Galantas Gold Corporation GALANTAS EXPLORATION UPDATE AND RESOURCE REVIEW (1094D)
October 26 2020 - 3:00AM
UK Regulatory
TIDMGAL
RNS Number : 1094D
Galantas Gold Corporation
26 October 2020
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
GALANTAS EXPLORATION UPDATE AND RESOURCE REVIEW
October 26, 2020. Galantas Gold Corporation ("Galantas" or "the
company") is pleased to announce an exploration and resource review
for the Galantas Gold Mine, Omagh, Northern Ireland.
Exploration and Resource Review
The company is carrying out a review of exploration, with the
detailing of a proposed core drilling program. The recent
Exploration Report regarding Controls On Mineralisation, published
May 6, 2020, has prompted the review and has indicated enhanced
drilling opportunities, with the potential to expand and further
define the resource base local to the mine development.
A new Technical Report, as defined by Canadian National
Instrument 43-101, has commenced and will likely include the
results of chip channel samples taken during recent mine
development on-vein and these are in process of receiving
additional Quality Assurance and Quality Control evaluation. It
will also include results of core drilling that has taken place
since 2014 and may potentially include additional drilling.
A program conducted in 2015 included cores drilled on the Joshua
vein. Core 155, which was amongst those reported in detail on
January 25, 2016, included a 13 metre (true width) intersect with a
Gold grade of 9.9g/t, 30.3g/t Silver and 0.6% Lead, at an estimated
depth of 117.2 metres. This is the widest high-grade gold intersect
yet drilled on the Omagh property and represents the largest
accumulation of Gold discovered here so far. Core 154, included in
the 2015 program, encountered a new vein (Kestrel) of high grade
gold mineralization, approximately 70 metres to the west of the
Joshua vein. The drill results assayed 35.8 g/t Gold, 85.8 g/t
Silver and 4.9% Lead over 0.7 metres true width at an approximate
depth of 42.4 metres. Core 153, approximately 156 metres to the
north presented potential for a continuation of the Kestrel
vein.
Details of the potential drilling program, which will mainly
concentrate on Kearney, Kerr, Joshua and Elkins veins, will mostly
be conducted underground and be announced when the review is
complete.
It is considered that the Technical Report, detailing resources
and economics, published in 2014, is now out-dated in detail and
will be replaced by the new Technical Report. Following review by
staff at the Ontario Securities Commission, the company clarifies
that the Exploration Report of May 6, 2020 is not the current
Technical Report as defined NI. 43-101.
Qualified Person
This release has been prepared by Roland Phelps (President &
CEO) and Dr. Sarah Coulter (Senior Geologist), qualified persons
under the meaning of NI. 43-101. The information is based upon
local geological data prepared under their supervision.
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 anticipated
technical reports and exploration programs, 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.
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.
Enquiries
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 (AIM Nomad)
Philip Secrett, Harrison Clarke.
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500
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