GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - 'GAL'
GALANTAS RELEASES HIGH GRADE GOLD RESULTS NEAR OMAGH GOLD MINE BOUNDARY.
16th September 2015 : Galantas Gold Corporation ("Galantas") is pleased to announce high grade Gold results from an exploration program close to the boundary of the Omagh Gold Mine, County Tyrone, Northern Ireland.
The discovery of high grade boulders of 30.4 g/t ,34.4 g/t, 39.4 and 44.3 g/t Gold (float) around 40 metres from the Sharkey vein was reported on 6th October 2014. It was considered that as the boulders were of a comparatively large size, they were derived from a local source.
Further exploration now has been carried out in this vicinity. One outcrop and an associated boulder were discovered and grab samples (numbers 95 & 96) have been taken. Results are 67.5 g/t Gold, 81.2 g/t Silver and 24.2 g/t Gold, 6.8 g/t Silver.
Some 540 metres to the east, near Discovery vein, an additional outcrop was grab sampled. Analysis gave results of 11.8g/t Gold and 19.9 g/t Gold.
The Lack Shear Zone is considered to lie south of the main veins, Joshua and Kearney, at a strike of 80 degrees and to dip north. The current hypothesis (reported 6th October 2014) is that the main veins have been, for the most part, dextrally offset south of the Lack Shear Zone (LSZ). This hypothesis is supported by recent discoveries.
The suite of veins, which include the Joshua and Kearney structures, that lie to the north of the LSZ and which strike in an approximate north - south direction, appear to continue off-set south of the LSZ. Due to the multiplicity of veins discovered and the complexity of the LSZ it is yet to be confirmed which of the southern veins represent those veins to the north. However, the width between most easterly and most westerly vein discoveries as identified south of the LSZ suggest that there may be potential for further vein structures to be discovered north of the LSZ.
A particular area of interest is to the west of Joshua, where historic geochemical and geophysical anomalies exist. This will be targeted in the short term, as the freehold of the mine extends westwards some 450 metres from Joshua vein and underground mining is permitted on this part of the mine freehold land ownership.
The Joshua vein has been drilled to a comparatively shallow depth. The deepest core, which was in the central section, discovered 8.4 g/t Gold, over 4.5 metres true width, at 160.6 metres below surface. In the south, at 113 metres below surface, a core was recovered which recorded 21.2 g/t Gold over 1.1 metres true width*. A core drilling program, with two rigs, will start in September 2015, with the aim of identifying Joshua vein at depth some 100-150 metres below the present known extent.
Roland Phelps, President & CEO of Galantas Gold Corporation said, "Our main focus is on expanding the resource base for our Omagh Gold Property and developing the recently permitted underground mine. We have the opportunity to expand the known resources on Joshua and Kearney veins (the main veins) at depth. These new results mean we can also examine the possibility of a new vein within the mining area and look at southerly continuations of the main veins, which already have a strike length of around 850 metres. A map showing the latest discoveries in relation to the known veins and the mine-site will be posted on the Galantas website www.galantas.com ."
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.
*see Technical Study filed 4th September 2014 www.sedar.com / www.galantas.com
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Galantas Gold Corporation's Issued and Outstanding Shares total 107,297,155.
Enquiries : Galantas Gold Corporation Website: www.galantas.com
L. Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO
Email: [email protected] Telephone: (UK) +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Ranald McGregor-Smith, Nick Lovering
Telephone: +44(0)20 7659 1234
