Galantas Gold Corporation (TSX-V:GAL) (AIM: GAL) (OTCQX: GALKF) announces continued success at intercepting high-grade gold from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.

Hole FR-DD-21-175 was drilled from surface and targeted the Joshua Vein. It intersected 17.4 grams per tonne gold, 74.6 g/t silver  and 1.9 % lead over 13.1 metres (see Table 1 for details). This hole successfully targeted a potential ‘dilation zone’ within the Joshua Vein and includes a higher-grade section with 25.3 g/t Au, 108.4 g/t Ag and 2.9% Pb over 8.7 metres.

Detailed plan maps indicate vein swelling in predictable zones along ore drives in the first four levels of the mine development on the Kearney Vein. These wider areas of mineralization, or dilation zones, are believed to be linked on shallow, north-dipping planes. High strain between intersecting faults, resulting in increased permeability, could concentrate fluid flow and result in wider zones of mineralization such as those found in the underground development (see press release on May 6, 2020 and report therein for details). Figure 1 illustrates the location of hole FR-DD-21-175 on a potential dilation trend within the Joshua Vein, relative to other key intersections.

A similar deeper dilation zone was also intersected during the current program with hole FR-DD-21-171 intersecting 10.1 g/t Au, 93.5 g/t Ag and 3.4% Pb over 6.5 metres (see press release on December 13, 2021). In 2015, hole OM-DD-15-155 intersected 9.9 g/t Au over 21.6 metres approximately 45 metres below the current reported intercept (see press release on January 25, 2016). Figure 2 summarizes the key data for these two zones and a potential third at depth.

Mario Stifano, CEO of Galantas, commented: “As Galantas advances underground mine development towards production, detailed mapping of the exposed mineralization identified zones of thicker widths, suggesting the significant potential to not only identify wider zones of mineralization but higher grades, and the opportunity to significantly expand current resources with additional drilling. The Joshua and Kearney veins remain open along strike and to depth, and only represent 2 of the 16 veins identified to date. With the encouraging results from our current drill program, Galantas is evaluating accelerating the planned underground development and the required infrastructure to the Joshua Vein which is currently 240 metres west of the Kearney development. This will allow for two additional drill bays for multiple underground drills at the Kearney and Joshua veins, to expand and accelerate the drilling program.”

Table 1: Summary of drill results.

Notes:

1. Drill holes were HQ 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 depths intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6cfd14d4-a915-46d1-8650-62d6fac0c7b0

Figure 2 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/405707f2-78c6-44ff-9f17-20fed3f54562

Figure 3 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a392579-79d6-4291-be04-20011404c1b1

Qualified Person

Scientific or 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.

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.