news

Announces Details of Joshua Vein Gold Discovery

Thursday 12th January 2012

GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol - 'GAL'

 

GALANTAS ANNOUNCES DETAILS OF JOSHUA VEIN GOLD DISCOVERY

Date : 12th January 2102.  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

Strike Length Sampled

Average Vein Width

Average

Gold  Grade

of  samples

Deepest Intersect

Vertical depth

South Joshua Channels

120 m

2.3 m

7.7 g/t

Surface

Central Joshua Channels

38 m

1.4 m

10.9 g/t

Surface

Core Drilling

350 m

1.4 m

7.5 g/t

66.1 m (un-assayed)

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

easting

northing

Vein Width (m)

Gold / Au

Silver / Ag

Lead / Pb

39*

239636.1988

370917.6603

0.9

6.7 g/t

17 g/t

1.2%

38*

239636.3738

370916.6454

1

13.5 g/t

43 g/t

1.6%

37*

239636.4458

370915.6135

1

22.1 g/t

42  g/t

1.5%

36*

239636.6033

370914.5963

1

36.3 g/t

102 g/t

2.6%

35*

239636.7032

370913.5573

2

5.4 g/t

13 g/t

1%

34*

239636.7829

370912.5113

1

27.5 g/t

58.1 g/t

1.8%

33*

239636.8979

370911.5232

1.2

38.9 g/t

61.3 g/t

2.2%

32*

239636.9291

370910.5208

1.2

36.6 g/t

50.4 g/t

3.9%

31*

239636.9928

370909.5259

1.3

35.4 g/t

62.9 g/t

3.5%

30

239637.3076

370908.4739

2

16 g/t

23.6 g/t

2.1%

29

239637.2141

370907.3388

2

19.4 g/t

36.7 g/t

2.6%

28

239637.4107

370906.2934

2

9.1 g/t

20.3 g/t

1.4%

27

239637.6101

370905.2399

2

18 g/t

29.6 g/t

2.4%

26

239637.7945

370904.1891

2

14 g/t

36.3 g/t

2.4%

25*

239637.9994

370903.1643

1.9

16.3 g/t

46 g/t

2.9%

24*

239638.2943

370902.2079

2

9.1 g/t

36 g/t

1.5%

23*

239638.5313

370901.2244

1.9

4.5 g/t

17 g/t

0.8%

22*

239638.8658

370900.2052

1.8

5.4 g/t

38 g/t

1.5%

21*

239639.1171

370899.2782

1.7

1.6 g/t

5 g/t

0.3%

20

239639.351

370898.2315

1

4.4 g/t

55.8 g/t

1.2%

19

239639.6814

370897.2625

1.2

6.7 g/t

43.5 g/t

0.8%

18

239639.9862

370896.3233

1

14.2 g/t

109.8 g/t

1.8%

17

239640.3832

370895.3686

1.6

6.8 g/t

34.9 g/t

0.9%

16

239640.6432

370894.3082

1.7

5.4 g/t

61 g/t

1.6%

15

239640.9488

370893.2855

1.6

3.3 g/t

15.7 g/t

0.6%

14

239641.2744

370892.3921

1.7

2.3 g/t

4.6 g/t

0.2%

13

239641.6911

370891.4461

1.8

1.8 g/t

3.1 g/t

0.2%

12

239642.0751

370890.5312

1.4

1.2 g/t

0.7 g/t

0.2%

11

239642.2152

370889.6109

1.4

1.9 g/t

0.6 g/t

0.1%

10

239642.5138

370888.5881

1

2 g/t

3.5 g/t

0.3%

9

239642.8534

370887.5262

0.8

1 g/t

0.7 g/t

0.1%

8

239643.2722

370886.6381

0.5

2.9 g/t

2.2 g/t

0.2%

7

239643.5504

370885.7975

0.8

3.6 g/t

1.6 g/t

0.2%

6

239643.9517

370884.8636

0.9

2.9 g/t

2.2 g/t

0.2%

5

239644.3333

370883.9942

0.7

5.5 g/t

8.5 g/t

0.4%

4

239644.696

370883.0473

0.8

7 g/t

15 g/t

0.5%

3

239644.9774

370882.1693

0.9

5.8 g/t

7.7 g/t

0.6%

2

239645.3173

370881.2517

1.2

4.9 g/t

7.8 g/t

0.5%

1

239645.6298

370880.161

1.5

7.5 g/t

7.8 g/t

0.3%


South Joshua Vein : Channel Sample Results

25

239671.2165

370818.5261

1

6 g/t

19 g/t

1.7%

24

239673.0455

370814.0916

1.2

16.2 g/t

42 g/t

2.7%

23

239675.2727

370809.41

1.3

10.3 g/t

54 g/t

2.8%

22

239676.2022

370804.2883

1.6

13.6 g/t

37 g/t

1.4%

21

239678.8607

370799.9597

3.5

7.2 g/t

15 g/t

0.5%

20

239680.9934

370795.6279

2.1

8.8 g/t

22 g/t

1.9%

19

239682.6434

370790.8506

2.9

7.9 g/t

24 g/t

1.9%

18

239684.9645

370786.4326

3.9

16.4 g/t

67 g/t

4.7%

17

239686.9263

370781.7636

4.5

