GALANTAS GOLD ANNOUNCES
GEOPHYSICAL RESULTS FOR KEY EXPLORATION TARGET AREA AND PLANNING
APPROVAL FOR NEW DRILLING PROGRAM AT THE JOSHUA VEIN AT OMAGH
PROJECT
MARCH 6,
2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL;
OTCQX: GALKF) ("Galantas" or the "Company") is
pleased to announce the results of a recent gradient array induced polarization (IP) and resistivity
geophysical survey five kilometres west of the Cavanacaw
Gold Mine at the Omagh Project in County Tyrone, Northern
Ireland.
The Company is also pleased to have
recently received full planning permission to drill eight boreholes
from three locations within the mine site. The holes will target a southern portion of the main Joshua
Vein.
Mario Stifano, CEO of Galantas,
commented: "It's exciting to note
that a strong north-south trending resistor
was identified at the Cornavarrow target, with a similar signal to
that generated over a gold-bearing structure close to the mine in
2021. Cornavarrow represents an exciting target that has never
previously been drilled, and would be key in helping us to glean
the wider potential of the gold district.
"We're also keen to continue
drilling at the main Joshua Vein which runs broadly parallel to and
some 450 metres west of the other main Kearney Vein. Positive
drilling results from the last few years have delineated trends of
dilation zones, which have potential for higher widths of
mineralization. Testing the down-dip potential of the dilation
zones at Joshua could aid in resource expansion and ultimately add
to the Omagh Mine's production capacity."
The effectiveness of the IP method
for defining mineralization
targets in this terrain was tested by the Company
in 2021 when it ran a similar survey over the Elkins Vein. An
apparent resistivity IP anomaly aligned north-south coinciding with
known mineralization (see Galantas' news release
dated December 1, 2021). Another IP survey was
completed over the Pigeon Top target (1.5 kilometres west of the mine site) in
2021, and also
identified a strong north-south trending resistor over
500 metres, coinciding
with base-of-till gold anomalies. The Elkins, Pigeon Top and
Cornavarrow targets are shown in Figure
1
and are situated along a six-kilometre strike. According to
Consulting Geophysicist Graham Reid
of BRG Ltd.,
the geophysical anomalies identified during those
earlier surveys most likely represent fault structures in the
bedrock. North trending faults are a prime exploration target as
these are the structures that host mineralization on the mine
site.
In January 2024, Galantas commissioned an IP survey grid over
a 1.4-square-kilometre area at the Cornavarrow target (see
Figure 2). Cornavarrow lies five
kilometres west of the
Cavanacaw Gold Mine. The area was explored by RioFinex in the
late 1980s. Gold
and base metal anomalies were recorded for float rock and stream
sediments at that time; significantly, a small vein exposure was
also identified 'Cornavarrow Burn East Showing' (see Figure 2). A 2003 technical report by
ACA Howe contained an intersection grading 1.15 grams per tonne
(g/t) gold, 4.2 g/t silver and 1,366 g/t lead over 1.5 metres in
width across the portion of visible
vein and stated that "what is visible at
Cornavarrow Burn East Showing could be the edge of higher-grade
mineralization which is not exposed." Subsequent exploration by
Galantas geologists recorded 3.5 g/t gold for a chipped sample of
outcrop.
Figure 1: Map
showing the
location of key exploration
targets. New geophysical results over
Cornavarrow shown in inset and Figure
2.
The eastern margin of the 900-metre
northerly trending resistor lies 100 metres west of the in-situ
vein mineralization. BRG Ltd. theorized that the Cornavarrow
resistor may represent a zone of increased silicification within
the mapped psammites. Galantas geologists have noted silicification
associated with gold-bearing quartz veins at
Cavanacaw.
The target area sits largely within
the 'Cavanacaw Member', a competent lithology just north of a
thrust fault. The structural setting is therefore similar to that
at the mine site. No diamond drilling has been conducted in the
area to date.
Figure 2: Contoured apparent resistivity data over Cornavarrow
target. Black dots show grid measurement points. Key historical
exploration data shown for reference.
Qualified Person
Scientific and technical disclosures
in this press 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 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, Enzo Aliaj
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.