Galantas Files Increased Gold Resource Report on Omagh Property
23 Luglio 2013 - 3:00PM
Marketwired Canada
Galantas Gold Corporation (Galantas) (TSX VENTURE:GAL)(AIM:GAL) is pleased to
announce the filing of an updated Technical Report on the Omagh Gold Project,
Omagh, County Tyrone, Northern Ireland. The Resource Statement, which was
summarised in a press release dated 12th June 2013, is compliant with Canadian
National Instrument 43-101 and updates a Resource statement by ACA Howe
International Ltd in 2012.
The May 2013 Resource (to CIM code) is assessed as follows:
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GRADE
RESOURCE CATEGORY TONNES Au g/t Au ozs
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MEASURED 77,919 5.87 20,772
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INDICATED 651,582 5.85 121,761
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INFERRED 1,403,746 6.54 295,599
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Note: Rounded numbers, gold grades capped at 75 g/t. Cut-off 2.5 g/t gold.
Diluted minimum vein width 0.9m Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
The recent uplift in resources at an unaudited, estimated cost of GBP 927,000
demonstrates the potential to build a high grade resource base within a low cost
range.
Galantas also considers that there is good potential to define significant
additional resources, on the Omagh Gold Project, at depth and along strike on
defined veins, as well as on additional structures that may be identified
through ongoing exploration.
The potential of exploration targets has been assessed in terms of a range of
quantity (tonnage) and a range of grades of gold and are summarised in the table
below. The assessments are based upon the reasonable extrapolation from defined
resources and / or surface soil sampling, pionjar sampling (a small,
petrol-powered, hand-operated drill), boulder sampling, favourable geophysical
or favourable geochemical signatures, the results of which elevate these areas
as highly prospective first order targets for further exploration.
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Potential
Central Grid Potential tonnes range Grade Range
Target name Ref. (t) (g/t Au)
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Low high low high
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Resource Extension Targets
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Kearney H401/710 300,000 745,500 4.5 6.7
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Joshua H3970/7072 272,000 750,000 4.0 5.5
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Elkins H4061/7130 200,000 400,000 2.0 4.0
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Kerr H3995/7065 180,000 360,000 2.0 4.0
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Gormley H3974/6982 230,000 460,000 3.3 6.5
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Sammy's H4036/7138 30,000 60,000 2.1 4.2
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Princes H3935/7004 20,000 40,000 19 38
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Garry's H3936/6955 80,000 160,000 0.7 1.3
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TOTAL 1,312,000 2,975,500
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Exploration Targets
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Peter's H3915/7137 4,000 13,000 4.5 9.0
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63 Gram H3910/7190 33,000 101,000 4.5 9.0
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North of Sammy's
Barn and East H3980/7171
Cousins H3980/7183 135,000 810,000 4.5 9.0
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Cornavarrow Burn H34977/69417 60,000 360,000 4.5 9.0
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Corlea Burn H388/726 60,000 360,000 4.5 9.0
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Legphressy H345/704 60,000 360,000 4.5 9.0
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Cousins H3925/7120 48,000 145,000 4.5 9.0
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TOTAL 400,000 2,149,000
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TOTAL EXPLORATION POTENTIAL(i) 1,712,000 5,124,500
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(i)The potential quantity and grade disclosed in the table is conceptual in
nature as there has been insufficient exploration to define mineral resources in
these areas. It is uncertain if further exploration will result in the targets
being delineated as a mineral resource. This exploration potential, expressed as
ranges, is not a mineral resource and does not have demonstrated economic
viability.
Roland Phelps, President & CEO, Galantas Gold Corporation commented, "Despite
the excellent drilling success, most of the exploration potential of the
Galantas licenses, as partly identified in the Target table above, remains to be
fully examined and warrants a much expanded drilling and exploration program.
With regard to progressing the underground mine, a more detailed economic study
is under way. Two additional independent reports have been commissioned related
to the facilitation of underground mine planning permits. To be delivered within
the next few weeks, they are expected to close out remaining queries from
statutory consultees and enable finalised responses. It is understood that,
after finalised responses, the next stage of the process will be the
consideration, by Planning Service Northern Ireland, of all consultation
responses, to enable a recommendation to the Minister for determination."
Roland Phelps, B.Sc., C.Eng, MIMMM, President & CEO, Galantas Gold Corporation
is the Qualified Person (QP) for the Technical Report on Exploration and
Resource Assessment for the Omagh Gold Project, Omagh, County Tyrone, Northern
Ireland (2013). Data collection procedures and the preparation of the resource
estimate has been carried out under his supervision and he has reviewed and
approved the contents of this press release. The QP is not independent of the
Company. The report will be viewable via www.sedar.com and www.galantas.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 resource estimates, exploration targets and permitting, 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
geological interpretation, 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: factors
affecting the assessment of resources and the consideration of exploration
targets, gold price volatility; discrepancies between actual and estimated
production, actual and estimated metal grades and geologically interpreted
widths, actual and estimated metallurgical recoveries; actual and estimated
costs; 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
info@galantas.com
www.galantas.com
Investor Relations:
Courtenay Heading (Maclir Consulting Ltd)
(UK) +44 (0) 7624 424 455
c.heading@galantas.com
Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
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