Drilling Report

RNS Number : 4509V

Galantas Gold Corporation

12 January 2012

 



GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol - 'GAL'

GALANTAS ANNOUNCES DETAILS OF JOSHUA VEIN GOLD DISCOVERY

Date : 12^th January 2102.  Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted explorer with a 100% interest in Ireland's only operating gold mine, has received drilling and channel sampling results on its Joshua Vein gold discovery.

An exploration program centred on the Company's gold mine, near Omagh, County Tyrone, Northern Ireland, has been further enhanced with a fifth core drilling rig now mobilised to site. Additional channel and core sampling results have been received in regard to the Joshua Vein discovery and are reported in the tables at the end of this disclosure. For completeness, the tables also include (as marked with an asterisk), in their correct geographical sequence, results recently announced. The results to date are summarised as follows :-

Joshua Vein Results Summary
Location	Strike Length Sampled	Average Vein Width	Average Gold  Grade of  samples	Deepest Intersect Vertical depth
South Joshua Channels	120 m	2.3 m	7.7 g/t	Surface
Central Joshua Channels	38 m	1.4 m	10.9 g/t	Surface
Core Drilling	350 m	1.4 m	7.5 g/t	66.1 m (un-assayed) 57.2 m assayed
Strike Length estimated minimum	785 m

The South Joshua channel samples were taken over a strike length of approximately 120 metres. The Central  Joshua channel set was taken over a strike length of approximately 38 metres. The average width of the Central Joshua mineralisation was approximately 1.4 metres at an average grade of approximately 10.9 g/t gold. The average width of the South Joshua mineralisation was approximately 2.3 metres at an average grade of approximately 7.7 g/t gold. The two sample sets are separated by some 65 metres of mineralisation, the channel sampling results of which are awaited.

Fifteen drill cores on the Joshua Vein have been sampled and analysed in the current program and the results are reported below. The cores have been drilled over a horizontal (strike) length of approximately 350 metres. The deepest core drilled (of those so far analysed) intersected mineralisation at 57.2 metres vertical depth. The average true width of mineralisation within cores was 1.4 metres and the average grade was 7.5 g/t gold.

A further 7 cores have been completed on the Joshua Vein and results are awaited. The intersected mineralisation in these cores, although un-assayed (results awaited) indicates that the Joshua vein extends over 785 metres horizontally (strike), to a vertical depth of 66.1 metres (in one core) and is open to the north, south and 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 (an independent, ISO 17025 laboratory) of Galway, Ireland. The channel samples were sampled in the manner previously reported on 4^th October 2011. The South Joshua channel samples were cut at 5 metre intervals and for geo-statistical reasons, sample intensity was increased to 1 metre intervals for the Central Joshua channel samples. The core drilling methodology was that as described on 15^th September 2011.

Mr. Phelps commented, "The drilling and channel sampling results so far received on Joshua vein are excellent and compare well with the Kearney* and Kerr* ore bodies profitably worked. Further drilling on Joshua vein will examine this exciting discovery in length and depth. Drilling also continues on the Kearney vein and that sampling data will be released when available and prior to an interim resource report which is due in late spring.  The planning for an underground mine on the Kearney vein is laid out in such a way as to allow for the possibility of also working the Joshua vein by underground methods."

* ACA Howe International Ltd NI 43-101 Technical Report May 2008 : Kearney - Measured Resource grade 6.35 g/t gold, Kerr - Inferred Resource grade 4.03 g/t gold - see www.sedar.com for full report.

The results are tabulated separately for channel samples (taken on the surface exposure of the vein) and for core drill samples (as intersected at given depths below the surface).

