Galantas Gold Corporation (TSX-V:GAL) (AIM: GAL) (OTCQX: GALKF) is pleased to announce the results for the first hole from the new surface drill program at the Omagh Project in Northern Ireland.

Hole FR-DD-23-196 targeted a gap in the earlier resource model on the main Joshua Vein, intersecting 13.1 grams per tonne gold and 91.6 g/t silver over 2.5 metres (see Table 1 and Figure 1).

The hole passes through an undrilled area of the earlier resource model and falls within a predicted dilation zone* (see Galantas news release dated August 10, 2023). Other significant results attained within this dilation trend include hole OM-DD-12-122 which intersected 21.2 g/t Au over 2.1 metres, hole OM-DD-13-147 which intersected 12.4 g/t Au over 5.6 metres, and hole OM-DD-12-103 which intersected 8.4 g/t Au over 26.6 metres (see Figure 2 and Galantas news releases dated June 11, 2012, October 29, 2012 and August 27, 2013).

Mario Stifano, CEO of Galantas, commented: “We are pleased with the encouraging early results of our new drill program from surface. As we continue drilling on the Joshua Vein, we will test the down-dip potential of this dilation zone with the aim of expanding the resource to ultimately add to the Omagh Mine’s production capacity.”

*Dilation zones which have potential for higher widths of mineralization have previously been identified within the Kearney underground development and are believed to be linked on shallow north-dipping planes.

Table 1: Summary of drill results.

Notes:

1. Drill hole was NQ size and drilled using a triple tube method to maximize core recovery. The samples were analyzed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) of Galway, Ireland.
2. Intersect vertical depth intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
4. All assays are reported without application of a top cut.

Figure 1: Split section of drill core from hole FR-DD-23-196, over a 0.25-metre sample length.

Figure 2: Long section of the Joshua Vein showing the dilation zone trends (in yellow arrows) with some key intersections, and the location of the latest intersection on hole FR-DD-23-196. The 2014 resource category model has been used for display purposes.

Qualified Person and Quality Assurance and Control

Scientific and technical disclosures in this press release have been reviewed and approved by Dr. Sarah Coulter, who is considered, by virtue of her education, experience and professional association, a Qualified Person under the terms of NI 43-101. Dr. Coulter is not considered independent under NI 43-101 as she is the Chief Geologist of Galantas Gold Corporation.

Galantas Gold operates according to rigorous internal Quality Assurance and Quality Control protocols with respect to the insertion of blanks, standards and duplicates into the sample stream prior to dispatch to ALS Laboratory, which are consistent with industry best practices. The QP has reviewed the QA/QC results in relation to these drill results and is satisfied that the results as reported are reliable.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the “UK MAR”) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company’s obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Galantas Gold Corporation

Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market. It also trades on the OTCQX Exchange. The Company’s strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit in Scotland.