now complete. Further shotcreting will continue on a campaign basis.
Roland Phelps, President & CEO, Galantas Gold Corporation, said, “I am proud of the operational
achievements of the Galantas team. It is a testament to their skills that, with modest resources at
their disposal, they have safely and efficiently achieved significant progress in underground
development of the mine and laid strong foundations for continued success.
The analytical results of the stringer vein and subsequent structural analysis have provided us
exciting opportunities for early cash flow.
I am grateful to PSNI for their efforts to assist us to successfully overcome earlier difficulties
regarding blasting arrangements. Thanks to these efforts we are now expecting to add further to
local employment opportunities.”
The Omagh Gold Mine has an operational processing plant and tailings facility with an excellent
environmental record. The plant uses a non-toxic, froth flotation process and produces a gold
concentrate which is exported for smelting. The remaining tailing sands are clean and free from acid
drainage. The plant awaits mineral from underground development. The underground mine, when
fully developed, is expected to create 130 jobs plus others in service industries associated with the
development.
The grab samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM,
(President & CEO, Galantas Gold Corporation), the Qualified Person (QP) for the program under NI
43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies,
June 2009, of the London Stock Exchange. Grab samples are taken as guidance to mineralisation and
are not a quantitative assessment. The samples were analysed as follows: gold by fire assay and ICP-
AES on 50g samples (fire assay and gravimetric finish for samples >10 ppm Au); other metals by ICP-
MS and ICP-AES, at ALS Geochemistry Laboratories of Galway, Ireland, and were considered
compliant with all requirements of International Standards ISO 17025:2005. Mr. Phelps has reviewed
the technical detail contained in this release.
Table of sample data :-
Galantas Gold Corporation’s Issued and Outstanding Common Shares total 170,894,087.
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.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No
596/2014.
Enquiries : Galantas Gold Corporation
L. Jack Gunter P.Eng – Chairman, Roland Phelps C.Eng – President & CEO
Email: [email protected] Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234
Sample Type Au (g/t) Ag (g/t)
OML-17-SP24-001 Grab 6.9 6.2
OML-17-SP24-002 Grab 1.1 1.4
OML-17-SP24-003 Grab 11.0 7.0
OML-17-SP24-004 Grab 4.9 3.0