Micon International to Prepare Updated Mineral Resource Estimate for Galantas Gold’s Omagh Project in Northern Ireland

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TORONTO, Nov. 22, 2022 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V and AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the appointment of Micon International Limited (“ Micon”) to produce an NI 43-101 compliant mineral resource estimate for the company’s Omagh gold project in Northern Ireland.

Mario Stifano, CEO of Galantas, commented: “Galantas has completed over 4,100 meters of drilling over the past year, in our largest exploration program since the 2014 resource estimate. accumulated a substantial amount of data, including a number of new intersections in the inferred resource and chip channel sampling of five levels of underground development, in addition to the discovery of expansion zones – a pattern of vein swelling and grade increases – identified at the Kearney and Joshua veins. Our deeper understanding of the expansion zones and structural controls now allows us to target drilling on the Kerr Vein system, located between the main Kearney and Joshua veins, to test its potential on the northern extension.

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“We anticipate that some of the 2014 resources will be upgraded and resource gaps will be filled. We are also delighted that the expansion zones are being reshaped in the resource, and we look forward to delivering the new mineral resource estimate by Q2 2023.”

Drilling Highlights 2021-221
which will be incorporated into the next mineral resource estimate:

  • 31.7 grams per tonne (g/t) of gold (Au) and 58.5 g/t of silver (Ag) over a 7 meter core intersect at the Kearney vein.
  • 17.4 g/t Au and 74.6 g/t Ag on a 13.1 meter core intersect at the Joshua vein.
  • 10.1 g/t Au and 93.5 g/t Ag on a 6.5 meter core intersect at Joshua.
  • 26.7 g/t Au and 88.2 g/t Ag on a 2.9 meter core intersect at Kearney.
  • 21.4 g/t Au and 32.9 g/t Ag on a 2.4 meter core intersect at Kearney.
  • 31.8 g/t Au and 39.2 g/t Ag on a 4.4 meter core intersect at Kearney.

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1 The drill holes were HQ size and drilled using a three-tube method to maximize core recovery. Samples were assayed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) in Galway, Ireland. Data has been rounded to 1 decimal place. All dosages are reported without application of a top cut. For complete results, see Galantas press releases dated October 12, 2021, November 24, 2021, December 13, 2021, January 31, 2022, March 21, 2022, May 16, 2022, August 4, 2022 and August 24, 2022. October 2022.

Micon is an independent mining industry consulting firm headquartered in Toronto, Canada, with offices in Vancouver and the UK. Micon has applied its skills and experience in economic geology, mine and processing plant design, mineral economics, environmental management, mining and project management to provide consulting services around the world to junior and senior mining companies, financial institutions, government agencies and law firms.

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Qualified person

The scientific and technical disclosures contained in this press release have been reviewed and approved by Dr. Sarah Coulter, who is considered, by virtue of her training, experience and professional association, to be a qualified person under Regulation 43 -101. Ms. Coulter is not considered independent under NI 43-101 as she is Chief Geologist of Galantas Gold Corporation.

Neither the 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.

The information in this announcement is deemed to be inside information as set out in the retained EU law version of the Market Abuse Regulation (EU) No 596/2014 (the “UK MAR”) which forms part UK law under the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company’s obligations under section 17 of the UK MAR. As of the publication of this announcement, this privileged information is henceforth considered to be in the public domain.

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About Galantas Gold Corporation

Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the AIM market of the London Stock Exchange, 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 exploiting and developing the gold production and resources of the Omagh Project in Northern Ireland.

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Galantas Gold Corporation
Mario Stifano: Chairman and CEO
Email: [email protected]
Website: www.galantas.com
Telephone: +44(0)28 8224 1100

Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger, Samuel Littler
Telephone: +44(0)20 7383 5100

SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (sales and brokerage)
Telephone: +44(0)20 3470 0470

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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 the results of exploration programs and mine development at 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 deems appropriate in the circumstances. . Many factors could cause the actual results, performance or achievements of Galantas to differ materially from those expressed or implied by the forward-looking statements or strategy, including: the volatility of the price of gold; differences 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; the loss or availability of key employees; additional financing needs; uncertainties regarding planning and other permitting issues; and defective title to mining claims or property. These and other factors that could affect Galantas’ forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of Galantas’ Financial Statements and elsewhere in documents filed from time to time. with the Canadian Provincial Securities Administrators and other regulatory authorities. These factors should be carefully considered and persons reading this press release should not place undue reliance on any forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise the forward-looking statements contained in this press release, except as required by law.

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