Galantas Gold Corporation Galantas Updates (1854C)
January 18 2018 - 1:00AM
UK Regulatory
TIDMGAL
RNS Number : 1854C
Galantas Gold Corporation
18 January 2018
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - 'GAL'
GALANTAS UPDATES ON DEVELOPMENT, ENVIRONMENTAL MATTERS,
EXPLORATION AND PLANNING APPEAL
Date : January 18, 2018. Galantas Gold Corporation (the
"Company"), the AIM and TSXV quoted gold producer and explorer with
a 100% interest in Northern Ireland's Omagh gold mine, announces
progress on mine development, exploration and a third party appeal
against a positive Judicial review of its planning consent.
Progress on mine development continues using the training
equipment previously purchased. Total mine development now stands
at 163 metres. New drilling equipment from Atlas Copco / Epiroc is
delayed for delivery until March, but the supplier is to provide a
substitute rig, expected by the end of January, to cover the delay.
The replacement equipment, with other operational changes, are
expected to substantially increase development rate. Infrastructure
improvements are in progress to accommodate the changes.
The Company has received a report from Northern Ireland
Environment Agency of a detailed monitoring study carried out in
the last quarter of 2017. In summary, the report concluded, as the
Company expected, that there is no evidence that activities at the
mine site are having a detrimental effect on the chemical quality
of the groundwater around the site or of the Kerr Burn.
Exploration results have been received in respect of some
Republic of Ireland (ROI) licenses. Investigations by the Company's
geologists have revealed what appears to be the shallow working of
Zinc (and possibly Lead) minerals near Twigs Park. Found stored in
a barn close by, were two cores drilled by a past license holder.
Two intersections were sampled on one of the cores (no.95) by the
Company. The first, of an intersect of 0.8m, at a depth of 7.0m,
returned results of 8.1 g/t silver, 511 g/t Copper, 70.8g/t Lead,
60.5 g/t Antimony and 1.56% Zinc. The second, of an intersect of
1.0m at 42.9m depth, returned results of 45.2 g/t Silver, 250g/t
Copper, 0.57% Lead 191 g/t Antimony and 12.85% Zinc. A historical
hole, the exact location, azimuth and dip of the drill hole is not
verified at this time. The second drill core has not yet been
sampled. Float samples taken in the vicinity gave results in the
range 11.9-147 g/t Silver, 81.8 g/t - 0.64% Copper, 77.5 g/t -3.46%
Lead and 2.13% - 23.9% Zinc. These results are encouraging given
the early stage of the Company's exploration program in the area.
Results have also been obtained on float samples in the Pollboy
area. Anomalous results have been identified on two samples, which
contained 5.66% and 1.06% Copper. A float sample collected in this
area earlier in 2017 carried a result of 0.96g/t gold.
A date has been set by the Court of Appeal for a hearing into a
third party appeal against a positive Judicial review of the
Company's planning consent. The hearing is anticipated for 6(th)
February 2018.
Galantas Gold Corporation's Issued and Outstanding Common Shares
total 187,549,186.
Roland Phelps, President & CEO, Galantas Gold Corporation,
said, "Satisfactory progress continues to be made at the Omagh
Mine. I note the continuing zero lost time accident record and I
re-iterate the Company's commitment to safety and protection of the
environment. On the exploration side, the results for the ROI
licenses are very positive and we will be looking at how we further
progress these licenses to add value to the Company as a
whole."
The 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. 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.
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
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