Galantas Gold Corporation

Published : January 25th, 2016

Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property and Discovers New High Grade Gold Vein

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Keywords :   Georgia | Gold | Ireland | Lead | London | Oil | Silver |

Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property and Discovers New High Grade Gold Vein

TORONTO, ONTARIO--(Marketwired - Jan 25, 2016) - Galantas Gold Corporation (TSX VENTURE:GAL)(GAL.L) (the 'Company'), the AIM and TSXV quoted gold explorer & developer, has received encouraging core drilling results from its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

A new drilling programme commenced on the Joshua vein at the Omagh mine site in September 2015. Results, tabulated below, include (Core 155) a 13 metre (true width) intersect with a Gold grade of 9.9 g/t (grams per tonne), 30.3 g/t Silver and 0.6% Lead, at an estimated vertical depth of 117.2 metres. This is the widest high-grade gold vein drilled on the Omagh property and represents the largest accumulation of gold discovered here so far.

In addition, recent drilling (Core 154) has encountered new high grade mineralisation in an under-explored area. A new vein (Kestrel) has been discovered, located approximately 70 metres west of the Joshua vein. The drill results assayed 35.8 g/t Gold, 85.8 g/t Silver and 4.9% Pb over 0.7 metres true width at an approximate depth of 42.4 metres. It was earlier reported (16th September 2015) that a particular area of interest lay to the west of Joshua, where historic geochemical and geophysical anomalies exist. The discovery is of particular note because mine land extends westwards up to some 450 metres from Joshua vein and underground mining is permitted on this part of the mine land ownership (freehold). There is the possibility that a narrow, high grade gold intercept, drilled in core 153, some 156 metres north, represents a northern extension of the new vein. However, the distance between the cores is too far to extrapolate with any degree of certainty. The discovery does not completely explain the gold anomalies expressed at surface and further drilling is planned.

Both the Kearney and Joshua veins strike in excess of 830 metres north-south. The current drilling programme aims to increase the known depth of the Joshua vein and both drill holes 153 and 155 achieved this in central and northern zones, respectively. The intersect on hole 153 reported below, at a vertical depth of 212 metres, is the deepest mineralisation reported for Joshua to date.

Roland Phelps, President & CEO of Galantas Gold Corporation, said, "I am delighted with the drilling results so far. They continue to demonstrate why we believe Galantas holds an important high-grade gold property which we expect to be brought into production in the near term. The discovery of a new high grade vein within our permitted mining area and the remarkable gold accumulation demonstrated by the recent core on Joshua, is the result of years of hard work by the Galantas geological team, building an ever more detailed picture of the Omagh gold deposits."

Hole number Easting Northing Starting
azimuth
Intersect
width (m)
Dip at
intersect
Estimated
TRUE width
(m)
Intersect
vertical
depth (m)*
Au
g/t
Ag
g/t
Pb % Core
loss
%
OML-DD-15-155 239749.4 370912.9 270º 21.6 53 13.0 117.2 9.9 30.3 0.6 1
And 0.6 53.5º 0.4 148.4 1.2 2.4 0 0
And 0.8 53.5º 0.5 175.2 1.5 2.7 0 0
OML-DD-15-154 239568.9 370650.9 80º 1.2 55º 0.7 42.4 35.8 85.8 4.9 1
And 0.6 53.4º 0.4 142.1 0.5 0.8 0.1 0
OML-DD-15-153 239574.9 370815.2 95º 0.7 73.9º 0.2 77.4 12.6 6.3 0 0
And 5.6 75.6º 1.4 212 1.6 2.2 0.1 1

Initial results from the new drilling programme. NOTE: All figures have been rounded to one decimal place. *Intersect depth is a maximum estimate to the top of the intersect. Calculations of true width are based on a vertical vein.

The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person (QP) for the program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Sampling methodology, security and verification followed standard procedures (April 2006) with standards, blanks and duplicates added at a frequency of 1 for every 20. The samples were analysed as follows: gold by fire assay and ICP-AES on 30g samples (fire assay and gravimetric finish for samples >10 ppm Au); other metals by ICP-MS and ICP-AES, at ALS Geochemistry Laboratories of Galway, Ireland, and were considered compliant with all requirements of International Standards ISO 17025:2005. All the samples reported herein are from drill core.

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.

