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

Drilling highlights:

• Hole FR-DD-22-UG-183 intersected a new dilation zone within the main Kearney Vein with an intersection of 21.4 grams per tonne gold and 32.9 g/t silver over 2.4 metres (see Table 1, Figures 1 & 2).
• Hole FR-DD-22-UG-179 penetrated the main Kearney Vein, with multiple intersections including 16.6 g/t Au and 26.9 g/t Ag over 1.5 metres at a vertical depth of 138 metres (see Table 1, Figures 1 & 2).
• Hole FR-DD-22-UG-180 intersected 7.1 g/t Au and 13.2 g/t Ag over 3.4 metres on a parallel-running vein known as the ‘C-lens’, approximately 50 metres east of the Kearney Vein (see Figure 3).

Vein intersections in holes FR-DD-22-UG-183 and 180 indicate the likelihood of a new dilation zone (Figure 3). Drill hole FR-DD-21-UG-179 also intersected the Kearney Vein within the dilation zone model (see Figure 4 and press release on March 21, 2022). 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. Further confidence is gained in the nearby ‘C-lens’ which was intersected in all four holes.

Mario Stifano, CEO of Galantas, commented: “The continued success of our exploration program is demonstrating not only the high-grade potential of the deposit but also the predictability in identifying the high-grade dilation zones. Also, recent drilling has identified a number of parallel lenses including the C-lens and the B-lens, with an intersect of 73.6 g/t Au and 93.4 g/t Ag over 2.2 metres of the-B lens approximately 28 metres east of the Kearney Vein (see press release on March 21, 2022). The Company has restarted underground development and blasting, and remains on track to commence production in the second half of June.”

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.

Figure 1: Kearney Vein long-section view showing part of the resource model and new intersections reported herein.

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Figure 2: Split section of drill core from hole FR-DD-22-UG-183 grading 75.9 g/t Au and 90 g/t Ag over 0.26 metres.

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Figure 3: Cross section showing two of the four new intersections on the C-lens; hole FR-DD-22-UG-180 lies beneath the current resource model.

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Figure 4: Kearney Vein long-section view showing part of the resource model, proposed dilation zones and key intersections.

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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.

The Company has a Quality Assurance and Quality Control program in place; blanks, standards and duplicates are included in the sample batch. These have been reviewed by the QP who is satisfied that the results as reported are reliable.

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.