January 7th, 2010 Galantas Gold Corporation (TSX Venture: “GAL”) (AIM: “GAL”)(The Company) has received a report from its wholly owned subsidiary, Omagh Minerals Limited (OML), summarizing results of exploration carried out in the fourth quarter of 2009 on its three license areas in Counties Tyrone and Fermanagh, Northern Ireland. OML owns and operates an open pit gold mine near Omagh in County Tyrone.
Omagh Minerals geological staff assisted by an independent qualified prospecting geochemist covered 180 square kilometres of their licences with infill soil sampling and conventional prospecting. Analyses of the results has disclosed 13 new gold targets, additional to those drill-ready targets reported in 2008 by ACA Howe (Press Release 12th June, 2008). The programme also enabled the Company to test coincident targets identified from previous third party prospecting and from “Tellus” data. (Tellus was a government-funded regional exploration program that recently covered the whole of Northern Ireland). The total number of targets for follow-up exploration now thus has risen to 122.
The highlights of the report are summarized in the following. Locations are coded for commercial confidentiality.
LICENSE OM 1/03
A1 Follow-up prospecting on a stream containing a boulder train extending over 425 metres has revealed mineralized float further upstream. A Press Release of 16th September, 2009, reported that 8 float samples contained more than 0.5 grammes per tonne gold and peak values of 20.7 grammes per tonne gold and 79.6 grammes per tonne silver. Detailed prospecting has confined the target to a particular stretch of the stream, enabling future work to be focused.
(Float is defined as loose rock considered to be relatively close to point of formation, but whose specific bedrock source is uncertain).
G1 Prospecting in a stream bed north of the mine site where there are a number of soil and deep overburden gold anomalies uncovered several pieces of mineralised float containing anomalous gold and other metal values (peak value of 218 parts per billion gold, 1.5 parts per million silver and 3.56 percent copper), indicating a local source of mineralisation.
Earlier work, reported on 25th September, 2005, disclosed sampling results for a boulder train which was the subject of a data verification programme on historical data. Historic reconnaissance sampling of stream boulders produced 176 samples that assayed greater than 1 gram per tonne gold of which 15 contained greater than 73 grammes per tonne gold. The richest sample assayed 156 grammes per tonne gold. The stream beds were re-sampled and 19 samples submitted for assay of which 7 assayed greater than 1.0 grammes per tonne gold, the highest being 40.00 grammes per tonne. In addition to confirming historical sampling data, gold-bearing boulders were also discovered in previously unsampled stream beds 1.5 kilometres to the northwest.
Previous holders of the license (Riofinex) studied glaciation in the area and concluded that glacial movement was not more than a few hundred metres from bedrock source. The study is historical and the results have not been verified by OML.
H1 Reconnaissance prospecting in a stream whose sediments contained anomalously high gold values disclosed sheared rocks containing anomalous gold and silver values (peak of 15 parts per billion gold and 0.6 parts per million silver). Further prospecting is planned.
License OM 2/08 Over 60% of the License has been covered with regional soil sampling, and targets have been defined, as follows:
A2 Quartz veins with anomalous gold and silver (peak values of 36 parts per billion gold and 3.7 parts per million silver) were found in an area of high geochemical gold and silver and associated base metal values.
B2 Gold was panned from a stream draining a hill with anomalous gold and base metal values.
C2 Infill soil sampling over a 28 square kilometre area discloses a 3 kilometre trend of anomalous gold, silver and base metal values, the latter considered pathfinder elements. Samples of outcrop and float show peak values of 0.5 parts per million gold and 2.7 parts per million silver. The target is assigned a high priority for follow-up.
D2 Detail prospecting of a Tellus gold-in-soil anomaly has revealed a coincident gold-in-soil anomaly with strong correlation with pathfinder copper which is anomalous over an area of 25 square kilometres, in which has been noted float with sulphide mineralisation.
E2 Massive sulphide mineralisation in outcrop has been discovered associated with a regional fault which has been found to contain anomalous levels of gold and local high silver values (peak value of 32 parts per million).
A3 A 60 square kilometre of anomalous gold-in-soil and in stream sediments has been traversed and a follow-up prospecting programme designed. Control Procedure
The exploration programme is under the supervision of the Company's geological staff, who work under the general direction of L. J. Gunter, P. Eng (Ontario), Chairman - Galantas Gold Corporation, the Qualified Person for the programme. Sampling methodology, security and data verification followed standard protocols as previously detailed on April 5, 2006. The samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratories Ltd., an independent certified CCRMP & ISO 17025 laboratory located in Galway, Ireland.
Galantas Gold Corporation Issued and Outstanding Shares total 190,100,055.
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