11.1 g/t

27 g/t

2%

16

239689.442

370777.3594

3.4

9.9  g/t

34 g/t

1.9%

15

239692.1041

370772.9661

3.7

9 g/t

34 g/t

2.8%

14

239693.7856

370768.193

1

7.1 g/t

47 g/t

1.9%

13

239695.8264

370763.5699

0.5

3.9 g/t

7 g/t

0.6%

And



0.3

4.5 g/t

36 g/t

1.6%

12

239698.2203

370759.1975

2.6

2.3 g/t

8 g/t

0.6%

11

239700.5378

370754.8232

0.6

3.1 g/t

27 g/t

1.8%

10

239700.6267

370750.9936

1.3

5.7 g/t

14 g/t

0.2%

9

239700.2687

370747.42

1.4

9.5 g/t

18 g/t

0.4%

8

239696.5568

370739.0847

4.8

1.7 g/t

19 g/t

0.6%

7

239696.8866

370734.0878

1

11.7 g/t

28 g/t

1.7%

6

239693.5659

370729.0592

5

1.3 g/t

8 g/t

0.6%

5

239694.5856

370724.1493

2.4

4.2 g/t

9 g/t

0.4%

4

239694.4808

370719.3887

1.8

8.4 g/t

22 g/t

1%

3

239694.4531

370714.4064

1.2

3.5 g/t

13 g/t

0.8%

2

239692.5239

370709.7495

2

5.7 g/t

9 g/t

0.3%

1

239693.1183

370704.6103

2

10.6 g/t

15 g/t

0.1%

 

 

Drill Intersect Results for Joshua Vein


Assay of Mineralised Intersect

Hole number

easting

northing

dip

azimuth

Intersect

Width (m)

Estimated

True

Width (m)

Intersect

Vertical

Depth (m)

Gold / Au

Silver / Ag

Lead / Pb

 

Core loss

OM-DD-11-52

239624.39

370917.55

45

108

5.1

3.6

15.7

2.4 g/t

 

4.8 g/t

 

0.2 %

 

32.4 %

OM-DD-11-62

239618.76

370838.68

45

93

1.2

0.8

51.9

10 g/t

27.9 g/t

0.8 %

12.5 %

OM-DD-11-76

239660.11

370969.1

45

280

0.6

0.4

       26.7

2.5 g/t

0

0.2 %

32 %

OM-DD-11-77

239694.07

371000.00

45

280

1.2

0.8

41.2

1.2 g/t

0

0.1 %

57 %

OM-DD-11-82

239660.29

371055.13

45

270

0.3

0.2

29.8

4.1 g/t

7 g/t

0

6 %

OM-DD-11-83

239660.59

371079.93

45

270

0.6

0.4

30.4

11.7 g/t

10 g/t

0.3 %

18 %

and





0.3

0.2

36.5

1.9 g/t

0

0.1 %

0

OM-DD-11-55*

239626.811

370862.981

45°

95°

1.5

1.1

44.6

5.3 g/t

0 g/t

0.1 %

72 %

OM-DD-11-56*

239634.979

370862.112

45°

93.7°

3.4

2.4

24.7

9.6 g/t

37.5 g/t

2.2 %

50 %

OM-DD-11-60*

239681.000

370975.000

45°

277.2°

1.5

1.1

34.8

2.5 g/t

6 g/t

0.2 %

50 %

OM-DD-11-61*

239612.765

370863.682

45°

100°

1.7

1.2

57.2

10.9 g/t

54.1 g/t

1.8 %

0

OM-DD-11-73*

239668.193

370731.452

45°

90°

1.6

1.1

22.5

3.4 g/t

29.2 g/t

3.6 %

48 %

OM-DD-11-54*

239624.689

370892.554

45°

95.5°

3.6

2.5

27

5.4 g/t

13.3 g/t

0 %

49 %

OM-DD-11-63*

239699.726

370783.218

45°

279.4°

5.3

3.7

8

14.9 g/t

37 g/t

1.9 %

47 %

OM-DD-11-65*

239679.307

370780.236

50°

90°

1.9

1.5

14

4.8 g/t

31.8 g/t

3.7 %

49 %

OM-DD-11-70*

239668.354

370756.528

45°

86.6°

1

0.7

22

18.6 g/t

74.7 g/t

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: info@galantas.com                                                           Email : c.heading@Galantas.com
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)

Share Price

TSX-V (CDN $): 0.045

AIM (£ p): 3.50

Gold Price (oz)

USD : 1,273.80

GBP : 768.23

The figures presented here are for informational purposes of current trends only and should not be considered an exact count

This page and other parts of the website contain statements relating to the intentions of the management to develop mine production and jewellery production. Such statements are forward looking and readers are cautioned that these statements are subject to risk and uncertainties as further detailed in quarterly Management Discussion and Analysis published on www.sedar.com

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