Business
Galantas Gold Announces Resource Upgrade at Omagh Gold Project in Northern Ireland
TORONTO, July 18, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce an up
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, July 18, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce an updated NI 43-101-compliant Mineral Resource Estimate for the Company’s Omagh Gold Project in Northern Ireland, effective June 22, 2023 (the “2023 MRE”). The MRE, prepared by Micon International Limited (“Micon”), includes the main Kearney and Joshua vein systems which have been updated on the basis of 42 additional drill holes and a complete review of the previous vein wireframe interpretations. Highlights of the Omagh Project 2023 MRE include: Increased strike and depth continuity of modelled veins in the Kearney and Joshua vein systems. The Mineral Resources are the most robust estimate of the Kearney and Joshua veins demonstrating reasonable prospects for eventual economic extraction (RPEEE). 53% of Mineral Resources are reported in the Measured and Indicated categories. Total contained gold ounces have increased by 77% from the previous 2014 estimate (announced on July 28, 2014). Deposit remains open along strike and to depth with downdip drilling planned on the Joshua Vein under Permitted Development following a meeting of the Fermanagh and Omagh District Council (FODC). Mario Stifano, CEO of Galantas, commented: “This resource update is the culmination of a tremendous effort by our team at Omagh. The drill results from our most extensive exploration program since the 2014 resource estimate have increased our confidence in the high gold grades at the Omagh Project, further confirming its potential particularly at the Joshua Vein, which we are keen to explore.” Mineral Resource Estimate for the Kearney and Joshua Vein System Table 1: Mineral Resources of the Kearney and Joshua vein system, effective June 22, 2023. Classification Vein Tonnage (tonnes) Gold Grade (grams/tonne) Contained Gold (ounces) Measured Kearney 94,131 6.73 20,371 Joshua 18,381 6.59 3,897 Indicated Kearney 402,924 6.50 84,258 Joshua 247,217 7.39 58,730 Measured + Indicated Kearney 497,055 6.54 104,629 Joshua 265,598 7.33 62,627 Total Measured + Indicated 762,653 6.82 167,256 Inferred Kearney 402,479 5.33 69,020 Joshua 283,925 6.21 56,648 Total Inferred 686,404 5.69 125,668 Notes: The Mineral Resource Estimate has been prepared in accordance with Nationa...