Market Overview

Galantas Drills 21.2 g/t Gold Over 1.1 Metres on Joshua Vein

Share:

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2012) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL)(the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, has received core drilling results from five holes and channel sampling results on its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

Four of the five cores were drilled on the Joshua vein. The Joshua results, which are tabulated below, include intersections of 21.2 g/t (grammes per tonne) gold, over a true width of 1.1 metres, at a vertical depth of 113 metres and 11.4 g/t gold over 1.9 metres true width at a vertical depth of 121.5 metres, within the same drill core. The lower intersect is the second deepest intersect so far on the Joshua vein (the deepest being 160.6m).

The average sample grade (width weighted) of five Joshua intersects, within the four drill cores analysed, was 9.7 g/t gold, with 26.2 g/t silver and 1.6% lead. The average true width of the five intersects measured is 1.1 metres and vertical depths range from 43.3 metres to 121.5 metres. The Joshua vein is, so far, known to extend over 836 metres along strike.

The fifth core was drilled on the Kerr vein system. The Kerr vein system is a series of at least four sub-parallel veins, with an approximate 340 degree strike direction (Kerr Vein no.4). The latest core, which contains the deepest intersect so far drilled on Kerr (at 108 metres vertical depth), returned 4.6 g/t gold at a true width of 0.7m, suggesting that potential exists at depth for mineralisation above underground mining cut-off grades and widths (as reported by Howe 2012(i)), in the southern part of the Kerr vein system. The channel sampling results, from Kerr vein no.4, show grade, width and strike length sufficient to lend support to this analysis. The proposed underground mining plan anticipates a drivage between Joshua and Kearney vein systems, which may facilitate underground exploitation of Kerr, should further studies prove this economic.

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 core drilling methodology was that as described on 15th September 2011 and the channel sampling methodology as described on 4th October 2011.

Mr. Phelps commented, "Based upon these and past results, the core drilling program continues to deliver on our already high expectations. The core result from Kerr shows that we will have to address this vein system in more detail at a later stage."

(i)The Technical Report on the Omagh Gold Project, Counties Tyrone and Fermanagh, Northern Ireland by ACA Howe International Ltd (UK) is available on the Company's website at http://www.galantas.com/operations/ and at www.sedar.com.

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 256,210,395.

RESULTS TABLES

Joshua Vein Drill Core Results



----------------------------------------------------------------------------

Intersect Dip at
Hole number Easting Northing Azimuth Width (m) intersect
----------------------------------------------------------------------------
OM-DD-12-110 239608 370764 90 degrees 1.8 48.2
----------------------------------------------------------------------------
OM-DD-12-122 239590 370637 90 degrees 2.1 57.6
----------------------------------------------------------------------------
And 3.6 58.7
----------------------------------------------------------------------------
OM-DD-12-125 239623 370715 90 degrees 3.1 73.7
----------------------------------------------------------------------------
OM-DD-12-126 239630 370661 90 degrees 0.6 49.6
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Estimated Intersect Gold Silver Lead
True Vertical /Au /Ag /Pb Core loss
Hole number Width (m) Depth (m) g/t g/t % %
----------------------------------------------------------------------------
OM-DD-12-110 1.2 56.4 4.5 17.6 0.3 9.1
----------------------------------------------------------------------------
OM-DD-12-122 1.1 113 21.2 51.9 3.3 28.1
----------------------------------------------------------------------------
And 1.9 121.5 11.4 28.2 2.2 1
----------------------------------------------------------------------------
OM-DD-12-125 0.9 86.2 2.5 10.8 0.4 0
----------------------------------------------------------------------------
OM-DD-12-126 0.4 43.3 1.7 6.8 0.3 5
----------------------------------------------------------------------------

Kerr Vein Drill Core Result & technical commentary

----------------------------------------------------------------------------

Intersect Dip at
Hole number Easting Northing Azimuth Width (m) intersect
----------------------------------------------------------------------------
OM-DD-12-127 239902 370584 90 degrees 1.1 51.8
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Estimated Intersect Gold Silver Lead Core
True Vertical /Au /Ag /Pb loss
Hole number Width (m) Depth (m) g/t g/t % %
----------------------------------------------------------------------------
OM-DD-12-127 0.7 108 4.6 11.7 1.8 4
----------------------------------------------------------------------------

NOTE: all figures have been rounded to one decimal place. Intersect depth is
a maximum estimate to the top of the intersect.



The mineralogy of the Kerr system seen in surface exposures appears to differ from that seen in the Joshua and Kearney vein systems. Pre-brecciation mineralisation (the first substantial phase of metalliferous input) is the main type present and generally appears to contain less associated galena (lead sulphide). However, the recent, deep, Kerr core intersect contained lead levels similar to that seen routinely in Joshua and Kearney veins.

