Galantas Gold Corporation (TSX-V:GAL) (AIM: GAL) (OTCQX: GALKF) is pleased to announce results for three holes from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland. All three holes were drilled from the underground development at the Kearney Vein.

Drilling highlights:

• Hole FR-DD-22-UG-186 targeted a dilation zone within the Kearney Vein and intersected 31.8 grams per tonne (g/t) gold (Au) and 39.2 g/t silver (Ag) over 4.4 metres, including 69.6 g/t Au and 86.6 g/t Ag over 1.4 metres (see Table 1, Figures 1 & 2). Other intersections within this same hole include 10.4 g/t Au and 29.4 g/t Ag over 3.3 metres, and 6.7 g/t Au and 6.8 g/t Ag over 1.2 metres on the ‘B-lens’.
• Hole FR-DD-22-UG-182 targeted the main Kearney Vein and intersected 8.9 g/t Au and 36.4 g/t Ag over 2.1 metres (see Figure 3) approximately 25 metres south of the previously reported FR-DD-22-UG-181 intersection of 31.7 g/t Au and 58.5 g/t Ag over 7 metres (see Galantas’ press release dated March 21, 2022).

Mario Stifano, CEO of Galantas, commented: “The ongoing drilling program has now successfully demonstrated the dilation zone model* at both the Kearney and Joshua veins with multiple high-grade intercepts including 17.4 g/t Au and 74.6 g/t Ag over 13.1 metres, and 10.1 g/t Au and 93.5 g/t Ag over 6.5 metres. Ongoing development of the underground decline will facilitate deeper drilling and more precise targeting of dilation zones to the south at Kearney, planned later this year. Drilling is also planned from the 1084 level, with the aim of identifying and delineating new dilation zones to the north at Kearney.

“The Company has successfully commissioned the secondary egress and has now commenced blasting of our first stope at Omagh. The timeline to transition Galantas to an underground gold miner has taken longer than initially expected but the commitment and focus by the Galantas team to build and train a workforce, rehabilitate the mine and mill, secure critical mining equipment while also drilling some of our best intercepts to date is no small accomplishment. The Company is reviewing our mine plan and production guidance for the next 16 months including the timing to advance development to the higher grade Joshua Vein to provide multiple mine headings as well as underground drill platforms to extend the mineralization to depth and test new targets.”

^{*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 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 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.
5. Two of the reported intersections have an abnormally high core loss that may bias (either positively or negatively) the assay value for those intersections, and thus these intersections may not be fully representative of the true intersect value. These core losses are likely to be the result of cavities.

Figure 1: Kearney Vein long-section view showing part of the resource model, proposed dilation zones and new intersections. 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2961db4f-45ce-4fb5-aca3-951b366dad41

Figure 2: Split section of drill core from hole FR-DD-22-UG-186 grading 110.1 g/t Au and 115 g/t Ag over an estimated true width of 0.21 metre. 

https://www.globenewswire.com/NewsRoom/AttachmentNg/0d27055e-dbe8-4921-ac9e-1f0cf461533d

Figure 3: Cross section showing hole FR-DD-22-UG-182 and the current resource model. 

https://www.globenewswire.com/NewsRoom/AttachmentNg/8174eb4b-2426-460c-b236-6b7dd405d338

Qualified Person

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.

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 Northern Ireland’s first gold mine.