Galantas Gold to Commence New Surface Exploration Drilling at the Omagh Gold Project
22 Junho 2023 - 3:00AM
Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
("
Galantas" or the "
Company") is
pleased to announce the commencement of a new surface drilling
program at the Omagh Gold Project in Northern Ireland in early
July.
Following a meeting of the Fermanagh and Omagh
District Council (FODC) Planning Committee on June 21, 2023, the
Company has Permitted Development rights to commence drilling of
eight exploration holes at the Omagh Project site. The holes will
target gaps and areas of the inferred resource at the main Joshua
Vein, including an additional predicted dilation zone, which has
potential for higher widths of mineralization. The dilation zones
identified to date at the Joshua Vein, located approximately 400
metres from the other main Kearney Vein, are expected to be
incorporated into mine planning and future mine development,
including potential plans to drill Joshua from underground to
advance mining and resource expansion.
Earlier results of drilling associated with
dilation zones include the following core intersections:
- 21.2 grams per tonne (g/t) gold
(Au) over 2.1 metres of core in hole OM-DD-12-122 (see Galantas
news release dated October 29, 2012).
- 12.4 g/t Au over 5.6 metres of core
in hole OM-DD-13-147 (see Galantas news release dated August 27,
2013).
- 8.4 g/t Au over 26.6 metres of core
in hole OM-DD-12-103 (see Galantas news release dated June 11,
2012).
Mario Stifano, CEO of Galantas, commented: “We
are excited to mobilize the drill to embark on this new phase of
exploration, as we transition from underground drilling to surface
drilling. Information gathered during this drill program will be
critical in helping us optimize the mine plan and potentially add
high-grade ounces to production.”
Qualified Person
Scientific and technical disclosures in this
news release have been reviewed and approved by Dr. Sarah Coulter,
who is considered, by virtue of her education, experience and
professional association, a Qualified Person under the terms of NI
43-101. Dr. Coulter is not considered independent under NI 43-101
as she is the Chief Geologist of Galantas Gold Corporation.
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 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 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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