Galantas Gold Corporation

Published : August 10th, 2007

Recognises expansion of Kearney Vein System

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

9th August 2007      

                                                                      

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

 

GALANTAS RECOGNISES EXPANSION OF KEARNEY VEIN SYSTEM       

 

Galantas Gold Corporation (the Company), which has a 100% interest in Ireland�s only producing gold mine at Omagh, today announced results for 11 holes (1455 metres) from its ongoing core drilling program. To date 42 holes have been completed, with total drilling of 4,413 metres. Two drills rigs are currently drilling down dip as well as infill holes on the Kearney Vein System.

 

KEARNEY VEIN - CORE DRILLING RESULTS, July, 2007

Hole ID

From (m)

To       (m)

Width (m)*

Grade        (g/t gold)

Grade        (g/t silver)

Grade      (% Lead)

OM-DD-07-19

100.27

104.82

4.55

1.88

21.78

0.31

including

100.27

100.43

0.16

9.80

36.69

1.27

and

117.45

117.88

0.43

13.48

<5

<.01

 

 

 

 

 

 

 

OM-DD-07-22

62.11

63.00

0.89

4.29

15.19

0.53

 

 

 

 

 

 

 

OM-DD-07-24

68.33

68.93

0.60

7.27

<5

0.01

 

 

 

 

 

 

 

OM-DD-07-26

93.40

93.70

0.30

11.28

12.06

0.03

 

 

113.40 

114.95 

1.55 

2.40 

<5 

0.06 

OM-DD-07-28

48.20

49.92

1.72

12.27

8.64

0.74

and

80.70

84.55

3.85

9.94

3.18

<.01

 

 

 

 

 

 

 

OM-DD-07-30

82.05

83.25

1.20

6.92

4.73

0.51

 

 

 

 

 

 

 

OM-DD-07-31

125.75

125.90

0.15

20.16

192.19

19.86

and

134.60

134.75

0.15

62.96

68.00

3.00

 

 

 

 

 

 

 

OM-DD-07-32

44.70

47.15

2.45

3.90

5.06

0.42

 

 

 

 

 

 

 

ELKIN VEIN - CORE DRILLING RESULTS, July, 2007

Hole ID

From (m)

To       (m)

Width (m)*

Grade        (g/t gold)

Grade        (g/t silver)

Grade      (% Lead)

OM-DD-07-25

29.50

29.76

0.26

17.60

19.26

2.58

and

50.90

51.22

0.32

3.23

<5

<.01

 

 

 

 

 

 

 

OM-DD-07-27

26.62

26.79

0.17

2.61

<5

<.01

and

39.30

39.70

0.40

4.24

<5

<.01

 

 

 

 

 

 

 

OM-DD-07-29

52.40

54.10

1.70

11.36

3.13

0.10

including

54.65

54.80

0.15

101.76

35.58

0.29

 

 

 

 

 

 

 

 

*The angle between the vein and the drill hole is greater than 70 degrees therefore drilled width approximates true width.

The new results confirm that the Elkin Vein is a multiple vein system, containing two shallow-dipping (15 to 20 degrees) veins as well as a third dipping at 60 degrees. Hole 29 is proof that the Elkin Vein System is capable of very high grades, such as the 101.76 gram per tonne gold intersection over 0.15 metres.

 

The eight holes reported for the 850 metre long Kearney Vein are from a 225-metre segment at its southern end and undercutting the initial open pit. Of particular significance is the recognition of a hanging wall vein disclosed in progressive step out drilling designed to intercept the main vein at greater depths. To date, 12 holes in the current drilling program have intercepted both Main and Hanging Wall veins including holes 19, 28 and 31 above. Each have two intercepts, the shallower ones being from the hanging wall vein, extending it southwards by 400 metres, where it appears to converge with the Main Kearney Vein.

 

This hanging wall vein had previously been identified in the central and northern areas of the Kearney Vein from earlier drilling, including holes released as far back as September 22nd, 2006. Drill Hole OM-DD-06-05 had a distinct upper intercept of 12.16 g/t gold over 37 cm, representing the Hanging Wall Vein, and a deeper broad area of mineralization constituting the Main Kearney Zone, including a 68 cm intersection assaying 41.92 g/t gold. Hole OM-DD-06-06 overshot the hanging wall vein, but had an intercept of 10.05 g/t gold over 6.55 metres within the main Kearney zone.

 

The implications of the recognition of this two vein system are that it seems historical drilling in the 225 metre northernmost section of Kearney had been directed to what is now known to be the parallel hanging wall vein, leaving the main zone relatively untouched.

While the current program consists of both down dip and infill drill holes, the Company intends to further investigate this critical northern area with a 5-hole program, where strong sulphide mineralization, consistent with the interpretation of a multiple vein system, has been intersected in drill holes. The realization that the Kearney is a two-vein system has created the opportunity for near surface resource expansion within the area of the planned open pit.

 

The samples were taken by geological staff under the supervision of L.. J. Gunter P. Eng, the Qualified Person for the program. 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-ORE) at OMAC Laboratory Ltd (an independent, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

 

Galantas Gold Corporation Issued and Outstanding Shares total 168,035,855.         

  

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. 

 

This press release includes certain �Forward-Looking Statements� within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements such as those referring (but not limited) to specific production or construction activity are �Forward-Looking Statements� that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these �Forward-Looking Statements�.

Enquiries:

 

Galantas Gold Corporation                                                                                                      

Jack Gunter P.Eng � Executive Chairman

Roland Phelps C.Eng � President & CEO

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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