Galantas Gold Corporation

Published : October 18th, 2007

Reports 3.6M of 22.29 G/T gold at Omagh

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

17th October 2007      

                                                                      

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

 

GALANTAS REPORTS 3.6M OF 22.29 G/T GOLD AT OMAGH

 

Galantas Gold Corporation (the Company) reports results from 10 Diamond drill holes from ongoing exploration on its wholly owned Omagh gold mine in Northern Ireland.  Nine of the holes were infill holes in parts of the Kearney Deposit to achieve approximate 25-metre spacing in advance of resource re-calculation. One of the holes, 07-41, tested the steeply dipping deposit at 200 metres vertical depth.  All of the holes intersected gold mineralisation.
 
Hole 07-41 disclosed 11 well mineralised veins within an approximate 109-metre wide (approximate true width) zone. Three notable veins included:  22.29 grammes gold per tonne ("gAu/t") over 3.6 metres estimated true width (including a 0.50-metre section containing 68.16 gAu/t); 7.90 gAu/t over 2.52 metres estimated true width; and 8.66 gAu/t over 0.94 metres estimated true width. Details of all the drill holes are in the following table:

 

KEARNEY VEIN - CORE DRILLING ASSAY RESULTS

Hole Number

Collar Location

 

 Dip at Collar

From (m)

To       (m)

Core Length (m)

Vertical Depth

True Width (m)

Gold     (g/t)

Silver  (g/t)

Lead (%)

OM-DD-07-33

371325N  240120E

38.5

39.6

1.1

27

0.78

4.73

6.41

0.21

 

-44.8

including 38.85

39.6

0.75

 

0.53

5.56

<5

0.1

 

 

 

 

 

 

 

 

 

 

OM-DD-07-34

370873N  240175E

65.45

65.6

0.15

51

0.11

26.88

6

0.05

 

-49.2

and 91.25

91.85

0.6

73

0.42

3.47

13.38

0.03

 

 

and 98.40

98.5

0.1

79

0.07

5.6

2.5

0.05

 

 

and 113.25

113.4

0.15

91

0.11

7.92

7

0.05

 

 

 

 

 

 

 

 

 

 

OM-DD-07-35

371212N 240170E

130.2

130.4

0.2

107

0.14

1.56

2.5

0.05

 

-53.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD-07-36

370897N 240170E

85.7

86.15

0.45

71

0.32

1.27

2.5

0.05

 

-48.8

and 89.8

90.39

0.59

74

0.42

6.32

15.2

0.25

 

 

including 89.9

90

0.1

 

0.07

13.28

23.67

0.09

 

 

and 107.95

108.65

0.7

90

0.49

23.65

10.71

0.05

 

 

including 108.35

108.45

0.1

 

0.07

165.12

59.91

<.01

 

 

and 110.6

110.9

0.3

93

0.21

5.56

7.83

0.04

 

 

 

 

 

 

 

 

 

 

OM-DD-07-37

370924N 240172E

62.6

62.75

0.15

51

0.11

3.01

2.5

0.05

 

-50

and 68.8

71.5

2.7

57

1.91

3.72

5.07

0.22

 

 

including 69.2

69.3

0.1

 

0.07

37.12

28.72

0.82

 

 

and 73

73.3

0.3

60

0.21

7.09

16

1.11

 

 

and 93.15

93.6

0.45

77

0.32

15.28

20.11

2.26

 

 

including 93.4

93.5

0.1

 

0.07

26.88

30.22

1.72

 

 

and 111.1

111.4

0.3

93

0.21

7.99

2.5

0.05

 

 

 

 

 

 

 

 

 

 

OM-DD-07-38

370922N  240117E

51.85

52

0.15

38

0.11

4.95

2.5

0.05

 

-45

and 86.4

87.35

0.95

66

0.67

2.5

0

0.05

 

 

and 98.1

98.8

0.7

75

0.49

1.59

2.5

0.05

 

 

 

 

 

 

 

 

 

 

OM-DD-07-39

371145N  240113E

29.15

29.4

0.25

21

0.18

7.76

18

1.63

 

-45.2

and 42

44

2

31

1.41

1.89

2.5

0.02

 

 

and 94.4

94.75

0.35

68

0.25

2.27

2.5

0.05

 

 

 

 

 

 

 

 

 

 

OM-DD-07-40

370975N 240175E

81.95

82.3

0.35

60

0.25

2.31

2.5

0.89

 

-45

and 84.9

89

4.1

64

2.9

18.88

41.56

0.74

 

 

including 85.2

85.45

0.25

 

0.18

89.6

66.82

0.01

 

 

and 95.4

96.9

1.5

71

1.06

3.21

4.97

0.03

 

 

 

 

 

 

 

 

 

 

OM-DD-07-41

371125N 240225E

125.35

125.45

0.1

100

0.07

3.34

2.5

0.05

 

-50.1

   and 150.00

151.33

1.33

120

0.94

8.66

7.67

0.08

 

 

   and 176.00

176.5

0.5

141

0.35

3.48

2.5

0.05

 

 

and 180.6

180.75

0.15

145

0.11

4.1

2.5

0.05

 

 

and 185.3

185.9

0.6

150

0.42

8.16

2.5

0.05

 

 

and 217.25

220.8

3.55

177

2.51

7.9

29.97

1.04

 

 

including 218.45

218.85

0.4

 

0.28

22.08

17.98

0.34

 

 

and 224.4

229.49

5.09

184

3.6

22.29

158.23

2.3

 

 

including 224.4

224.9

0.5

 

0.35

68.16

458.8

4.06

 

 

and 237.15

237.32

0.17

182

0.12

2.79

2.5

0.05

 

 

and 248.55

248.7

0.15

201

0.11

18.2

14

2.07

 

 

and 251.05

251.8

0.75

204

0.53

5.82

16.6

0.36

 

 

and 280.95

281.05

0.1

230

0.07

4.04

2.5

0.05

 

 

 

 

 

 

 

 

 

 

OM-DD-07-42

370950N 240140E

26.8

29.05

2.25

25

1.59

3.09

7.02

0.95

 

-45.1

and 34.1

35

0.9

25

0.64

2.07

6

0.94

Exploration of the Kearney Deposit has shown that gold and associated minerals occur in multiple mineralised quartz veins, interpreted to be structurally controlled within a zone of strong north-south shearing. Generally veins strike northerly and dip to the east at between 70 and 90 degrees.  Up to 3 principal veins make up the Kearney Zone where vein thicknesses range between 0.1 metres and 3.2 metres (true width) and are characterized by gold-silver-lead-pyrite mineralisation. In addition, sub-parallel proximal hanging wall and footwall veins have been delineated in recent drilling and although narrow (<1.0 metres), can exhibit high grade gold mineralisation noted for the absence of associated silver and lead.   

The program is ongoing and interpretation of the data is yet to be completed. It is apparent that, while variable in thickness and complex in detail, the mineralized shear structure has been shown to be continuous along at least 850 metres of strike and to at least 200 metres vertically. The deepest intersection to date in the program, that of hole 07-41, has intersected the downward extension of the Kearney deposit over substantial widths with robust mineralisation. Additional deep holes in the immediate vicinity are underway to further investigate these positive results.

 

The drill program including sampling was under the control of the Company's geological staff under the supervision of L. J. Gunter, P.Eng., the qualified person for the programme. Sampling methodology, security and data verification followed standard procedures as previously detailed on April 5, 2006, and 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 Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news 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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