Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

April 05, 2012 09:00 ET

Galantas Announces More Channel Sampling and Drill Assays at Omagh Gold Property

TORONTO, ONTARIO--(Marketwire - April 5, 2012) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, has received drilling and channel sampling results for its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

The results are in addition to those reported on the 12th January 2012. The combined results will be used by the Company's independent consultants to revise the estimate of resources for the property.

A further 13 channel samples are reported below for the Joshua Vein. The average width adjusted gold grade of the samples was 5.7 grammes per tonne (g/t) gold and the average (true) width was 0.8 metres (m). Three additional drill cores, with four mineralised intersects, on the Joshua Vein, have been sampled and analysed in the current program. The average width adjusted gold grade of the four sampled intersects was 7.8 g/t gold at an average width of 0.48m. Mapped Core Drill locations and channel locations will be available on www.galantas.com. Joshua vein has been identified in length over 785 m.

Seven drill cores, with eleven mineralised intersects, on the Kearney Vein, have been sampled and analysed in the current program. The average width adjusted gold grade of the eleven sampled intersects was 5.2 g/t gold at an average width of 1.4m. The Kearney Vein has been identified in length over 850 m.

The results are tabulated below separately for channel samples (taken on the surface exposure of the vein) and for core drill samples (as intersected at given depths below the surface).

The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIOM3, (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-ORE) at OMAC Laboratory Ltd (an independent, ISO 17025 laboratory) of Galway, Ireland. The channel samples were sampled at 5 metre intervals in the manner previously reported on 4th October 2011. The core drilling methodology was that as described on 15th September 2011.

Mr. Phelps commented, "The drilling and channel sampling results received from the Omagh property continue to exceed expectations. We've an aggressive drilling program, with six rigs at work. An Independent Interim Resource Statement is in preparation and expected to be ready by the end of May. Results from the continuing drilling program will carry forward to an updated assessment expected at the end of 2012. The planning for an underground mine is progressing well, with consultants reports regarding the Environmental Impact Assessment anticipated within a month."

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 drilling intersections and analyses, 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.

Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.

RESULTS TABLES
Kearney Vein Drill Core Results
Hole number easting Northing Start dip azimuth Intersect
Width (m)
Dip at intersect Estimated
True
Width (m)
Intersect
Vertical
Depth (m)
Gold / Au Silver / Ag Lead / Pb Core loss
OM-DD 11-79 240137.87 371206.68 50° 265 ° 0.2 52.8 0.2 46.1 3.6 g/t 0 0 0
and 4.1 53.4 2.4 53.8 5 g/t 0 0 68 %
OM-DD-11-81 240138.77 371206.76 75 ° 260 ° 4.3 79.8 0.8 131 1.4 g/t 0 0 39 %
OM-DD-11-84 240271.90 371090.00 45 ° 280 ° 0.6 51.2 0.4 155.4 10.4 g/t 13 g/t 0 2 %
and 0.9 51.7 0.6 162.1 3.5 g/t 0 0 20 %
and 2.1 55.7 1.2 227.9 4.5 g/t 6 g/t 0 4 %
OM-DD-11-85 240296.64 371011.41 45 ° 280 ° 1.3 61.7 0.6 210.5 1.2 g/t 0 0 46 %
and 1.1 64.9 0.5 261.1 5.1 g/t 8.4 g/t 1.2 % 0
OM-DD-11-89 240247.17 371141.99 45 ° 275 ° 1.5 62.5 0.7 207.4 8.9 g/t 14 g/t 1.4 % 20 %
OM-DD-11-90b 240273.31 371049.84 45 ° 280 ° 18.8 65.8-66.1 7.6 209.4 5.5 g/t 11 g/t 0.5 % 34 %
OM-DD-11-92 240350.96 371189.90 45 ° 285 ° 1.1 78 0.2 328.5 12.5 g/t 18.1 g/t 0.3 % 13 %
Joshua Vein Channel Samples
Joshua Vein: Channel Sample Results
Channel number easting Northing Vein Width (m) Gold / Au Silver / Ag Lead / Pb
38 239650.70 370879.39 0.4 1 g/t 6.3 g/t 0.3 %
37 239652.68 370874.78 0.5 8.5 g/t 47 g/t 1.2 %
36 239654.35 370870.19 0.6 4.2 g/t 5.8 g/t 0.5 %
35 239654.59 370864.72 1 1.4 g/t 0.6 g/t 0.2 %
34 239655.32 370860.19 1 16.1 g/t 12.1 g/t 0.3 %
33 239656.82 370855.20 1 3.8 g/t 9.1 g/t 0.1 %
32 239658.94 370850.62 1.1 6.1 g/t 7.3 g/t 0.3 %
31 239659.75 370845.76 1.0 5 g/t 10.6 g/t 0.3 %
30 239662.46 370841.42 0.9 6 g/t 19.4 g/t 0.9 %
29 239664.37 370837.17 0.3 3.3 g/t 5.3 g/t 0.6 %
28 239666.43 370832.31 0.9 7.2 g/t 8.3 g/t 0.7 %
27 239667.60 370827.67 0.3 4 g/t 9 g/t 0.3 %
26 239669.83 370823.23 1.3 3.1 g/t 12 g/t 0.9 %
Joshua Vein Drill Core Results
Hole number easting northing Start dip azimuth Intersect
Width (m)
Estimated
True
Width (m)
Intersect
Vertical
Depth (m)
Gold / Au Silver / Ag Lead / Pb Core loss
OM-DD-11-86 239668.66 371105.16 45 ° 260 ° 0.3 0.2 22.9 1.4 g/t 0 g/t 0.1 % 0
OM-DD-11-88 239672.84 371129.96 45 ° 275 ° 1 0.7 49.9 10 g/t 7.4 g/t 0.2 % 0
And 0.4 0.3 56.6 10 g/t 29.7 g/t 4.7 % 3 %
OM-DD-11-91 239710.30 371067.81 45 ° 275 ° 1.0 0.7 65.9 6.5 g/t 8.1 g/t 0.8 % 8 %

NOTE: all figures have been rounded to one decimal place. In regard to channel samples, co-ordinates are given for the western end of each channel only. Intersect depth and true widths are an approximation and subject to survey analysis. Intersect depth is a maximum estimate.

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.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter P.Eng
    Chairman
    +44 (0) 2882 241100

    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com

    Maclir Consulting Ltd
    Courtenay Heading
    Investor Relations Consultant
    +44 (0) 7624 424 455
    c.heading@Galantas.com

    Charles Stanley Securities (Nominated Adviser)
    Mark Taylor / Luke Webster
    +44 (0)20 7149 6000