Last checked at 23 Jul 2013 14:00
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - "GAL"
GALANTAS FILES INCREASED GOLD RESOURCE REPORT ON OMAGH PROPERTY
23rd July 2013 : Galantas Gold Corporation (Galantas) is pleased to announce the filing of an updated Technical Report on the Omagh Gold Project, Omagh, County Tyrone, Northern Ireland. The Resource Statement, which was summarised in a press release dated 12th June 2013, is compliant with Canadian National Instrument 43-101 and updates a Resource statement by ACA Howe International Ltd in 2012.
The May 2013 Resource (to CIM code) is assessed as follows :-
RESOURCE CATEGORY | TONNES | GRADE Au g/t | Au ozs |
MEASURED | 77,919 | 5.87 | 20,772 |
INDICATED | 651,582 | 5.85 | 121,761 |
INFERRED | 1,403,746 | 6.54 | 295,599 |
Note: Rounded numbers, gold grades capped at 75g/t. Cut-off 2.5 g/t gold. Diluted minimum vein width 0.9m Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The recent uplift in resources at an unaudited, estimated cost of £927,000 demonstrates the potential to build a high grade resource base within a low cost range.
Galantas also considers that there is good potential to define significant additional resources, on the Omagh Gold Project, at depth and along strike on defined veins, as well as on additional structures that may be identified through ongoing exploration.
Target name | Central Grid Ref. | Potential tonnes range (t) | Potential Grade Range (g/t Au) | ||
|
| Low | high | low | high |
Resource Extension Targets |
|
|
|
| |
Kearney | H401/710 | 300,000 | 745,500 | 4.5 | 6.7 |
Joshua | H3970/7072 | 272,000 | 750,000 | 4.0 | 5.5 |
Elkins | H4061/7130 | 200,000 | 400,000 | 2.0 | 4.0 |
Kerr | H3995/7065 | 180,000 | 360,000 | 2.0 | 4.0 |
Gormley | H3974/6982 | 230,000 | 460,000 | 3.3 | 6.5 |
Sammy's | H4036/7138 | 30,000 | 60,000 | 2.1 | 4.2 |
Princes | H3935/7004 | 20,000 | 40,000 | 19 | 38 |
Garry's | H3936/6955 | 80,000 | 160,000 | 0.7 | 1.3 |
TOTAL | 1,312,000 | 2,975,500 | |||
Exploration Targets | |||||
Peter's | H3915/7137 | 4,000 | 13,000 | 4.5 | 9.0 |
63 Gram | H3910/7190 | 33,000 | 101,000 | 4.5 | 9.0 |
North of Sammy's Barn and East Cousins | H3980/7171 H3980/7183 | 135,000 | 810,000 | 4.5 | 9.0 |
Cornavarrow Burn | H34977/69417 | 60,000 | 360,000 | 4.5 | 9.0 |
Corlea Burn | H388/726 | 60,000 | 360,000 | 4.5 | 9.0 |
Legphressy | H345/704 | 60,000 | 360,000 | 4.5 | 9.0 |
Cousins | H3925/7120 | 48,000 | 145,000 | 4.5 | 9.0 |
TOTAL | 400,000 | 2,149,000 | |||
TOTAL EXPLORATION POTENTIAL* | 1,712,000 | 5,124,500 | |||
The potential of exploration targets has been assessed in terms of a range of quantity (tonnage) and a range of grades of gold and are summarised in the table below. The assessments are based upon the reasonable extrapolation from defined resources and / or surface soil sampling, pionjar sampling (a small, petrol-powered, hand-operated drill), boulder sampling, favourable geophysical or favourable geochemical signatures, the results of which elevate these areas as highly prospective first order targets for further exploration.
\* The potential quantity and grade disclosed in the table is conceptual in nature as there has been insufficient exploration to define mineral resources in these areas. It is uncertain if further exploration will result in the targets being delineated as a mineral resource. This exploration potential, expressed as ranges, is not a mineral resource and does not have demonstrated economic viability.
Roland Phelps, President & CEO, Galantas Gold Corporation commented, "Despite the excellent drilling success, most of the exploration potential of the Galantas licenses, as partly identified in the Target table above, remains to be fully examined and warrants a much expanded drilling and exploration program.
With regard to progressing the underground mine, a more detailed economic study is under way. Two additional independent reports have been commissioned related to the facilitation of underground mine planning permits. To be delivered within the next few weeks, they are expected to close out remaining queries from statutory consultees and enable finalised responses. It is understood that, after finalised responses, the next stage of the process will be the consideration, by Planning Service Northern Ireland, of all consultation responses, to enable a recommendation to the Minister for determination. "
Roland Phelps, B.Sc., C.Eng, MIMMM, President & CEO, Galantas Gold Corporation is the Qualified Person (QP) for the Technical Report on Exploration and Resource Assessment for the Omagh Gold Project, Omagh, County Tyrone, Northern Ireland (2013). Data collection procedures and the preparation of the resource estimate has been carried out under his supervision and he has reviewed and approved the contents of this press release. The QP is not independent of the Company. The report will be viewable via www.sedar.com and www.galantas.com.
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 resource estimates, exploration targets and permitting, 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 geological interpretation, 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: factors affecting the assessment of resources and the consideration of exploration targets, gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; actual and estimated costs; 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 256,210,395.
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 CorporationJack Gunter P.Eng - Chairman Roland Phelps C.Eng - President & CEO
Email: info@galantas.comTelephone: +44 (0) 2882 241100 Website: www.galantas.com
Investor Relations : Courtenay Heading (Maclir Consulting Ltd)Email : c.heading@galantas.com Telephone : (UK) +44 (0) 7624 424 455
Charles Stanley Securities (Nominated Adviser)
Mark Taylor : Telephone +44 (0)20 7149 6000