TIDMGAL
RNS Number : 8506I
Galantas Gold Corporation
10 August 2023
GALANTAS GOLD PROVIDES CORPORATE UPDATE ON THE OMAGH GOLD
PROJECT
MASSIVE SULPHIDES INTERSECTED AT JOSHUA VEIN
August 10, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the " Company")
is pleased to announce that mining contractor QME Mining Services
(NI) Ltd. Ireland ("QME") has provided a contract mining plan for
the Company's Omagh Gold Project ("Omagh") in Northern Ireland,
leveraging QME's highly skilled workforce and state-of-the-art
original equipment manufacturer (OEM) mining equipment.
QME's extensive mining experience across Europe, including its
notable involvement in the development and bulk sampling of
Dalradian's nearby gold project located just 20 km from Omagh,
positions them as an ideal partner for this endeavour. QME would
begin with development mining at the Kearney and Joshua veins for
an expected period of 9 months, before anticipated ramp up to
approximately 5,000 tonnes per month of both development and
production (stope) mineralized material within 12 months of
start-up. QME estimates the cost of development prior to achieving
steady-state production is approximately US$12 million.
The Company anticipates mining the high-grade dilation zones and
has the goal of monthly production of 1,200 to 1,400 gold ounces
after completion of development. With multiple mine levels
developed at both Joshua and Kearney veins, and the experienced QME
underground workforce, the Company along with QME are scoping an
expansion to the existing permitted mill to increase targeted
annual production of 30,000 to 35,000 gold ounces per annum.
Update on exploration drilling at Joshua Vein
Galantas has successfully intersected massive sulphides in drill
hole FR-DD-23-196, a projected dilation zone at the Joshua Vein.
This is the first exploration hole to be drilled from surface in 19
months, filling in a large gap in the earlier resource model. Assay
results for this hole are pending.
High-grade dilation zones at the Joshua Vein remain open along
strike and down-plunge. Previously at Joshua, the Company
successfully identified multiple wide high-grade intersections (see
Figure 1) including: 9.9 grams per tonne (g/t) gold (Au) over a
21.6-metre intersection with hole OM-DD-15-155, 8.4 g/t Au over
26.6 metres with hole OM-DD-12-103, and 17.4 g/t Au over 13.1
metres with hole FR-DD-21-175. For additional information, see
Galantas' news releases dated June 11, 2012, January 25, 2016 and
January 31, 2022.
Mario Stifano, CEO of Galantas, commented: "We are looking
forward to having QME begin development work at Omagh, as it has
the workforce and equipment to quickly commence development and
mining with a plan to provide a sustainable 5,000 tonnes per month
of mill feed. As we've kicked off drilling at the Joshua Vein from
surface, we will focus on resource expansion at the Joshua and
Kearney veins to expand known resources with a goal to increase the
mill capacity from 180 tonnes per day to 500 tonnes per day. In
addition, with the recent successful drilling at the Gairloch
Project, including hole 23-GL-02 intersecting 1.88 g/t gold, 1.23%
copper, 0.51% zinc, 0.01% cobalt and 4.64 g/t silver over 33
metres(1) , we will look to expand our exploration efforts in
northern Scotland."
Figure 1: Long section of the Joshua Vein showing the dilation
zone trends (in yellow arrows) with some key intersections, and the
location of the latest intersection on hole FR-DD-23-196. The 2014
resource category model has been used for display purposes.
Figure 2: Split section of drill core from hole FR-DD-23-196,
sample length 0.25 metre. Assay results are pending*.
Figure 3: Part of a core sample from hole FR-DD-23-196, length
0.17 metre. Assay results are pending*.
*Visual appearance, while a strong guide to the strength of
mineralization, is not a guarantee of grade. Assay results are
expected in August.
(1) See Galantas' news release dated July 27, 2023.
Qualified Persons
Scientific and technical information relating to exploration in
this news release has been reviewed and approved by Dr. Sarah
Coulter, who is considered, by virtue of her education, experience
and professional association, a Qualified Person within the meaning
of National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101"). Dr. Coulter is not considered independent
under NI 43-101 as she is the Chief Geologist of Galantas.
Scientific and technical information relating to production and
development in this news release has been reviewed and approved by
Brendan Morris, who is considered, by virtue of his education,
experience and professional association, a Qualified Person within
the meaning of NI 43-101. Mr. Morris is not considered independent
under NI 43-101 as he is the Chief Operating Officer of
Galantas.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in 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.
About QME
QME, founded in 1985, is an experienced mining services provider
engaged in mine development and the supply of new and
re-manufactured equipment for underground and open pit use. QME is
currently engaged in mining contracts in Ireland and Portugal and
has prior experience in mining projects in the Republic of Ireland,
Northern Ireland and Scotland. Current and past clients include
Tara Mines, Dalradian Gold, Lundin Mining and Barrick Gold.
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 news 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
details of the contract mining plan for the Omagh Project and the
timing thereof, estimated development costs, anticipated production
rates, results of exploration and mine development programs at the
Omagh Project and 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 news 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 news release, except
as required by law.
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