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 06 2024 - 2:00AM
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 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, Enzo AliajTelephone: +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.
Photos accompanying this announcement are
available
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