Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
(“Galantas” or the “Company”) is pleased to announce that drilling
at the newly acquired Gairloch Project will commence in the coming
weeks. Drill mobilization has commenced for an initial 800-metre
program targeting the Kerry Road deposit, including testing the
depth potential of near surface mineralization.
Historical Exploration
Highlights*:
- 11.29 grams per tonne (g/t) gold
(Au), 0.58% copper (Cu), 2.44 g/t silver (Ag), and 0.19% zinc (Zn)
over 16 metres.
- 3.16 g/t Au, 0.90% Cu, 3.39 g/t Ag
and 0.51% Zn over 18 metres.
- 1.46 g/t Au, 1.86% Cu, 1.65 g/t Ag,
and 1.08% Zn over 20 metres.
- 9.59 g/t Au, 1.17% Cu, 2.58 g/t Ag,
and 0.55% Zn over 5.5 metres.
- 1.5 g/t Au, 5.92% Cu, 16.5 g/t Ag,
and 0.54% Zn over 6 metres.
*True widths not known. Historical drill hole data obtained from
logs written by Consolidated Gold Fields Limited in 1979 and 1980,
scanned copies supplied by the British Geological Survey.
The drill program aims to target the mineralized
outcrops at Kerry Road, testing the deposit down dip southeastwards
as well as the lateral extension to the northeast and southwest. A
deeper hole (~350 metres) is planned to test beneath the Kerry Road
deposit as historical drilling ceased after intercepting the main
sulphide horizon. This stratigraphic hole will provide Galantas
with better understanding of the local geology, as well as test for
other sulphide horizons expected to be found in the area based on
the knowledge of other similar deposits around the world.
Mario Stifano, CEO of Galantas, commented: “We
are eager to kick-off drilling at this underexplored region of
Scotland. The Gairloch Project offers a fantastic opportunity for
Galantas to diversify and build its portfolio having acquired some
of the best exploration ground in the country in a gold-bearing
volcanogenic massive sulphide (VMS) setting with known
mineralization over 10 km and a number of high-priority targets
that have yet to be tested.”
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. The host rocks at
Gairloch appear to be geologically similar to those in the
Trans-Hudson Orogen in Manitoba and Saskatchewan which contain the
prolific Flin-Flon and Snow Lake VMS mining camps.
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
km² mineral licence area covering the Gairloch Schist Belt.
Qualified Person
The historical technical 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.
Quality Assurance / Quality Control and
Data Verification
Mr. Berkenheger has verified the data disclosed,
including sampling, analytical, and test data underlying the
information or opinions contained in the written disclosure as
required by section 3.1 of NI 43-101.
Historical grades reported from the GreenOre
database that was conducted by the company from 2018 to 2021 was
overseen by the author who was a Qualified Person at the time using
appropriate 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 Laboratory, which
is consistent with industry best practices.
During GreenOre’s drilling, the diamond drill
core (HQ Size) was logged, photographed and marked for sampling.
There was insignificant core loss. A diamond tipped core saw split
the core with one half bagged and tagged for assay and the other
returned to the labeled core box and stored. Sealed and tagged bags
were shipped to ALS Laboratories in Loughrea, County Galway where
they were crushed to 70% less than 2mm, riffle split off 1kg then
pulverize split to better than 85% passing 75 microns (PREP-31B).
Gold fire assay and AAS finish was conducted with a 30g sample
(au-AA25). Multi element analysis was completed by high-grade four
acid ICP-AES (ICP61a). The QP has reviewed the QA/QC in relation to
these drill results and is satisfied that the results as reported
are reliable.
Historical grades reported from the Consolidated
Gold Fields data is thought to be of good quality as the company,
which was listed on the London Stock Exchange and was once a
constituent of the FTSE 100 Index, demonstrated best practices at
the time and was overseen by a qualified person. After appropriate
logging of drill core (BQ size), mineralized sections were split
using a manual splitter initially and later using a diamond core
saw. There was insignificant core loss. Details of the sample
preparation and analysis could not be verified. The laboratory used
was the Wheal Jane Laboratory in Cornwall which was consistent with
industry best practice at the time. Full details of the QA/QC could
not be verified either, but grade data was reviewed, in which
select samples of drill core were re-assayed at three different
laboratories. There were good correlations with the re-check
samples in relation to zinc and copper but some significant
discrepancies were noted in some of the gold re-check samples. It
is not known whether this was due to laboratory error or due to a
“nugget effect” whereby larger grains of gold may be missed or they
may enhance the representative sample used to determine the overall
grade. GreenOre’s drill hole which was a re-drill of Consolidated
Gold Fields’ hole GBH03 demonstrated similar, in fact enhanced
grades of the historical hole, corroborating the reliability of the
historical data. Only 20% of the historical drill core remains and
this was observed by the author at the British Geological Survey’s
core storage in Keyworth, Nottingham. Re-assay of historical core
has not yet been conducted but may be difficult due to the size of
representative core remaining. The QP having reviewed the results
in relation to the historical data is satisfied that the results as
reported are reliable.
Historical Reports
Data relating to Consolidated Gold Fields is
held by the British Geological Survey listed under MEIGA Project
number 173:
- Gairloch Exploration report, December 21, 1977, E. Jones,
Consolidated Gold Fields Limited
- Project Gairloch Technical Report and Work Programme, August
18, 1978, Consolidated Gold Fields Limited
- AE173 Gairloch Phase 4, 1978, Consolidated Gold Fields
Limited
- Technical Report Phase 2: July 1, 1978 to June 1979,
Consolidated Gold Fields Limited
- Technical Report Phase 3: July 1, 1979 to October 1979,
Consolidated Gold Fields Limited
- The Petrology, Ore Mineralogy, Geochemistry and Paragenesis of
Rocks at Gairloch Site, C.M. Rice, Department of Geology and
Mineralogy, University of Aberdeen
- Consolidated Gold Fields Limited, Diamond Drill Core Records,
Project Gairloch, DDH No. GBH01 to GBH87
- Gairloch Project Phase 4, Consolidated Gold Fields Limited
- Technical Report: July 1,1980 to June 30, 1981, Phase 4a,
Consolidated Gold Fields Limited
- Technical Report: July 1,1981 to May 31, 1982, Phase 4b,
Consolidated Gold Fields Limited
Data relating to GreenOre Gold can be found in
news releases dated October 16, 2018 and March 4, 2020 that are
posted on its website at https://greenoregold.com/.
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 CorporationMario Stifano: Chief
Executive OfficerEmail: info@galantas.comWebsite:
www.galantas.comTelephone: +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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