Galantas Gold Corporation

Published : December 10th, 2007

CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT

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Keywords :   Diamond | Gold | Ireland | Lead | London | Silver |

10th December 2007      

                                                                      

TSX Venture Exchange -"GAL"  
London Stock Exchange AIM: GAL
"                                                                                                                                        

 

GALANTAS CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT

 

Galantas Gold Corporation announces Diamond drill core assay results from 4 additional holes in its Kearney gold deposit in Northern Ireland. Significant results include:
 

KEARNEY VEIN - CORE DRILLING RESULTS, November, 2007

Hole ID

Collar Location

Dip at Collar

From (m)

To       (m)

Core Length (m)

True Width

Vertical Depth

Grade        (g/t gold)

Grade        (g/t silver)

Grade      (% Lead)

OM-DD-07-43

371175N / 240125E

53.95

54.65

0.70

0.49

38.35

18.13

16.95

0.07

 

-45.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD-07-44

371071N / 240171E

98.64

98.76

0.12

0.08

69.99

16.58

14.49

0.78

 

-45.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD-07-45

370677N / 240224E

41.70

41.87

0.17

0.12

29.33

1.98

<5

<.01

and

-44.7

83.27

83.50

0.23

0.16

58.57

5.44

<5

<.01

 

 

 

 

 

 

 

 

 

 

OM-DD-07-47

371093N / 240205E

175.09

177.94

2.85

2.02

121.63

18.18

111.39

2.09

including

-44.0

175.09

176.84

1.75

1.24

121.63

29.09

179.35

3.39

and

 

208.77

211.68

2.51

1.77

145.02

7.77

4.90

0.34

including

 

210.47

210.71

0.24

0.17

146.20

42.08

25.60

0.16

 

 

OM-DD-07-47 tested the strike extent of the notably high grade mineralization intersected at a vertical depth of approximately 200 metres in hole OM-DD-07-41 (Reference: press release of 17 October, 2007).    Significant shallow gold intersections in earlier holes OM-DD-06-05 and OM-DD-07-06 (press release dated September 22, 2006) are interpreted to represent the same high grade zone at surface within the Kearney deposit. Thus, the high grade ?core zone? appears to be an open ended steeply plunging zone of mineralization which extends from surface to a minimum of 200 metres in vertical depth.  Its strike extent is at least 25 metres, since it was intersected in 2 holes 25 metres apart.

 

Drilled in the northern part of the Kearney vein as a shallow infill hole, OM-DD-07-43 intersected 4 areas of elevated gold grades (>1g/t) including an important intersection of 18.13g/t Au over 70cm that included a gold value of 35.20g/t over 25cm.

 

Drilled beneath the southern end of the Kearney open pit, OM-DD-07-45 was a sterilization hole to guide pit development.

 

The infill drilling programme has now fulfilled the objective of detailing the Kearney deposit prior to a recalculation of reserves and resources to the standards of (Canadian) National Instrument 43-101.  Results for the remaining two drill holes are not yet available, pending assay. Recalculation of reserves and resources awaits results.     

The drilling programme including sampling is under the control of the Company?s geological staff who work under the general direction of L. J. Gunter, P. Eng. (Ontario), the ?Qualified Person? for the programme.  Sampling methodology, security and data verification followed standard protocols as previously detailed on April 5, 2006.  The samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratories Ltd., an independent certified CCRMP & ISO 17025 laboratory in Galway, Ireland.  

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.      

 

The TSX Venture Stock Exchange has not commented upon and accepts no responsibility for the content of this press release.  

 

Enquiries:

 

Galantas Gold Corporation                                                                                                      

Roland Phelps C.Eng ? President & CEO

Jack Gunter P.Eng ? Chairman

Email: info@galantas.com                                                                                 

Website: www.galantas.com  

Telephone:  +44 (0) 2882 241100

ARM Corporate Finance Limited                                                                                              
Nick Harriss

Telephone: +44 (0) 20 7512 0191  


Lewis Charles Securities Limited.                                                                                         

Kealan Doyle

Telephone: +44 (0) 20 7065 1150

Data and Statistics for these countries : Ireland | All
Gold and Silver Prices for these countries : Ireland | All

Galantas Gold Corporation

EXPLORATION STAGE
CODE : GAL.V
CUSIP : 298773
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Galantas is a gold development stage company based in Canada.

Galantas holds various exploration projects in Ireland and in Portugal.

Its main exploration properties are OMAGH - KEARNEY and OMAGH - OTHER DEPOSITS in Ireland and MONTEMOR in Portugal.

Galantas is listed in Canada, in United Kingdom and in United States of America. Its market capitalisation is CA$ 82.0 millions as of today (US$ 65.6 millions, € 57.5 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at CA$ 0.01, and its highest recent level on May 28, 2021 at CA$ 0.89.

Galantas has 170 890 000 shares outstanding.

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