News

Announces Details of Joshua Vein Gold Discovery

January 12, 2012

Announces Details of Joshua Vein Gold Discovery

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol - 'GAL'

GALANTAS ANNOUNCES DETAILS OF JOSHUA VEIN GOLD DISCOVERY

Date : 12th January 2012. 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 South Joshua Channels Central Joshua Channels Core Drilling
Strike Length Sampled 120 m 38 m 350 m
Average Vein Width 2.3 m

1.4 m

1.4 m
Average Gold Grade of Samples 7.7 g/t 10.9 g/t 7.5 g/t
Deepest Intersect Surface Surface 66.1 m (un-assayed)
Vertical Depth - - 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 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* 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 39 38 37 36 35 34 33
Easting 239636.1988 239636.3738 239636.4458 239636.6033 239636.7032 239636.7829 239636.8979
Northing 370917.6603 370916.6454 370915.6135 370914.5963 370913.5573 370912.5113 370911.5232
Vein Width 0.9 1 1 1 2 1 1.2
Gold/Au 6.7 g/t 13.5 g/t 22.1 g/t 36.3 g/t 5.4 g/t 27.5 g/t 38.9 g/t
Silver/Ag 17 g/t 43 g/t 42 g/t 102 g/t 13 g/t 58.1 g/t 61.3 g/t
Lead/Pb 1.2% 1.6% 1.5% 2.6% 1% 1.8% 2.2%

 

Channel Number 32 31 30 29 28 27 26
Easting 239636.9291 239636.9928 239637.3076 239637.2141 239637.4107 239637.6101 239637.7945
Northing 370910.5208 370909.5259 370908.4739 370907.3388 370906.2934 370905.2399 370904.1891

Vein Width

1.2 1.3 2 2 2 2 2
Gold/Au 36.6 g/t 35.4 g/t 16 g/t 19.4 g/t 9.1 g/t 18 g/t 14 g/t
Silver/Ag 50.4 g/t 62.9 g/t 23.6 g/t 36.7 g/t 20.3 g/t 29.6 g/t 36.3 g/t
Lead/Pb 3.9% 3.5% 2.1% 2.6% 1.4% 2.4% 2.4%

 

Channel Number 25 24 23 22 21 20 19
Easting 239637.9994 239638.2943 239638.5313 239638.8658 239639.1171 239639.351 239639.6814
Northing 370903.1643 370902.2079 370901.2244 370900.2052 370899.2782 370898.2315 370897.2625
Vein Width 1.9 2 1.9 1.8 1.7 1 1.2
Gold/Au 16.3 g/t 9.1 g/t 4.5 g/t 5.4 g/t 1.6 g/t 4.4 g/t 6.7 g/t
Silver/Ag 46 g/t 36 g/t 17 g/t 38 g/t 5 g/t 55.8 g/t 43.5 g/t
Lead/Pb 2.9% 1.5% 0.8% 1.5% 0.3% 1.2% 0.8%

 

Channel Number 18 17 16 15 14 13 12
Easting 239639.9862 239640.3832 239640.6432 239640.9488 239641.2744 239641.6911 239642.0751
Northing 370896.3233 370895.3686 370894.3082 370893.2855 370892.3921 370891.4461 370890.5312
Vein Width 1 1.6 1.7 1.6 1.7 1.8 1.4
Gold/Au 14.2 g/t 6.8 g/t 5.4 g/t 3.3 g/t 2.3 g/t 1.8 g/t 1.2 g/t
Silver/Ag 109.8 g/t 34.9 g/t 61 g/t 15.7 g/t 4.6 g/t 3.1 g/t 0.7 g/t
Lead/Pb 1.8% 0.9% 1.6% 0.6% 0.2% 0.2% 0.2%

 

Channel Number 11 10 9 8 7 6 5
Easting 239642.2152 239642.5138 239642.8534 239643.2722 239643.5504 239643.9517 239644.3333
Northing 370889.6109 370888.5881 370887.5262 370886.6381 370885.7975 370884.8636 370883.9942
Vein Width 1.4 1 0.8 0.5 0.8 0.9 0.7
Gold/Au 1.9 g/t 2 g/t 1 g/t 2.9 g/t 3.6 g/t 2.9 g/t 5.5 g/t
Silver/Ag 0.6 g/t 3.5 g/t 0.7 g/t 2.2 g/t 1.6 g/t 2.2 g/t 8.5 g/t
Lead/Pb 0.1% 0.3% 0.1% 0.2% 0.2% 0.2% 0.4%

 

Channel Number 4 3 2 1
Easting 239644.696 239644.9774 239645.3173 239645.6298
Northing 370883.0473 370882.1693 370881.2517 370880.161
Vein Width 0.8 0.9 1.2 1.5
Gold/Au 7 g/t 5.8 g/t 4.9 g/t 7.5 g/t
Silver/Ag 15 g/t 7.7 g/t 7.8 g/t 7.8 g/t
Lead/Pb 0.5% 0.6% 0.5% 0.3%

 

South Joshua Vein : Channel Sample Results:

Channel Number 25 24 23 22 21 20 19
Easting 239671.2165 239673.0455 239675.2727 239676.2022 239678.8607 239680.9934 239682.6434
Northing 370818.5261 370814.0916 370809.41 370804.2883 370799.9597 370795.6279 370790.8506
Vein Width 1 1.2 1.3 1.6 3.5 2.1 2.9
Gold/Au 6 g/t 16.2 g/t 10.3 g/t 13.6 g/t 7.2 g/t 8.8 g/t 7.9 g/t
Silver/Ag 19 g/t 42 g/t 54 g/t 37 g/t 15 g/t 22 g/t 24 g/t
Lead/Pb 1.7% 2.7% 2.8% 1.4% 0.5% 1.9% 1.9%