Detailed Results Tables :-

Central Joshua Vein: Channel Sample Results
Channel number	easting	northing	Vein Width (m)	Gold / Au	Silver / Ag	Lead / Pb
39*	239636.1988	370917.6603	0.9	6.7 g/t	17 g/t	1.2%
38*	239636.3738	370916.6454	1	13.5 g/t	43 g/t	1.6%
37*	239636.4458	370915.6135	1	22.1 g/t	42  g/t	1.5%
36*	239636.6033	370914.5963	1	36.3 g/t	102 g/t	2.6%
35*	239636.7032	370913.5573	2	5.4 g/t	13 g/t	1%
34*	239636.7829	370912.5113	1	27.5 g/t	58.1 g/t	1.8%
33*	239636.8979	370911.5232	1.2	38.9 g/t	61.3 g/t	2.2%
32*	239636.9291	370910.5208	1.2	36.6 g/t	50.4 g/t	3.9%
31*	239636.9928	370909.5259	1.3	35.4 g/t	62.9 g/t	3.5%
30	239637.3076	370908.4739	2	16 g/t	23.6 g/t	2.1%
29	239637.2141	370907.3388	2	19.4 g/t	36.7 g/t	2.6%
28	239637.4107	370906.2934	2	9.1 g/t	20.3 g/t	1.4%
27	239637.6101	370905.2399	2	18 g/t	29.6 g/t	2.4%
26	239637.7945	370904.1891	2	14 g/t	36.3 g/t	2.4%
25*	239637.9994	370903.1643	1.9	16.3 g/t	46 g/t	2.9%
24*	239638.2943	370902.2079	2	9.1 g/t	36 g/t	1.5%
23*	239638.5313	370901.2244	1.9	4.5 g/t	17 g/t	0.8%
22*	239638.8658	370900.2052	1.8	5.4 g/t	38 g/t	1.5%
21*	239639.1171	370899.2782	1.7	1.6 g/t	5 g/t	0.3%
20	239639.351	370898.2315	1	4.4 g/t	55.8 g/t	1.2%
19	239639.6814	370897.2625	1.2	6.7 g/t	43.5 g/t	0.8%
18	239639.9862	370896.3233	1	14.2 g/t	109.8 g/t	1.8%
17	239640.3832	370895.3686	1.6	6.8 g/t	34.9 g/t	0.9%
16	239640.6432	370894.3082	1.7	5.4 g/t	61 g/t	1.6%
15	239640.9488	370893.2855	1.6	3.3 g/t	15.7 g/t	0.6%
14	239641.2744	370892.3921	1.7	2.3 g/t	4.6 g/t	0.2%
13	239641.6911	370891.4461	1.8	1.8 g/t	3.1 g/t	0.2%
12	239642.0751	370890.5312	1.4	1.2 g/t	0.7 g/t	0.2%
11	239642.2152	370889.6109	1.4	1.9 g/t	0.6 g/t	0.1%
10	239642.5138	370888.5881	1	2 g/t	3.5 g/t	0.3%
9	239642.8534	370887.5262	0.8	1 g/t	0.7 g/t	0.1%
8	239643.2722	370886.6381	0.5	2.9 g/t	2.2 g/t	0.2%
7	239643.5504	370885.7975	0.8	3.6 g/t	1.6 g/t	0.2%
6	239643.9517	370884.8636	0.9	2.9 g/t	2.2 g/t	0.2%
5	239644.3333	370883.9942	0.7	5.5 g/t	8.5 g/t	0.4%
4	239644.696	370883.0473	0.8	7 g/t	15 g/t	0.5%
3	239644.9774	370882.1693	0.9	5.8 g/t	7.7 g/t	0.6%
2	239645.3173	370881.2517	1.2	4.9 g/t	7.8 g/t	0.5%
1	239645.6298	370880.161	1.5	7.5 g/t	7.8 g/t	0.3%
South Joshua Vein : Channel Sample Results
25	239671.2165	370818.5261	1	6 g/t	19 g/t	1.7%
24	239673.0455	370814.0916	1.2	16.2 g/t	42 g/t	2.7%
23	239675.2727	370809.41	1.3	10.3 g/t	54 g/t	2.8%
22	239676.2022	370804.2883	1.6	13.6 g/t	37 g/t	1.4%
21	239678.8607	370799.9597	3.5	7.2 g/t	15 g/t	0.5%
20	239680.9934	370795.6279	2.1	8.8 g/t	22 g/t	1.9%
19	239682.6434	370790.8506	2.9	7.9 g/t	24 g/t	1.9%
18	239684.9645	370786.4326	3.9	16.4 g/t	67 g/t	4.7%
17	239686.9263	370781.7636	4.5	11.1 g/t	27 g/t	2%
16	239689.442	370777.3594	3.4	9.9  g/t	34 g/t	1.9%
15	239692.1041	370772.9661	3.7	9 g/t	34 g/t	2.8%
14	239693.7856	370768.193	1	7.1 g/t	47 g/t	1.9%
13	239695.8264	370763.5699	0.5	3.9 g/t	7 g/t	0.6%
And			0.3	4.5 g/t	36 g/t	1.6%
12	239698.2203	370759.1975	2.6	2.3 g/t	8 g/t	0.6%
11	239700.5378	370754.8232	0.6	3.1 g/t	27 g/t	1.8%
10	239700.6267	370750.9936	1.3	5.7 g/t	14 g/t	0.2%
9	239700.2687	370747.42	1.4	9.5 g/t	18 g/t	0.4%
8	239696.5568	370739.0847	4.8	1.7 g/t	19 g/t	0.6%
7	239696.8866	370734.0878	1	11.7 g/t	28 g/t	1.7%
6	239693.5659	370729.0592	5	1.3 g/t	8 g/t	0.6%
5	239694.5856	370724.1493	2.4	4.2 g/t	9 g/t	0.4%
4	239694.4808	370719.3887	1.8	8.4 g/t	22 g/t	1%
3	239694.4531	370714.4064	1.2	3.5 g/t	13 g/t	0.8%
2	239692.5239	370709.7495	2	5.7 g/t	9 g/t	0.3%
1	239693.1183	370704.6103	2	10.6 g/t	15 g/t	0.1%

