Drilling Report

RNS Number : 9730M

Galantas Gold Corporation

25 September 2012

 



GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol - 'GAL'

GALANTAS DRILLS  14.2 G/T GOLD OVER 2.1 METRES ON JOSHUA VEIN

Date : 25^th September 2012.  Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, has received core drilling results from  eight holes on its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

The results, which are from cores drilled on the Joshua vein, are tabulated below and include intersections of 14.2 g/t (grammes per tonne) gold, over a true width of 2.1 metres, at a vertical depth of 82.7 metres and 12.5 g/t gold over 1.9 metres true width at a vertical depth of 45.4 metres.

The average grade (width weighted) of nine  intersects within the seven mineralised holes sampled was 7.6 g/t gold, with 53.2 g/t silver and 1.9% lead. The average true width of the nine intersects measured is 1.4 metres and vertical depths range from 28.8 metres to 113 metres.

The Joshua vein is, so far, known to extend over 836 metres. Core 12-108, drilled on the northerly strike of Joshua Vein, adjacent to the boundary of the Company's land, has not returned significant mineralisation. This may delineate the northern extent of that vein, or indicate a faulted displacement of the vein.

Results are awaited for a further 11 cores and drilling continues. Some 18 holes have been drilled since the June 2012 cut-off for ACA Howe's Interim Resource Assessment and Preliminary Economic Assessment*. Subsequent cores have been mainly designed to upgrade some inferred resources to indicated resource status, in preparation for an updated Resource Assessment and more detailed Financial Study.

As of 1^st September 2012, 12,948 metres have been drilled, with the remainder of the current 15,000 metre program on target to complete this year. A further 5,000 metre program is being actively considered, which subject to funding and rig availability, may take place in the first quarter of 2013.

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 core drilling methodology was that as described on 15^th September 2011.

Mr. Phelps commented, "These excellent drilling results support the robust Preliminary Economic Assessment recently reported upon by  Howe and continue to increase our confidence in the Omagh property. Since the Howe Interim Resource Report*, we have been focusing our drilling on upgrading resources to a level compatible with potential bank finance."

*The Technical Report on the Omagh Gold Project, Counties Tyrone and Fermanagh, Northern Ireland by ACA Howe International Ltd (UK) is available on the Company's website at http://www.galantas.com/operations/ and at www.sedar.com .

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.

Enquiries

Galantas Gold Corporation
Jack Gunter P.Eng - Chairman                                                    Investor Relations
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]

Charles Stanley Securities (Nominated Adviser)

Mark Taylor

Telephone [phone]

RESULTS TABLES

Joshua Vein Drill Core Results

Hole number	Easting	Northing	Azimuth	Intersect Width (m)	Dip at intersect	Estimated True Width (m)	Intersect Vertical Depth (m)	Gold / Au g/t	Silver / Ag g/t	Lead / Pb %	Core loss %
12-123	239625.39	370715.08	90o	2.9	48.3	1.9	45.4	12.5	110.0	3.8	0
12-121	239645.75	370690.09	90o	3.6	70.8	1.2	50.7	3.8	82.4	0.9	17
12-120	239575.48	370814.98	90o	3.3	51	2.1	82.7	14.2	46.9	3.4	0
12-118	239646.70	370690.03	90o	2.4	47.2	1.6	28.8	7.1	98.5	2.4	27.5
12-117	239583.12	370893.79	90o	1.5	48	1.0	85.1	2.1	12.6	0.4	77
12-114B	239610.62	370740.04	90o	1.0	66.8	0.4	33.3	6.6	2.0	0	5
and				3.3	69.6	1.1	92.5	6.5	64.5	1.1	0
12-111	239674.03	371154.99	270 o	2.2	70.6	0.7	85	3.3	4.8	0.8	0
and				8.0	71.5	2.5	113	4.3	5.1	0.7	0
12-108	239672.51	371223.23	270 o			No significant mineralisation

NOTE: all figures have been rounded to one decimal place.  Intersect depth is a maximum estimate to the top of the intersect.

 

END

 

 

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