Galantas Gold Corporation UNDERGROUND DEVELOPMENT REACHES VEIN ON 4TH LEVEL (1870G)
July 22 2019 - 2:00AM
UK Regulatory
TIDMGAL
RNS Number : 1870G
Galantas Gold Corporation
22 July 2019
GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS UNDERGROUND DEVELOPMENT AT OMAGH GOLD MINE REACHES VEIN
ON FOURTH LEVEL.
July 22, 2019. Galantas Gold Corporation ("Galantas" or "the
company") is pleased to report progress at the Omagh gold mine. An
access drive on the fourth (1060) level has intersected the Kearney
vein ahead of schedule. The intersection shows strongly developed
mineralization. The north and south faces of the vein were channel
sampled. The average of the two channels was 8.35 g/t gold over an
average true width of 2.65 metres.
The vein intersection is expected to allow in-vein development
both north and south on the fourth (1060) level. Development on the
fourth level is anticipated to produce increased feed tonnage to
the processing plant, which produces a concentrate sold under an
off-take contract.
Development on the third (1072) level continues southwards with
gold grades within the expected range.
A drivage from the 1072 access has been taken northwards,
in-vein, for approximately 40 metres (July 19, 2019).
Mineralisation beyond the first 20 metres is currently excluded
from the geological model, due to paucity of data. The
mineralization was shown to be persistent and has been followed in
an in-vein development.
Two channel samples taken across the face as the drivage was
developed at 24.1m and 27.6m into the third level (1072) north
development showed a grade of 6.2g/t gold and 16.3 g/t gold
respectively, each with a true width of 3 metres.
The vein will continue to be followed northwards on the third
(1072) level and elevates potential for additional mineralisation
to be added to the resource model if discovered on the adjacent
first (1096), second (1084) and fourth (1060) levels, which have
not yet accessed this area.
To June 30, 2019 approximately 1623 metres of drivage have been
completed since underground development commenced. The in-vein
portion of the development is designed to form lower and upper
access to future stoping blocks for production. Detailed geological
information collected during in-vein development allows the
geotechnical design of the various blocks to be optimized and the
geological model to be refined.
A second shift was added to the processing plant operations, as
planned, early in the second quarter of 2019. An expansion to three
shifts is planned for the third quarter.
Roland Phelps, President & CEO, Galantas Gold Corporation,
said, "Development continues on or better than target. I look
forward to increases in concentrate output that are expected to be
the result of the latest development. The potential for an
expansion of the Omagh gold resource remains very high. It is the
intention to continue the drilling program as cash flow permits.
The program, which will be mainly conducted underground, will be
focused on targets accessible for mining."
Routine channel samples are taken as part of geological
assessment procedures designed to enhance statistical assessment
for mining and are not reported except in the context of a specific
event. The channel samples described followed a standard sampling
methodology as outlined on August 29th, 2018. The analyses reported
are by fire assay method and were carried out in an in-house
laboratory. All widths reported are true widths.
Qualified Person
The samples were taken by local geological staff under the
direction and control of Roland Phelps C.Eng MIMMM, President &
CEO, Galantas Gold Corporation, who is a qualified person under the
requirements of NI 43-101 and AIM. Mr. Phelps has reviewed the
technical detail contained in this release.
SPECIAL NOTE REGARDING 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 revenues and
production estimates, for the Omagh Gold 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's 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.
Galantas Gold Corporation
Roland Phelps C.Eng - President & CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Richard Tonthat
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Grant Barker, Nick Lovering
Telephone: +44(0)20 7659 1234
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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