TSXV and AIM: Stock Symbol – ’GAL’ Galantas Updates ON Development, Environmental Matters, Exploration and Planning Appeal
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol – ’GAL’
GALANTAS UPDATES ON DEVELOPMENT, ENVIRONMENTAL MATTERS, EXPLORATION
AND PLANNING APPEAL
Date : January 18, 2018. Galantas Gold Corporation (the “Company”), the AIM and TSXV
quoted gold producer and explorer with a 100% interest in Northern Ireland’s Omagh
gold mine, announces progress on mine development, exploration and a third party
appeal against a positive Judicial review of its planning consent.
Progress on mine development continues using the training equipment previously
purchased. Total mine development now stands at 163 metres. New drilling equipment
from Atlas Copco / Epiroc is delayed for delivery until March, but the supplier is to
provide a substitute rig, expected by the end of January, to cover the delay. The
replacement equipment, with other operational changes, are expected to substantially
increase development rate. Infrastructure improvements are in progress to
accommodate the changes.
The Company has received a report from Northern Ireland Environment Agency of a
detailed monitoring study carried out in the last quarter of 2017. In summary, the report
concluded, as the Company expected, that there is no evidence that activities at the mine
site are having a detrimental effect on the chemical quality of the groundwater around
the site or of the Kerr Burn.
Exploration results have been received in respect of some Republic of Ireland (ROI)
licenses. Investigations by the Company’s geologists have revealed what appears to be
the shallow working of Zinc (and possibly Lead) minerals near Twigs Park. Found stored
in a barn close by, were two cores drilled by a past license holder. Two intersections were
sampled on one of the cores (no.95) by the Company. The first, of an intersect of 0.8m,
at a depth of 7.0m, returned results of 8.1 g/t silver, 511 g/t Copper, 70.8g/t Lead, 60.5 g/t
Antimony and 1.56% Zinc. The second, of an intersect of 1.0m at 42.9m depth, returned
results of 45.2 g/t Silver, 250g/t Copper, 0.57% Lead 191 g/t Antimony and 12.85% Zinc. A
historical hole, the exact location, azimuth and dip of the drill hole is not verified at this
time. The second drill core has not yet been sampled. Float samples taken in the vicinity
gave results in the range 11.9-147 g/t Silver, 81.8 g/t - 0.64% Copper, 77.5 g/t -3.46% Lead
and 2.13% - 23.9% Zinc. These results are encouraging given the early stage of the
Company’s exploration program in the area. Results have also been obtained on float
samples in the Pollboy area. Anomalous results have been identified on two samples,
which contained 5.66% and 1.06% Copper. A float sample collected in this area earlier in
2017 carried a result of 0.96g/t gold.
A date has been set by the Court of Appeal for a hearing into a third party appeal against
a positive Judicial review of the Company’s planning consent. The hearing is anticipated
for 6th February 2018.
Galantas Gold Corporation’s Issued and Outstanding Common Shares total 187,549,186.
Roland Phelps, President & CEO, Galantas Gold Corporation, said, “Satisfactory progress
continues to be made at the Omagh Mine. I note the continuing zero lost time accident
record and I re-iterate the Company’s commitment to safety and protection of the
environment. On the exploration side, the results for the ROI licenses are very positive
and we will be looking at how we further progress these licenses to add value to the
Company as a whole.”
The 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. 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.
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