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Galantas Gold Provides Update on Omagh Gold Project
TORONTO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is providing an update on th
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is providing an update on the Omagh Project in Northern Ireland. The Company is targeting an updated NI 43-101-compliant mineral resource estimate by the end of Q2 2023 to incorporate an additional 7,800 metres of drilling with many of the drill holes indicating higher gold grades and thicker widths in dilation zones. Internal modelling indicates that the grades and widths of mineralization increase within the dilation zones at the Kearney and Joshua veins. At Kearney, examples of drill holes that fall within dilation zones are drill hole FR-DD-22-UG-181 at a vertical depth of 150 metres that intersected 7 metres (estimated 3.3 metres true thickness) of 31.7 grams per tonne (g/t) gold, and drill hole FR-DD-22-UG-186 at a vertical depth of 143 metres that intersected 4.4 metres (estimated 3.0 metres true thickness) of 31.8 g/t gold (see Galantas’ press releases dated March 21, 2022 and August 4, 2022). Given the potentially high grade and thicker widths within dilation zones below the current underground development, the Company is proceeding with a sustainable mine plan targeted by the end of Q2 2023 that will allow the Company to develop at these lower levels in order to optimize production. The mine plan will determine the suitability of targeting initially 10,000 gold ounces a year, with the potential for this to increase to 20,000 ounces a year, followed by staged expansions. The plan is expected to include development options for mining at the lower levels of the Kearney Vein and to the north and south extensions of the vein’s existing workings. The Company has also completed its first hole targeting the Kerr Vein from underground, approximately 200 metres north of the known surface exposure and approximately 200 metres south of a historic base-of-till gold anomaly. Quartz veinlets associated with the sulphide minerals, pyrite and galena, have been recorded in the core within the target zone supporting management’s view that Kerr may extend northwards between the high-grade Joshua and Kearney veins. Historical Pionjar drilling (base-of-till sampling) by RioFinex in the 1980s identified 8 g/t gold between the Kearney and Joshua veins, approximately 100 metres north of the development drift....