Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

September 10, 2015 07:35 ET

Galantas Releases Encouraging Exploration Results on Republic of Ireland Licences

TORONTO, ONTARIO--(Marketwired - Sept. 10, 2015) - Galantas Gold Corporation ("Galantas") (TSX VENTURE:GAL)(AIM:GAL) is pleased to announce encouraging follow up results to its early stage exploration program on its new licence areas in the Republic Of Ireland (ROI).

This ROI licence block lies approximately 33 kms from the Galantas Omagh Gold-Mine, which received planning permission to extend underground in June 2015.

Previous fieldwork, in licence number 4034, with results published June 22nd 2015, showed gold grades in grab samples of 1.6, 1.9 and 2.5 grams per tonne (g/t), within stream sediments. Recent follow up prospecting focussed on the distinct magnetic and conductivity anomalies situated directly east, in PL 3235. The source of the gold has yet to be identified but a cluster of strongly anomalous results for Chromium and Nickel were found in outcrop, float rock and stream sediments. Results range from 1800 g/t to 1960 g/t Nickel (Ni) and 1680 g/t to 1760 g/t Chromium (Cr) in float grab samples. Anomalous Ni and Cr in outcrop grab samples ranged from 2040 g/t to 2050 g/t Ni and 1770-2020 g/t Cr (2040 g/t approximates to 0.2% ).

A high Magnesium content was noted amongst those samples enriched with Nickel and Chromium. Rocks and gouge material are believed to derive from a mafic intrusion. Recent mapping has delineated its visible extent which was found to correspond with the magnetic anomaly previously reported (June 22nd 2015).

Approximately 1.5 km south-west of the geophysical anomalies, raised values for Copper (3430 g/t) and Silver (3 g/t) were identified in outcrop.

Another adjacent licence, number 2315, yielded anomalous gold results for two, sieved, un-panned sediment grab samples within streams associated with a major fault. Results ranged from 0.2 g/t to 0.9 g/t gold. The anomalous gold results are further supported by panned stream sediments.

Roland Phelps, President & CEO of Galantas gold Corporation said, "I am delighted with these early stage results. Whilst our main focus is on expanding the resource base for our Omagh Gold Property and developing the recently permitted underground mine, these results demonstrate the high overall prospectivity of the large licence package Galantas has assembled and the strong technical ability of the Omagh team in obtaining results of potential importance."

The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person (QP) 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 and verification followed standard procedures (April 2006) with standards, blanks and duplicates added at a frequency of 1 for every 20. The samples were analysed (gold by fire assay and ICP-AES on 50g samples; other metals by ICP-MS and ICP-AES) at ALS Geochemistry Laboratories of Galway, Ireland, and were considered compliant with all requirements of International Standards ISO 17025:2005. All the samples reported were grab samples, taken as indicative prospecting information prior to a more detailed program of evaluation.

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's Issued and Outstanding Shares total 107,297,155.

Contact Information

  • Galantas Gold Corporation
    L. Jack Gunter P.Eng - Chairman
    Roland Phelps C.Eng - President & CEO
    (UK) +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com

    Grant Thornton UK LLP (Nomad)
    Philip Secrett, Richard Tonthat
    +44(0)20 7383 5100

    Whitman Howard Ltd (Broker & Corporate Adviser)
    Ranald McGregor-Smith, Nick Lovering
    +44(0)20 7659 1234