Galantas Gold Corporation Stringer vein samples return up to 11 g/t gold (6643M)
August 01 2017 - 1:01AM
UK Regulatory
TIDMGAL
RNS Number : 6643M
Galantas Gold Corporation
01 August 2017
GALANTAS GOLD CORPORATION
TSXV - AIM "GAL"
STRINGER VEIN SAMPLES RETURN UP TO 11 g/t GOLD 7 g/t SILVER.
1(st) August 2017 : Galantas Gold Corporation (the "Company" or
"Galantas") is pleased to announce sampling results of a vein
intersected during tunnelling works at its underground gold mine
near Omagh, County Tyrone, Northern Ireland, currently in
development.
Galantas announced (12(th) July 2017) that it had intersected an
anticipated stringer (off-shoot) vein in the underground tunnel
development at a position 47 metres from the portal. It reported
that samples had been taken and that vein width was a minimum of
0.5metres. The results of grab samples of the vein (tabled below)
have now been received and have returned values of between 1.1 -
11.0 g/t gold and 1.4 - 7.0 g/t silver.
Structural analysis, supported by the data in the tunnel
intersect, indicates that a second intersection with a potential
continuation of the stringer vein is likely, as the planned
underground drivage turns from a westerly direction and continues
northwards a further distance of 67 metres from the first
intersect.
Arrangements are being put in place to develop vein drivages to
exploit the stringer vein. This is expected to provide feed to the
processing plant within 10 weeks, whilst the tunnel development
continues to progress towards accessing the principal target, which
are the main Kearney veins below. Improved blasting arrangements
have been formalised with Police Service Northern Ireland (PSNI).
The improved arrangements are not expected to form an impediment to
operations and are expected to accelerate development progress.
The processing plant has already been re-commissioned ready to
accept feed.
As expected, the initial program of lining the portal and
adjacent section of tunnel with shotcrete (reported 12(th) July
2017) is now complete. Further shotcreting will continue on a
campaign basis.
Roland Phelps, President & CEO, Galantas Gold Corporation,
said, "I am proud of the operational achievements of the Galantas
team. It is a testament to their skills that, with modest resources
at their disposal, they have safely and efficiently achieved
significant progress in underground development of the mine and
laid strong foundations for continued success.
The analytical results of the stringer vein and subsequent
structural analysis have provided us exciting opportunities for
early cash flow.
I am grateful to PSNI for their efforts to assist us to
successfully overcome earlier difficulties regarding blasting
arrangements. Thanks to these efforts we are now expecting to add
further to local employment opportunities."
The Omagh Gold Mine has an operational processing plant and
tailings facility with an excellent environmental record. The plant
uses a non-toxic, froth flotation process and produces a gold
concentrate which is exported for smelting. The remaining tailing
sands are clean and free from acid drainage. The plant awaits
mineral from underground development. The underground mine, when
fully developed, is expected to create 130 jobs plus others in
service industries associated with the development.
The grab samples were taken by geological staff under the
supervision of R. Phelps C.Eng MIMMM, (President & CEO,
Galantas Gold Corporation), the Qualified Person (QP) for the
program under NI 43-101 and who is also a "Qualified Person" as
defined in the Note for Mining Oil & Gas Companies, June 2009,
of the London Stock Exchange. Grab samples are taken as guidance to
mineralisation and are not a quantitative assessment. The samples
were analysed as follows: gold by fire assay and ICP-AES on 50g
samples (fire assay and gravimetric finish for samples >10 ppm
Au); other metals by ICP-MS and ICP-AES, at ALS Geochemistry
Laboratories of Galway, Ireland, and were considered compliant with
all requirements of International Standards ISO 17025:2005. Mr.
Phelps has reviewed the technical detail contained in this
release.
Table of sample data :-
Sample Type Au (g/t) Ag (g/t)
----------------- ----- --------- ---------
OML-17-SP24-001 Grab 6.9 6.2
----------------- ----- --------- ---------
OML-17-SP24-002 Grab 1.1 1.4
----------------- ----- --------- ---------
OML-17-SP24-003 Grab 11.0 7.0
----------------- ----- --------- ---------
OML-17-SP24-004 Grab 4.9 3.0
----------------- ----- --------- ---------
Galantas Gold Corporation's Issued and Outstanding Common Shares
total 170,894,087.
Neither 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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries : Galantas Gold Corporation
L. Jack Gunter P.Eng - Chairman, Roland Phelps C.Eng - President
& CEO
Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383
5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234
This information is provided by RNS
The company news service from the London Stock Exchange
END
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