Last checked at 20 Oct 2011 14:00
GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS REPORTS MORE GOLD INTERSECTS ON JOSHUA VEIN AT OMAGH PROPERTY
DATE: 20th October 2011
Galantas Gold Corporation (the 'Company'), the gold mine producer and explorer in Northern Ireland, reports today that its 100% operating subsidiary, Omagh Minerals Ltd (OML) has identified more significant gold intersections in drilling and channel sampling on its Omagh, County Tyrone property.
The core drilling results are as follows :-
Joshua Vein : Core Drilling Assay Results | Assay of Mineralised Intersect | |||||||||
Hole number | Easting | northing | dip | azimuth | Intersect Width | Estimated True Width | Intersect Vertical Depth | Gold / Au | Silver / Ag | Lead / Pb |
OM-DD-11-55 | 239626.811 | 370862.981 | 45° | 95° | 1.5 m | 1.1 m | 44.6 m | 5.3 g/t | 0 g/t | 0.1% |
OM-DD-11-56 | 239634.979 Including | 370862.112 | 45° | 93.7° | 3.4m 0.4 m | 2.4 m 0.3 m | 24.7 m | 9.6 g/t 34 g/t | 37.5 g/t 120 g/t | 2.2% 6.4% |
OM-DD-11-60 | 239681.000 | 370975.000 | 45° | 277.2° | 1.5 m | 1.1 m | 34.8 m | 2.5 g/t | 6 g/t | 0.22% |
OM-DD-11-61 | 239612.765 Including | 370863.682
| 45° | 100° | 1.7 m 0.3 m | 1.2 m 0.2 m | 57.2 m | 10.9 g/t 18.5 g/t | 54.1 g/t 160 g/t | 1.8% 5.2% |
OM-DD-11-73 | 239668.193 Including | 370731.452 | 45° | 90° | 1.6 m 0.5 m | 1.1 m 0.4 m | 22.5 m | 3.4 g/t 9.5 g/t | 29.2 g/t 86 g/t | 3.6% 10.9% |
The drilling was carried out on the Joshua vein, on land owned by OML. Joshua vein runs broadly parallel to and some 450 metres west of the Kearney vein. Three of the holes (nos. 55, 56 and 61) were on the central part of the vein with one hole (no.60) to the north and one hole (73) to the south. The drill holes were HQ size and drilled using a triple tube method to maximise recovery. Core loss, due to friable material in the sampled mineralised sections, were 72%, 50%, 50%, 0%, 48% respectively. The true width of each intersect has been estimated assuming a vertical vein, with the vertical depth of the reported intersect being at the top of the mineralised interval.
The channel sampling was carried out on a northern section of the Joshua vein not previously channel sampled, on land owned by OML. The channels were cut across the surface of the exposed vein, one metre apart and sampled in 10 centimetre sections. Overburden was approximately 3 metres deep. The surveyed locations reported mark the western end of each channel cut.
Joshua Vein : Channel Sample Assay Results |
| |||||
Channel number | easting | northing | Vein Width | Gold / Au | Silver / Ag | Lead / Pb |
21 | 239639.1171 including |
370899.2782
| 1.7 m 0.3 m | 1.6 g/t 5.6 g/t | 5 g/t 20 g/t | 0.3 % 0.6 % |
22 |
239638.8658 including
|
370900.2052
| 1.8 m 0.8 m | 5.4 g/t 10.7 g/t | 38 g/t 80 g/t | 1.5 % 3.1 % |
23 |
239638.5313 Including
|
370901.2244
| 1.9 m 0.5 m | 4.5 g/t 7.2 g/t | 17 g/t 31 g/t | 0.8 % 1.7 % |
24 |
239638.2943 including
|
370902.2079
| 2 m 0.7m | 9.1 g/t 20 g/t | 36 g/t 76 g/t | 1.5 % 2.7 % |
25 |
239637.9994 including
|
370903.1643
| 1.9 m 0.8 m | 16.3 g/t 30.1 g/t | 46 g/t 67 g/t | 2.9 % 5.2 % |
The samples were taken by geological staff under the supervision of R.Phelps C.Eng MIMM, (President & CEO, Galantas Gold Corporation), the Qualified Person for the program under NI 43-101 and who has also reviewed this announcement for the purposes of AIM requirements. 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.
Mr. Phelps commented, "The Joshua vein has produced some very encouraging channel samples and core drilling results, with gold grades and widths which compare well with the Kearney* and Kerr* ore bodies profitably worked. We will continue to explore Joshua further at depth and along strike, as the comparatively shallow drilling depths required have potential to build an improved resource more quickly and at lower cost than elsewhere on our license area. A program of drilling on the Kearney vein is also underway and results will be released when available. I am very pleased that it has been possible to fund the drilling program so far out of on-going cash flow from the operating mine and this is enabling a further expansion of the whole program to receive active consideration."
* ACA Howe International Ltd NI 43-101 Technical Report May 2008 : Kearney - Measured Resource grade 6.35 g/t gold, Kerr - Inferred Resource grade 4.03 g/t gold - see www.sedar.com for full report.
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.
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.
Enquiries
Galantas Gold Corporation Jack Gunter P.Eng - Chairman Investor Relations ConsultantRoland Phelps C.Eng - President & CEO Courtenay Heading (Maclir Consulting Ltd)Email: info@galantas.com Email : c.heading@Galantas.com Website: www.galantas.com Telephone : (UK) +44 (0) 7624 424 455 Telephone: +44 (0) 2882 241100
Religare Capital Markets (AIM Nominated Adviser) Telephone: +44 (0) 20 7444 0800 Phil Davies / James Pinner / Ben Jeynes
Beaufort International Associates LtdTelephone: +44 (0) 20 7930 8222 Barry Gibb / Saif Janjua (Corporate Finance)
Niall Carrig (Corporate Broking)
Glossary Of Terms :
Easting / Northing : the grid reference location
Dip : the angle of the hole from the horizontal
Azimuth : the direction of the hole as a clockwise angle from north.
Intersect Width : the thickness of the mineralised section in the drill hole
Estimated True Width : the estimated thickness of the mineralised vein calculated from the dip of the hole, assuming a near vertical vein.
Intersect Vertical Depth : The vertical distance from the surface to the top of the mineralised section.
Assay : The measured amount of gold or silver in the mineralised intersect, expressed as a number of grams in each tonne of mineralised material. In the case of lead, the metal content is expressed as a percentage.
Core Drilling : The extraction of a solid cylindrical sample of material by means of rotating tube type drilling bit.
Channel Sample : A series of slots taken at right angles across an exposed vein from which samples can be taken to identify the metal content of the vein.