Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

October 17, 2007 10:00 ET

Galantas Reports 3.6m of 22.29 g/t Gold at Omagh

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2007) - Galantas Gold Corporation (the Company)(TSX VENTURE:GAL)(AIM:GAL) 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:



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KEARNEY VEIN - CORE DRILLING ASSAY RESULTS
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Collar
Location Core True Sil-
Hole Dip at Length Vertical Width Gold ver Lead
Number Collar From (m) To (m) (m) Depth (m) (g/t) (g/t) (%)
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OM-DD- 371325N
07-33 240120E 38.5 39.6 1.1 27 0.78 4.73 6.41 0.21
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less
including than
-44.8 38.85 39.6 0.75 0.53 5.56 5 0.1
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OM-DD- 370873N
07-34 240175E 65.45 65.6 0.15 51 0.11 26.88 6 0.05
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-49.2 and 91.25 91.85 0.6 73 0.42 3.47 13.38 0.03
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and 98.40 98.5 0.1 79 0.07 5.6 2.5 0.05
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and 113.25 113.4 0.15 91 0.11 7.92 7 0.05
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OM-DD- 371212N
07-35 240170E 130.2 130.4 0.2 107 0.14 1.56 2.5 0.05
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-53.9
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---------------------------------------------------------------------------
OM-DD- 370897N
07-36 240170E 85.7 86.15 0.45 71 0.32 1.27 2.5 0.05
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-48.8 and 89.8 90.39 0.59 74 0.42 6.32 15.2 0.25
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including
89.9 90 0.1 0.07 13.28 23.67 0.09
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and 107.95 108.65 0.7 90 0.49 23.65 10.71 0.05
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less
including than
108.35 108.45 0.1 0.07 165.12 59.91 .01
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and 110.6 110.9 0.3 93 0.21 5.56 7.83 0.04
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OM-DD- 370924N
07-37 240172E 62.6 62.75 0.15 51 0.11 3.01 2.5 0.05
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-50 and 68.8 71.5 2.7 57 1.91 3.72 5.07 0.22
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including
69.2 69.3 0.1 0.07 37.12 28.72 0.82
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and 73 73.3 0.3 60 0.21 7.09 16 1.11
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and 93.15 93.6 0.45 77 0.32 15.28 20.11 2.26
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including
93.4 93.5 0.1 0.07 26.88 30.22 1.72
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and 111.1 111.4 0.3 93 0.21 7.99 2.5 0.05
--------------------------------------------------------------------

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OM-DD- 370922N
07-38 240117E 51.85 52 0.15 38 0.11 4.95 2.5 0.05
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-45 and 86.4 87.35 0.95 66 0.67 2.5 0 0.05
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and 98.1 98.8 0.7 75 0.49 1.59 2.5 0.05
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OM-DD- 371145N
07-39 240113E 29.15 29.4 0.25 21 0.18 7.76 18 1.63
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-45.2 and 42 44 2 31 1.41 1.89 2.5 0.02
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and 94.4 94.75 0.35 68 0.25 2.27 2.5 0.05
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OM-DD- 370975N
07-40 240175E 81.95 82.3 0.35 60 0.25 2.31 2.5 0.89
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-45 and 84.9 89 4.1 64 2.9 18.88 41.56 0.74
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including
85.2 85.45 0.25 0.18 89.6 66.82 0.01
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and 95.4 96.9 1.5 71 1.06 3.21 4.97 0.03
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OM-DD- 371125N
07-41 240225E 125.35 125.45 0.1 100 0.07 3.34 2.5 0.05
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-50.1 and 150.00 151.33 1.33 120 0.94 8.66 7.67 0.08
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and 176.00 176.5 0.5 141 0.35 3.48 2.5 0.05
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and 180.6 180.75 0.15 145 0.11 4.1 2.5 0.05
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and 185.3 185.9 0.6 150 0.42 8.16 2.5 0.05
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and 217.25 220.8 3.55 177 2.51 7.9 29.97 1.04
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including 218.45 218.85 0.4 0.28 22.08 17.98 0.34
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and 224.4 229.49 5.09 184 3.6 22.29 158.23 2.3
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including 224.4 224.9 0.5 0.35 68.16 458.8 4.06
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and 237.15 237.32 0.17 182 0.12 2.79 2.5 0.05
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and 248.55 248.7 0.15 201 0.11 18.2 14 2.07
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and 251.05 251.8 0.75 204 0.53 5.82 16.6 0.36
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and 280.95 281.05 0.1 230 0.07 4.04 2.5 0.05
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OM-DD 370950N
-07-42 240140E 26.8 29.05 2.25 25 1.59 3.09 7.02 0.95
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-45.1 and 34.1 35 0.9 25 0.64 2.07 6 0.94
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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 (less than 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.

Contact Information

  • Galantas Gold Corporation
    Roland Phelps
    President & CEO
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Jack Gunter
    Chairman
    +44 (0) 2882 241100
    Email: info@galantas.com
    Website: www.galantas.com
    or
    ARM Corporate Finance Limited
    Nick Harriss
    +44 (0) 207 512 0191
    or
    Lewis Charles Securities Limited
    Kealan Doyle
    +44 (0) 207 456 9100