Galantas Gold Corporation's Issued and Outstanding Shares total 107,297,155.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Georgia | Ireland | All
Gold and Silver Prices for these countries : Georgia | Ireland | All

Galantas Gold Corporation

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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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Annual reports of Galantas Gold Corporation
Annual Report 2007
Financings of Galantas Gold Corporation
3/14/2011Enters Into a Credit Facility With Kenglo One Limited to Fin...
4/11/2006Notification of exercise of warrants and application to list...
Option Grants of Galantas Gold Corporation
12/24/2007Appoints CFO, Awards Incentive Stock Options and Arranges Lo...
Financials of Galantas Gold Corporation
4/29/20102009 results and first quarter trading update
9/3/2009financial results for the second quarter
7/8/2009Increases gold production 65% in second quarter 2009 over Q2...
11/27/2008THIRD QUARTER RESULTS
Project news of Galantas Gold Corporation
6/22/2015Galantas receives encouraging exploration results on new ROI...
3/31/2008(Omagh - Other Deposits)progress at the Omagh Gold Mine
12/10/2007(Omagh - Kearney)CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT
10/18/2007(Omagh - Kearney) Reports 3.6M of 22.29 G/T gold at Omagh
5/24/2007(Omagh - Kearney)Commissioning update
5/1/2007(Omagh - Kearney)Intersects 2.5m Grading 22.53g/t Gold at Omagh
Corporate news of Galantas Gold Corporation
6/10/2016Galantas closes over-subscribed private placement and share ...
5/27/2016Galantas announces over-subscribed private placement
5/24/2016Galantas reports results for Quarter 1 2016
5/11/2016Galantas announces a proposed private placement and shares f...
4/28/2016Galantas reports results for year ended December 31, 2015
1/25/2016Galantas drills largest high grade gold accumulation yet at ...
1/25/2016Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property ...
11/5/2015Galantas Releases Additional Encouraging Exploration Results...
10/19/2015Potential Challenge to Planning Consent
10/13/2015Galantas Gold Corporation: Potential Challenge to Planning C...
9/16/2015Galantas Releases High Grade Gold Results Near Omagh Gold Mi...
9/11/2015Galantas Releases Encouraging Exploration Results on Republi...
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9/10/2015Galantas Releases Encouraging Exploration Results on Republi...
8/27/2015Galantas Reports Results for the Three and Six Months Ended ...
7/27/2015Galantas Closes C$2.4 million Private placement. Mr. Ross Be...
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6/22/2015Galantas Receives Encouraging Exploration Results on Republi...
6/19/2015Small-cap Week, June 19
2/23/2015Galantas Closes Placement for £316,667
2/16/2015Galantas Closes Private Placement
2/4/2015Galantas announce private placement
2/4/2015Galantas Announces Private Placement
1/15/2015Galantas expects planning determination Q1 2015
1/9/2015Galantas Expects Planning Determination Q1 2015
12/5/2014Galantas enters into Gold Jewellery Premium Agreement
12/3/2014Galantas Enters Into Agreement for Gold Jewellery Premium
12/1/2014Galantas announces Q3 2014 results and gives planning update...
11/27/2014Galantas Reports Results for the Three and Nine Months Ended...
10/6/2014Galantas Identifies New High Grade Gold Targets Near to Omag...
9/4/2014Galantas Files Technical Study Showing Strong Economics at O...
8/20/2014Galantas Reports Results for the Three and Six Months Ended ...
7/28/2014Galantas Increases Gold Resources and Shows Strong Economics...
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5/28/2014Galantas Reports Results for the Quarter Ended March 31, 201...
5/8/2014Galantas Gold Corporation: Completion of Private Placement
4/23/2014Galantas Reports Results for the Year Ended December 31, 201...
4/8/2014Galantas Gold Corporation: Share Consolidation and Private P...
10/10/2013Agrees Heads of Terms for Gold Jewellery Arrangement
8/27/2013Drills 2.8 Metres High Grade Gold on Joshua Vein
8/9/2013Announces Strategic Review
7/23/2013Files Increased Gold Resource Report on Omagh Property
6/24/2013Clean Environmental Reports on Omagh Gold-Mine
6/12/2013Announces 34% Increase in Resources at Omagh Gold Mine
5/28/2013Reports Results for the Quarter Ended March 31, 2013
4/23/2013Reports Results for the Year Ended December 31, 2012
1/8/2013Drills 2.4 Metres High Grade Gold on Joshua Vein
10/29/2012Drills 21.2 g/t Gold Over 1.1 Metres on Joshua Vein
9/25/2012Drills 14.2 g/t Gold Over 2.1 Metres on Joshua Vein
9/12/2012Green Light for Omagh Gold Mine Adit
7/5/2011Reports Record Second Quarter 2011 and Funds Drilling Out of...
4/6/2011Appoints Investor Relations Consultant and Grants Stock Opti...
3/31/2011Purchases Two Drill Rigs and Contracts Two Drill Rigs for Om...
2/14/2011Uprates Processing Plant and Looks to Expand Exploration Pro...
5/22/2009Further upgrades mining equipment and increases production
6/13/2008OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IREL...
10/4/2007Details Falconbridge Payments and Goldsmiths Order
10/3/2007Total Volting Rights
8/10/2007 Recognises expansion of Kearney Vein System
4/20/2007Progress towards production and commencement of concentrate ...
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