TIDMGAL
RNS Number : 1519Q
Galantas Gold Corporation
16 October 2023
GALANTAS GOLD DRILLS 34.25 METRES AT 1.87 GRAMS/TONNE GOLD,
1.17% COPPER, 1.20% ZINC AND 131 GRAMS/TONNE COBALT AT GAIRLOCH
PROJECT IN SCOTLAND
OCTOBER 16, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce the results of the fifth exploration drill
hole at the Gairloch Project in Scotland.
Highlights:
-- Hole 23-GL-05 intersected 1.87 grams per tonne (g/t) gold
(Au), 1.17% copper (Cu), 1.20% zinc (Zn), 131 g/t cobalt (Co) and
7.06 g/t silver (Ag) over 34.25 metres with new mineralization
identified a further 100 metres at depth.
-- Recent and historical drilling have identified a mineralized
trend with a strike of over 1 km and to a depth of 250 metres.
Mario Stifano, CEO of Galantas, commented: "Our first drill
program at the Gairloch Project continues to exceed management's
expectations, as the results from this fifth hole has further
solidified the high-grade copper-gold potential while extending
known mineralization to depth. Mineralization has been drilled over
an area 1 km in strike, up to 150 metres wide and to a depth of 250
metres, and remains open. The Company plans to conduct modern
geophysics over the 10 km-long known mineralized belt to prioritize
drilling targets for a planned new drilling program."
Table 1: Summary of drill results.
Hole From To (m) Width Est. Gold Copper Zinc Silver Cobalt Copper Equivalent
(m) (m) True (g/t) (%) (%) (g/t) (g/t) (%)
Width
(m)
23-GL-05 10.00 44.25 34.25 22.02 1.87 1.17 1.20 7.06 131 3.02
------- ------- ------ ------- ------- ------- ----- ------- ------- ------------------
23-GL-05 84.00 85.00 1.00 0.64 0.09 1.04 0.16 1.50 80 1.20
------- ------- ------ ------- ------- ------- ----- ------- ------- ------------------
23-GL-05 87.00 88.00 1.00 0.64 0.29 1.23 0.05 2.00 150 1.53
------- ------- ------ ------- ------- ------- ----- ------- ------- ------------------
23-GL-05 141.00 144.00 3.00 1.93 0.13 0.08 0.13 0.00 67 0.24
------- ------- ------ ------- ------- ------- ----- ------- ------- ------------------
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 widths are estimated to be 64.3% of intersection
lengths. Hole 23-GL-05 was drilled vertical into the mineralized
unit which is assumed to dip at 50 degrees.
Drill program
Drill hole 23-GL-05 was a vertical hole drilled 22 metres east
of hole 23-GL-04, intersecting the mineralized unit at 10 metres
down to 44.25 metres. This hole targeted a geophysical anomaly and
also acted as a stratigraphic hole. Previously unknown zones of
mineralization were identified for a further 100 metres below the
main mineralized zone down to a depth of 144 metres.
This drilling program was localized within 100 metres of where
the mineralized unit is exposed at surface. Historical drilling
identified a 1 km-long mineralized trend which the Company will aim
to explore and expand in the coming year (see Figure 1). The
deepest intersection to date has been in historical hole GBH82
collared 620 metres to the southeast of the current hole, which
intersected 5 metres at 1.07 g/t Au and 1.75% Cu at 250 metres
depth.
Figure 1: Map showing drill hole locations at the Gairloch
Project.
For more information about historical drill holes referenced in
Figure 1, see Galantas' news releases dated January 27, 2023 and
August 29, 2023.
Figure 2: Uncut section of drill core from hole 23-GL-05 showing
massive sulphide.
Table 2: Drill hole location.
Elevation Azimuth Length
Hole Easting Northing (m) (grid) Dip (m)
23-GL-05 183844 872446 150 - -90 390
-------- --------- ---------- -------- ---- -------
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
intersecting 1.0 g/t gold, 0.9% copper and 0.6% zinc over 17 metres
(see Galantas' news release dated January 27, 2023). Rock chip
sampling conducted by GreenOre in 2018 also identified elevated
levels of cobalt in the 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-05 was positioned 22 metres east of hole
23-GL-04 and drilled at -90 degrees dip in NQ core size. Core
samples were split in half in mainly metre-long samples, inserting
regular blanks, standards and duplicates 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-ICP61 a
four acid digestion with ICP-AES finish. Gold was analyzed using
Au-AA25 ore grade fire assay.
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, 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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