Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ('Galantas' or the 'Company') is pleased to announce results for the second underground hole in its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.
The second hole was drilled from the lowest level in the underground development at the Kearney Vein and returned two intersections: 26.7 grams per tonne (g/t) gold (Au), 88.2 g/t silver (Ag) and 3.5% lead (Pb) over 2.9 metres; including 79.5 g/t Au, 281.4 g/t Ag and 10.6% Pb over 0.9 metres. This result demonstrates further continuity to a zone of mineralization running parallel to the main Kearney Vein, which was also intercepted in the first hole FR-DD-21-UG-168 of 17.7 g/t Au, 50.9 g/t Ag and 4.6% Pb over 2.5 metres.
The second, deeper intersect, hit the main Kearney Vein within the inferred resource and returned 5.8 g/t Au, 14.2 g/t Ag and 0.2% Pb over 1.8 metres.
Mario Stifano, CEO of Galantas, commented: 'The additional high-grade intercept in a parallel vein with continuity demonstrates the potential to discover additional high-grade mineralization at Omagh and expand the gold resources as the Company advances its plans to commence mining early in the new year. With the deposit remaining open on strike and to depth, Galantas' Omagh Project provides the rare opportunity to significantly grow high-grade resources while producing gold.'
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding Northern Ireland's first gold mine.
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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 the results of exploration programs at the Omagh Gold Project; the potential to discover additional high-grade mineralization at Omagh and expand the gold resources; the Company's plans to commence mining early in the new year and the deposit remaining open on strike and to depth. 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 or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues and defective title to mineral claims or property. These factors and others that could affect Galantas' 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.
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