Galantas Announces Details of Joshua Vein Gold Discovery
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/12/12 -- Galantas Gold Corporation (TSX VENTURE: GAL)(AIM: GAL) (the 'Company'), the AIM and TSX VENTURE 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 :-
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 4th 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 15th 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(i) and Kerr(i) 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."
(i) 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 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 :-
(i)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.
Contacts:
Galantas Gold Corporation
Jack Gunter P.Eng
Chairman
+44 (0) 2882 241100
Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
+44 (0) 2882 241100
Maclir Consulting Ltd
Courtenay Heading
Investor Relations Consultant
+44 (0) 7624 424 455
Religare Capital Markets
Phil Davies
AIM Nominated Adviser
+44 (0) 20 7444 0800
Religare Capital Markets
James Pinner
AIM Nominated Adviser
+44 (0) 20 7444 0800
Religare Capital Markets
Ben Jeynes
AIM Nominated Adviser
+44 (0) 20 7444 0800
Beaufort International Associates Ltd
Barry Gibb
Corporate Finance
+44 (0) 20 7930 8222
Beaufort International Associates Ltd
Saif Janjua
Corporate Finance
+44 (0) 20 7930 8222
Beaufort International Associates Ltd
Niall Carrig
Corporate Broking
+44 (0) 20 7930 8222
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Datum: 12.01.2012 - 14:00 Uhr
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News-ID 103615
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