Kerr Vein no.4 Channel Sample Results

Channel samples were taken at approximately 5 metre centres and at three different elevations. Where the sampling intervals on each of the three different elevations approximately vertically coincide, they have been marked in grey.

Results are rounded up to 1 decimal place.

The average sample grades and vein width for the three levels along similar strike section (between 370566 N and 370598 N) have been calculated to show average variability by depth of the samples:

At elevation 146.5 m RL :- 2.5 g/t Au over 0.7 m

At elevation 144.3 m RL :- 8.1 g/t Au over 0.9 m

At elevation 139.4 m RL :- 5.2 g/t Au over 0.9 m



----------------------------------------------------------------------------
Kerr Vein 4: channel sampled at approx. 146.5 m RL
----------------------------------------------------------------------------
Vein Gold/ Silver/ Lead/
width Au Ag Pb
Channel number Easting Northing (m) (g/t) (g/t) (%)
----------------------------------------------------------------------------
OM-CH-11/KR-01 239941.02 370581.60 0.1 2.7 0 0
----------------------------------------------------------------------------
OM-CH-11/KR-02 239942.43 370576.50 1 3 3 0.1
----------------------------------------------------------------------------
OM-CH-11/KR-03 239943.85 370571.74 1.5 2.1 0 0
----------------------------------------------------------------------------
OM-CH-11/KR-04 239945.62 370567.00 0.1 3.2 0 0
----------------------------------------------------------------------------
OM-CH-11/KR-05 239947.63 370562.19 0.5 2.1 2 0
----------------------------------------------------------------------------
OM-CH-11/KR-06 239949.73 370557.56 0.3 2.5 2 0
----------------------------------------------------------------------------
and 0.2 1.3 0 0
----------------------------------------------------------------------------
Kerr Vein 4: channel sampled at approx. 144.3 m RL
----------------------------------------------------------------------------
OM-CH-12/KR-01 239946.71 370567.15 0.6 3.8 4.8 0
----------------------------------------------------------------------------
OM-CH-12/KR-02 239944.12 370571.44 0.3 3.3 5.3 0
----------------------------------------------------------------------------
OM-CH-12/KR-03 239942.87 370576.57 1.0 2.7 1 0
----------------------------------------------------------------------------
OM-CH-12/KR-04 239940.37 370581.43 0.6 15.2 21.3 0.1
----------------------------------------------------------------------------
OM-CH-12/KR-05 239937.56 370585.59 1.5 5.8 6.6 0.1
----------------------------------------------------------------------------
OM-CH-12/KR-06 239934.99 370589.92 0.6 8.6 19.2 1.2
----------------------------------------------------------------------------
OM-CH-12/KR-07 239933.11 370594.52 0.7 12.0 11.6 0.6
----------------------------------------------------------------------------
OM-CH-12/KR-08 239930.51 370598.90 1.6 11.5 12.6 0
----------------------------------------------------------------------------
Kerr Vein 4: channel sampled at approx. 139.4 m RL
----------------------------------------------------------------------------
OM-CH-12/KR-09 239917.67 370625.47 0.4 2 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-10 239920.55 370621.28 0.2 1.3 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-11 239922.27 370617.13 0.1 0.3 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-12 239923.45 370611.75 0.6 1.1 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-13 239925.62 370607.32 0.5 0.4 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-14 239928.28 370602.89 0.1 1.6 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-15 239930.51 370598.73 1.6 5.2 1.9 0
----------------------------------------------------------------------------
OM-CH-12/KR-16 239932.63 370594.14 0.4 5 1.8 0
----------------------------------------------------------------------------
OM-CH-12/KR-17 239935.14 370589.79 0.1 2.2 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-18 239936.85 370585.20 0.5 1.1 0 0
----------------------------------------------------------------------------
OM-CH-12/KR-19 239938.98 370580.54 1 1.7 17.3 0
----------------------------------------------------------------------------
OM-CH-12/KR-20 239941.73 370576.31 1 12.4 17.7 0.1
----------------------------------------------------------------------------
OM-CH-12/KR-21 239944.18 370571.86 1 3.9 3 0
----------------------------------------------------------------------------
OM-CH-12/KR-22 239944.40 370566.53 1.4 5.1 7.5 0
----------------------------------------------------------------------------
OM-CH-12/KR-23 239946.27 370562.22 1.1 14.2 11.1 0
----------------------------------------------------------------------------
OM-CH-12/KR-24 239948.71 370558.32 0.8 6.1 3.1 0
----------------------------------------------------------------------------




FOR FURTHER INFORMATION PLEASE CONTACT:
Galantas Gold Corporation
Jack Gunter P.Eng
Chairman
+44 (0) 2882 241100


Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
+44 (0) 2882 241100
info@galantas.com
www.galantas.com


Investor Relations
Courtenay Heading (Maclir Consulting Ltd)
(UK) +44 (0) 7624 424 455
c.heading@Galantas.com


Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000

View Comments and Join the Discussion!