 

Channel Number 18 17 16 15 14 13 12
Easting 239684.9645 239686.9263 239689.442 239692.1041 239693.7856 239695.8264 239698.2203
Northing 370786.4326 370781.7636 370777.3594 370772.9661 370768.193 370763.5699 370759.1975
Vein Width 3.9 4.5 3.4 3.7 1 0.5/0.3 2.6
Gold/Au 16.4 g/t 11.1 g/t 9.9 g/t 9 g/t 7.1 g/t 3.9 g/t/4.5 g/t 2.3 g/t
Silver/Ag 67 g/t 27 g/t 34 g/t 34 g/t 47 g/t 7 g/t/36 g/t 8 g/t
Lead/Pb 4.7% 2% 1.9% 2.8% 1.9% 0.6%/1.6% 0.6%

 

Channel Number 11 10 9 8 7 6 5
Easting 239700.5378 239700.6267 239700.2687 239696.5568 239696.8866 239693.5659 239694.5856
Northing 370754.8232 370750.9936 370747.42 370739.0847 370734.0878 370729.0592 370724.1493
Vein Width 0.6 1.3 1.4 4.8 1 5 2.4
Gold/Au 3.1 g/t 5.7 g/t 9.5 g/t 1.7 g/t 11.7 g/t 1.3 g/t 4.2 g/t
Silver/Ag 27 g/t 14 g/t 18 g/t 19 g/t 28 g/t 8 g/t 9 g/t
Lead/Pb 1.8% 0.2% 0.4% 0.6% 1.7% 0.6% 0.4%

 

 

Channel Number 4 3 2 1
Easting 239694.4808 239694.4531 239692.5239 239693.1183
Northing 370719.3887 370714.4064 370709.7495 370704.6103
Vein Width 1.8 1.2 2 2
Gold/Au 8.4 g/t 3.5 g/t 5.7 g/t 10.6 g/t
Silver/Ag 22 g/t 13 g/t 9 g/t 15 g/t
Lead/Pb 1% 0.8% 0.3% 0.1%

 

 

 

Drill Intersect Results for Joshua Vein

Assay of Mineralised Intersect

Hole Number OM-DD-11-52 OM-DD-11-76 OM-DD-11-77 OM-DD-11-82 OM-DD-11-83 OM-DD-11-55
Easting 239624.39 239660.11 239694.07 239660.29 239660.59 239626.811
Northing 370917.55 370969.1 371000.00 371055.13 371079.93 370862.981
Dip 45° 45° 45° 45° 45° 45°
Azimuth 93° 280° 280° 270° 270° 95°
Intersect Width (m) 1.2 0.6 1.2 0.3 0.6 1.5

Estimated True Width (m)

0.8 0.4 0.8 0.2 0.4 1.1

Intersect Vertical Depth (m)

51.9 26.7 41.2 29.8 30.4 44.6
Gold / Au 10 g/t 2.5 g/t 1.2 g/t 4.1 g/t 11.7 g/t 5.3 g/t
Silver / Ag 27.9 g/t 0 0 7 g/t 10 g/t 0 g/t
Lead / Pb 0.8 %/12.5 % 0.2 %32 % 0.1 %/57 % 0/6 % 0.3 %/18 % 0.1 %/72 %

 

Hole Number OM-DD-11-56 OM-DD-11-60 OM-DD-11-61 OM-DD-11-73 OM-DD-11-54 OM-DD-11-63
Easting 239634.979 239681.000 239612.765 239668.193 239624.689 239699.726
Northing 370862.112 370975.000 370863.682 370731.452 370892.554 370783.218
Dip 45° 45° 45° 45° 45° 45°
Azimuth 93.7° 277.2° 100° 90° 95.5° 279.4°
Intersect Width (m) 3.4 1.5 1.7 1.6 3.6 5.3
Estimated True Width (m) 2.4 1.1 1.2 1.1 2.5 3.7
Intersect Vertical Depth (m) 24.7 34.8 57.2 22.5 27 8
Gold / Au 9.6 g/t 2.5 g/t 10.9 g/t 3.4 g/t 5.4 g/t 14.9 g/t
Silver / Ag 37.5 g/t 6 g/t 54.1 g/t 29.2 g/t 13.3 g/t 37 g/t
Lead / Pb 2.2 %/50 % 0.2 %/50 % 1.8 %/0 3.6 %/48 % 0 %/49 % 1.9 %/47 %

 

Hole Number OM-DD-11-65 OM-DD-11-70
Easting 239679.307 239668.354
Northing 370780.236 370756.528
Dip 50° 45°
Azimuth 90° 86.6°
Intersect Width (m) 1.9 1
Estimated True Width (m) 1.5 0.7
Intersect Vertical Depth (m) 14 22
Gold / Au 4.8 g/t 18.6 g/t
Silver / Ag 31.8 g/t 74.7 g/t
Lead / Pb 3.7 %/49 % 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:

Email :
Website: www.galantas.com

Telephone : (UK) +44 (0) 7624 424 455
Telephone: +44 (0) 2882 241100

 

Religare Capital Markets (AIM Nominated Adviser)
Telephone: +44 (0) 20 7444 0800 Phil Davies / James Pinner / Ben Jeynes

 

Beaufort International Associates Ltd
Telephone: +44 (0) 20 7930 8222 Barry Gibb/Saif Janjua (Corporate Finance)

Niall Carrig (Corporate Broking)


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