TIDMGAL
RNS Number : 5519P
Galantas Gold Corporation
11 February 2019
GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS REPORTS KEARNEY VEIN NOW IN DEVELOPMENT ON A SECOND
MINING LEVEL.
February 11, 2019: Galantas Gold Corporation (the "Company" or
"Galantas") is pleased to report continued development progress at
its Omagh Gold Mine, Northern Ireland, with the second level now
intersecting the Kearney vein.
Initial on-vein development on the 1096 (first and upper) level
has partially delineated the crown pillar (a pillar temporarily
left in place to separate the underground mine from the former open
pit). The main decline development tunnel has progressed and has
reached 52 metres past a 50 metre long access branch on the 1084
(second) level, driven east from the main (north-south) decline
tunnel to its junction with the Kearney vein, north of the planned
mining area. A southwards on-vein development, on the Kearney vein,
on the 1084 level, to access beneath the first mining area, has
commenced. The interval between the levels is planned to be mined
by a long-hole method, using cemented rock and tailings as backfill
support.
Of note, drill-core OM-DD-06-14 intersected strong gold
mineralisation some 7 metres to the south of the junction of the
1084 access and the Kearney vein. This core returned an
intersection of grade 10.3 g/t Gold over a down-hole length of 3
metres. This included 1 metre at 27.42 g/t gold, 170.84 g/t silver
and 6.52% Lead (reported Jan 30, 2007). The exposure in the on-vein
development is visually well mineralised across an approximate 2
metre true width.
The main decline development continues towards the 1072 level to
enable the mining of the next production sequence. A further 43
metres remains to be excavated on the decline to reach the 1072
level, before making a 58 metre vein access drive. On-vein drivage
on the 1072 level, which is the third level in the vertical
sequence, is planned to provide future mining access.
An access tunnel westwards from the decline tunnel, towards the
Joshua vein has been continued and currently has been driven a
total of 56 metres out of an anticipated 344 metres. A second means
of egress that is required as an escapeway and to form a
ventilation circuit, has been completed. Arrangements are being put
in place to install the mine main ventilation fans which have
already been delivered to site.
Safety remains a high priority and the mine continues to record
zero lost time accidents since the start of underground
development, which has now exceeded 900 metres of tunnel length. A
simplified plan of the workings can be viewed below and is
available on the Galantas website.
http://www.rns-pdf.londonstockexchange.com/rns/5519P_1-2019-2-8.pdf
Final post-closing acceptances have been received from the TSX
Venture Exchange in regard to the Company's private placement
completed on 21st December 2018.
Roland Phelps, President & CEO, Galantas Gold Corporation,
said, "Current production is sourced from the mining of on-vein
drives, which have to be developed before stoping panels are mined.
I am pleased that development progress has accelerated
significantly with the continued investment in training, operator
experience and equipment and that the excellent safety record is
being maintained."
Qualified Person
This disclosure has been reviewed by Roland Phelps C.Eng MIMMM
(President & CEO, Galantas Gold Corporation), a qualified
person under the meaning of National Instrument 43-101 and AIM
rules. The information is based upon local development data
prepared by management under his supervision. The distances quoted
are approximate measurements as of January 29, 2019 and the plan
drawing is dated January 27, 2019 .
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities laws, including anticipated
production and development projections, for the Omagh Gold project.
Forward-looking statements are based on estimates and assumptions
made by Galantas in light of its experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors that Galantas believes are
appropriate in the circumstances. Many factors could cause
Galantas' actual results, the performance or achievements to differ
materially from those expressed or implied by the forward looking
statements or strategy, including: gold price volatility;
discrepancies between actual and estimated production, actual and
estimated metallurgical recoveries and throughputs; mining
operational risk, geological uncertainties; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of
gold exploration; dilution; competition; loss of or availability of
key employees; additional funding requirements; uncertainties
regarding planning and other permitting issues; and defective title
to mineral claims or property. These factors and others that could
affect Galantas's forward-looking statements are discussed in
greater detail in the section entitled "Risk Factors" in Galantas'
Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with
the Canadian provincial securities regulators and other regulatory
authorities. These factors should be considered carefully, and
persons reviewing this press release should not place undue
reliance on forward-looking statements. Galantas has no intention
and undertakes no obligation to update or revise any
forward-looking statements in this press release, except as
required by law.
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.
Enquiries:
Galantas Gold Corporation
Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Richard Tonthat.
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Grant Barker, Nick Lovering
Telephone: +44(0)20 7659 1234
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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