TIDMGAL
RNS Number : 3258H
Galantas Gold Corporation
27 July 2023
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 Copper Zinc (%) Cobalt Silver Copper Equivalent
(g/t) (%) (%) (g/t) (%)
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 Azimuth Dip Length
(m) (grid) (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 holes 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 volcanic 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 Geological 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 km(2) 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) protocols 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 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, 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: info@galantas.com
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 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 price 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.
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END
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