Drill Intersect Results for Joshua Vein								Assay of Mineralised Intersect
Hole number	easting	northing	dip	azimuth	Intersect Width (m)	Estimated True Width (m)	Intersect Vertical Depth (m)	Gold / Au	Silver / Ag	Lead / Pb	Core loss
OM-DD-11-52	239624.39	370917.55	45	108	5.1	3.6	15.7	2.4 g/t	4.8 g/t	0.2 %	32.4 %
OM-DD-11-62	239618.76	370838.68	45	93	1.2	0.8	51.9	10 g/t	27.9 g/t	0.8 %	12.5 %
OM-DD-11-76	239660.11	370969.1	45	280	0.6	0.4	26.7	2.5 g/t	0	0.2 %	32 %
OM-DD-11-77	239694.07	371000.00	45	280	1.2	0.8	41.2	1.2 g/t	0	0.1 %	57 %
OM-DD-11-82	239660.29	371055.13	45	270	0.3	0.2	29.8	4.1 g/t	7 g/t	0	6 %
OM-DD-11-83	239660.59	371079.93	45	270	0.6	0.4	30.4	11.7 g/t	10 g/t	0.3 %	18 %
and					0.3	0.2	36.5	1.9 g/t	0	0.1 %	0
OM-DD-11-55*	239626.811	370862.981	45°	95°	1.5	1.1	44.6	5.3 g/t	0 g/t	0.1 %	72 %
OM-DD-11-56*	239634.979	370862.112	45°	93.7°	3.4	2.4	24.7	9.6 g/t	37.5 g/t	2.2 %	50 %
OM-DD-11-60*	239681.000	370975.000	45°	277.2°	1.5	1.1	34.8	2.5 g/t	6 g/t	0.2 %	50 %
OM-DD-11-61*	239612.765	370863.682	45°	100°	1.7	1.2	57.2	10.9 g/t	54.1 g/t	1.8 %	0
OM-DD-11-73*	239668.193	370731.452	45°	90°	1.6	1.1	22.5	3.4 g/t	29.2 g/t	3.6 %	48 %
OM-DD-11-54*	239624.689	370892.554	45°	95.5°	3.6	2.5	27	5.4 g/t	13.3 g/t	0 %	49 %
OM-DD-11-63*	239699.726	370783.218	45°	279.4°	5.3	3.7	8	14.9 g/t	37 g/t	1.9 %	47 %
OM-DD-11-65*	239679.307	370780.236	50°	90°	1.9	1.5	14	4.8 g/t	31.8 g/t	3.7 %	49 %
OM-DD-11-70*	239668.354	370756.528	45°	86.6°	1	0.7	22	18.6 g/t	74.7 g/t	3.8 %	30 %

*These results have been published in previous press releases (2011).

NOTE: all figures have been rounded to one decimal place.  In regard to channel samples, co-ordinates are given for the western end of each channel only.

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 235,650,055.

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                                                    Investor Relations Consultant
Roland Phelps C.Eng - President & CEO                                 Courtenay Heading (Maclir Consulting Ltd)
Email: [e-mail]                                                           Email : [e-mail]
Website: www.galantas.com                                                     Telephone : (UK) [phone]
Telephone: [phone]

Religare Capital Markets (AIM Nominated Adviser)
Telephone: [phone] Phil Davies / James Pinner / Ben Jeynes

Beaufort International Associates Ltd
Telephone: [phone] Barry Gibb/Saif Janjua (Corporate Finance)

Niall Carrig (Corporate Broking)

 

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