REG - Galantas Gold Corp - COMPLETION OF TRIAL STOPING PROGRAM AT OMAGH

Galantas GoldAnnouncement

18/06/2024 07:00

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RNS Number : 7801S  Galantas Gold Corporation  18 June 2024

 

 

GALANTAS GOLD ANNOUNCES COMPLETION OF TRIAL STOPING PROGRAM AT OMAGH GOLD
PROJECT, NORTHERN IRELAND

 

JUNE 18, 2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce the
successful completion of its trial stoping program at the Cavanacaw Gold Mine
at the Omagh Project in County Tyrone, Northern Ireland.

 

Mario Stifano, CEO of Galantas, commented: "The trial has brought a high level
of understanding to the mine development process and helped us conclude that
the Cavanacaw Mine can be mined successfully, utilizing a longhole mining
method and backfill. The trial stoping has provided sufficient information to
bring a high level of confidence for a successful stoping program in the
future."

 

Provisional revenues generated from concentrate sales totalled approximately
US$1,103,000 in 2023 and approximately US$207,000 in Q1 2024. The net proceeds
from concentrate sales are being offset against development assets, until the
mine commences commercial production.

 

Six stopes were successfully mined and backfilled using a narrow vein,
modified Avoca longhole open stoping method, in two separate blocks. The
minimum stope width was 2.2 metres planned with a stope length of 10 to 15
metres. Vertical distance between the stoping levels was approximately 8
metres from roof to floor. Following the success of the trial, the Company
plans to increase the distance between levels to 12 metres. Relatively
low-grade areas of the mine were selected for the trial to assess the
suitability of the mining method and also to serve as a training project for
the locally trained mining operators.

 

A total of 3,175 tonnes of mineralized material was successfully mined from
the six stopes during this phase in a safe and controlled manner.
Reconciliation was completed for two of the stopes, and grades returned an
average percentage increase of 113%* from the grade modelled in the technical
report "Resource Estimate, Preliminary Economic Assessment & Detailed
Feasibility Study on the Omagh Gold Project, County Tyrone, Northern Ireland"
dated July 26, 2014 and filed on September 4, 2014.

 

Trials have led to an optimized cycle of two days from the initial stope blast
to completion of backfill, thus reducing the potential for dilution and also
streamlining the process. This mining method can now be applied to more than
240 stopes which are already planned for the Kearney and Joshua zones, with
grades in the range of 2.0 grams per tonne (g/t) gold to 17 g/t.

 

*Higher grade reconciliation may not be indicative of future grade
reconciliations.

 

Qualified Person

 

Scientific and technical information relating to production and development in
this news release has been reviewed and approved by Brendan Morris, who is
considered, by virtue of his education, experience and professional
association, a Qualified Person within the meaning of NI 43-101. Mr. Morris is
not considered independent under NI 43-101 as he is the Chief Operating
Officer of Galantas Gold Corporation.

 

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.

 

About Galantas Gold Corporation

 

Galantas Gold Corporation is a Canadian public company that trades on the TSX
Venture Exchange and the London Stock Exchange AIM market, both under the
symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The
Company's strategy is to create shareholder value by operating and expanding
gold production and resources at the Omagh Project in Northern Ireland, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit
in Scotland.

 

Enquiries

 

Galantas Gold Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, Elliot Peters

Telephone: +44(0)20 7383 5100

 

SP Angel Corporate Finance LLP (AIM Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

Forward-Looking Statements

 

This news 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 results of exploration and mine
development programs at the Omagh Project and Gairloch 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 or strategy, including: gold price volatility; discrepancies
between actual and estimated production, actual and estimated metallurgical
recoveries and throughputs; mining operational risk, geological uncertainties;
regulatory restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of gold
exploration; dilution; competition; loss of or availability of key employees;
additional funding requirements; uncertainties regarding planning and other
permitting issues; and defective title to mineral claims or property. These
factors and others that could affect Galantas' 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 news
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 news release, except as required by law.

 

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