Galantas Gold Corporation

Published : October 06th, 2014

Galantas Identifies New High Grade Gold Targets Near to Omagh Mine Site

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Keywords :   Gold | Gold Mine | Gold Producer | Ireland | London | Oil | Volatility | Water |

Galantas Identifies New High Grade Gold Targets Near to Omagh Mine Site

TORONTO, ONTARIO--(Marketwired - Oct 6, 2014) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL) (GAL.L), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only gold mine, has received notable prospecting samples on its Omagh license.

The presence of strong gold anomalies found near to the southern boundary of the recently operating Omagh Gold Mine site has instigated a detailed investigation of new and a re-evaluation of existing targets.

Initial exploration carried out by RioFinex thirty years ago uncovered visible vein outcrops ('Discovery' and 'Sharkey') in the banks of a neighbouring burn. Attention and resources were then diverted towards drilling the Kearney vein, following its discovery in the late 1980's. Recent resource modelling and underground mine planning activities prompted a re-investigation of the burn veins during August and September 2014, whilst water levels were unusually low. Two in-situ quartz veins were identified 18 m west (Sample 57) and 35 m west (Sample 61) of the Rio 'Discovery vein'; grab samples of quartz containing pyrite and galena measured 13.5 g/t and 0.4 g/t gold, respectively. A completely isolated zone of sulphide rich clay gouge was uncovered 70 m east of 'Discovery', two samples were collected and analysed, yielding 23.6 and 9 g/t gold (Samples 56 and 59).

In addition to these outcrops, several high grade boulders (float) were discovered over 40 metres from the Rio 'Sharkey vein', including those analysed at 30.4 g/t, 34.4 g/t, 39.4 and 44.3 g/t gold. These boulders are comparatively large in size and are likely to be derived from a local source.

The Lack shear zone is considered to lie south of the main veins, Joshua and Kearney, at a strike of 80° and to dip north. There is evidence for intense shearing and deformation in the burn exposures. The hypothesis that the main veins have been dextrally offset within this zone is being investigated, as exploration continues to determine if substantial extensions to the Kearney and Joshua systems can be traced south of the shear.

The samples are detailed at the end of this release.

The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person 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 & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-MS and ICP-AES) at ALS Geochemistry Laboratories of Galway, Ireland, considered compliant with all requirements of International Standards ISO 17025:2005. Grab samples are removed from outcrop (bedrock) or float (loose boulders) as indicative prospecting information prior to a more detailed program of evaluation.

Mr. Phelps commented, "This is a very exciting development and further supports the already strong potential for important additional gold mineralisation close to the Omagh gold mine. The Company recently completed a robust economic study and increased resource assessment based upon a successful drilling program. We look forward to a determination of our underground planning permit in the near term."

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 grab samples and geological interpretations, 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, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; 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.

Galantas Gold Corporation Issued and Outstanding Shares total 76,697,156.

Summary table displaying important sample information and principal assay results.

All numbers have been rounded to one decimal place.*Sample labels have been abbreviated, they are all prefixed by 'OML-14-OM1-'. **o/c is outcrop

Survey information is provided by hand-held GPS and is likely to contain some positional error.

Sample* Easting Northing Type Description Au (ppm) Ag (ppm) Pb
56 240485 370196 o/c** Clast of galena and pyrite (10 cm) w/n quartz vein; zone of shear & gouge 60 cm wide. 23.6 25.1 7.4
57 240410 370160 o/c 10cm wide in-situ quartz vein (strike 300°), post brecciation. Visible sulphides. Vein offset ~10cm. 13.5 9.8 0.1
58 240415 370164 o/c 6 m along strike from sample 57: altered zone ~30cm wide, mica schist w/quartz lenses associated with pyrite, chlorite and fine sulphides. Feldspar overprint. 0.3 0.2 0
59 240498 370190 o/c Highly weathered zone of clay gouge, green/grey with stringers of dark grey/black sulphides. Loose material w/n bank . (same exposure as sample 56). 9 18.6 0.5
60 240421 370171 Float ~50 cm quartz boulder wit seams of galena, arsenopyrite and pyrite, not brecciated. 8.8 2.5 0.2
61 240392 370160 o/c In-situ vein ~1m wide, vuggy qtz w/sulphides, visible pyrite and galena. 0.4 0.4 0
62 239345 370072 Float Angular clast (25cm) of brecciated quartz with visible sulphides. 39.4 13.7 0.5
63 239609 370064 Float Large (65 cmx51 cmx19 cm) angular brecciated quartz boulder. Disseminations of pyrite & chalcopyrite. 30.4 20.2 0.9
64 239663 370130 Float Angular brecciated quartz boulder (~40x30x10cm). Fine sulphides Heavy Fe staining on surfaces. Within northern bank. 8.2 19.3 1.9
65 239543 370057 o/c Sharkey vein outcrop 1.48 m wide, striking N-S, steeply dipping. Minor dextral offset. Clay gouge with quartz breccia within schist. 2.9 2 0.1
66 239587 370051 Float Shear gouge. Large cobble of brecciated quartz (20x20x11cm) with visible pyrite & galena. 2.1 1.8 0
67 239609 370056 Float Shear gouge. Small boulder (27x29x10cm), quartz breccia. 6.8 35.8 5.8
68 239609 370056 Float Shear gouge. Large cobble size of quartz breccia with sulphide bands (10-15% S). 1.5 1.1 0
80 239606 370066 Float Quartz breccia boulder in stream bed: 33 x26 x16 cm . 34.4 26.2 0.6
81 239615 370074 Float Sulphide rich cobble 20x20x10cm, heavy Fe staining. Found in river bank till/rock head. Outcrop on northern side shows shearing w/heavy Fe staining. 44.3 49.6 4.5
82 239615 370074 o/c Chloritic schist with vuggy quartz within shear. 0.1 0.2 0
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Galantas Gold Corporation

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...
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
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...
9/11/2015Summary of Financial Results for the second quarter and firs...
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...
7/27/2015Galantas Announces Closing of Private Placement
7/9/2015Galantas Private Placement C$2.4m : Ross Beaty makes importa...
7/6/2015Galantas Announces Private Placement
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...
6/2/2014Galantas Gold Corporation: Completion of Shares for Debt Exc...
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
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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