Galantas Drills 2.8 Metres High Grade Gold on Joshua Vein
August 27, 2013 (Source: Marketwire) — Galantas Gold Corporation (the ‘Company’) (TSX VENTURE:GAL)(AIM:GAL), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland’s only operating gold mine, has received a core drilling result from its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.
Core 147 was drilled on the Central Joshua Vein by an in-house crew and rig. The results, which are tabulated below, average 12.4 g/t gold, over a true width of vein of 2.8 metres. The top of the mineralised intersect is estimated to be at a vertical depth of 137.2 metres. The hole was terminated at a down-hole length of 171.8 metres.
Core 147 is the second deepest intersect yet drilled on Joshua Vein. Core 147 is situated approximately 50 metres south of Core 103, which, as the deepest intersect so far, found 8.4 g/t gold over a true width of 4.5 metres at a vertical depth of 160.6 metres. Core 114B, collared close to Core 147, intersected 6.5 g/t gold, over a true width of 1.1 metres, at a vertical depth of 92.5 metres. Core 123, some 25 metres to the south, intersected 12.5 g/t gold, over a true width of 1.9 metres, at a vertical depth of 45.4 metres.
A follow up core has been commenced near to Core 147, which targets the vein at a shallower depth. The Joshua Vein is, so far, known to extend over 836 metres along strike. The current geological model, which the latest core result further supports, indicates a high gold accumulation along an approximate 325 metres southern / central strike length, which is open to depth.
The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person 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. Sampling methodology, security & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (part of the Stewart Group and an independent, ISO 17025 laboratory) of Galway, Ireland. The core drilling methodology was that as described on 15th September 2011.
Mr. Phelps commented, “Joshua Vein continues to reveal itself with a further excellent drilling result and has justified the Company’s continuing exploration commitment.”
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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 drilling intersections and analyses, 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, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; 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.
Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.
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.
NOTE: All figures have been rounded to one decimal place. Intersect depth is a maximum estimate to the top of the intersect. Details of previous cores may be found in the Technical Report on the Omagh Gold Project July 2013, filed on www.sedar.com and www.galantas.com.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>