Last checked at 15 Sep 2011 14:00
GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS REPORTS STRONG GOLD INTERSECTS ON JOSHUA VEIN AT OMAGH PROPERTY
DATE: 15th September 2011
Galantas Gold Corporation, the gold mine producer and explorer in Northern Ireland, reports today that its 100% operating subsidiary, Omagh Minerals Ltd (OML) has identified significant gold intersections in drilling on its Omagh, County Tyrone property.
Joshua Vein | 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-11-54 | 239624.689
including | 370892.554
| 45° | 95.5° | 3.6 m
0.35 m | 2.5 m
0.24 m | 27 m | 5.4 g/t
21.92 g/t | 13.3 g/t
| 0.04% | ||
OM-DD-11-63 | 239699.726
including | 370783.218
| 45° | 279.4° | 5.3 m
1.5 m | 3.7 m
1.05 m | 8 m | 14.9 g/t
26.56 g/t | 37.0 g/t | 1.88% | ||
OM-DD-11-65 | 239679.307
including | 370780.236
| 50° | 90° | 1.95 m
0.65 m | 1.5 m
0.5 m | 14 m | 4.8 g/t
10.48 g/t | 31.8 g/t | 3.68% | ||
OM-DD-11-70 | 239668.354
including | 370756.528
| 45° | 86.55° | 1 m
0.7 m | 0.7 m
0.49 m | 22 m | 18.6 g/t
23.2 g/t | 74.7 g/t
| 3.8%
| ||
The drilling was carried out on the Joshua vein, on land owned by OML. Three of the holes were on the southern part of the vein with one hole (no.54) to the north. Further drilling, with some channel sampling, has been carried out on the Joshua vein and results will be reported when received. 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 49%, 47%, 49% and 30% 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 drilling program was recently expanded to 15,000 metres drilling and is initially focused on the expansion of resources on veins close to the existing, operating, open pit gold mine.
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. 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.
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 or strategy, 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 Telephone: +44 (0) 20 7444 0800 Nick Harriss/Ben Jeynes
Beaufort International Associates LtdTelephone: +44 (0) 20 7930 8222 Barry Gibb/Saif Janjua (Corporate Finance)
Niall Carrig (Corporate Broking)