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Galantas Gold Intercepts 33 Metres at 1.88 Grams/Tonne Gold, 1.23% Copper, 0.51% Zinc at Gairloch Project in Scotland
TORONTO, July 27, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the r
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, July 27, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of the second exploration drill hole at the Gairloch Project in Scotland. Drilling highlights: Hole 23-GL-02 intersected 1.88 grams per tonne (g/t) gold (Au), 1.23% copper (Cu), 0.51% zinc (Zn), 0.01% cobalt (Co) and 4.64 g/t silver (Ag) over 33 metres, including 2.55 g/t Au, 1.72% Cu, 0.80% Zn, 5.59 g/t Ag and 0.01% Co over 19.33 metres. Four holes have been completed so far over the main deposit area totaling 190.4 metres. The company is currently drilling a deep hole through the centre of the deposit to understand the local stratigraphy and to explore for further mineralization at depth. Table 1: Summary of drill results. Hole From (m) To (m) Width (m) Gold (g/t) Copper (%) Zinc (%) Cobalt (%) Silver (g/t) Copper Equivalent (%) 23-GL-02 17.00 50.00 33.00 1.88 1.23 0.51 0.01 4.64 2.83 including 30.00 49.33 19.33 2.55 1.72 0.80 0.01 5.59 3.92 Notes: Reported intervals are downhole widths. The copper equivalent values are estimated using approximate metal prices of $8,350/t copper, $2,480/t zinc, $1,900/oz gold, $23/oz silver and $33,140/t cobalt and are presented for ease of interval comparison only. Metallurgical factors are assumed to be 100% although recovery factors and smelter returns may vary significantly. True width estimated at 99.6% of intersect width (32.87 metres and 19.26 metres respectively), based on historical information that the unit dips at approximately 50 degrees. Galantas drilled down dip at 45 degrees intersecting the mineralization at 85 degrees. Drill program This drill hole was a 50-metre step back from hole 23-GL-01 (see Galantas’ news release dated July 10, 2023) and is part of a program of six holes aiming to test the Kerry Road deposit. The mineralized horizon intercepted in this hole 23-GL-02 was observed within a quartz-carbonate-rich unit between hornblende schist, much like the first hole 23-GL-01. The sulphide within this horizon was predominantly massive and semi-massive pyrrhotite and chalcopyrite. A total of 494 metres has been drilled to date, with the results of holes 3 and 4 expected in the coming weeks. Hole 5 is a deep hole currently drilling below the known deposit. Mario Stifano, CEO of Galantas, commented: “This s...