Galantas Gold Corporation (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 its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.
Ten cores were drilled on the Joshua vein. The results, which are tabulated below, include a high-grade intersection of 23.6 g/t (grammes per tonne) gold with 38 g/t silver, over a true width of 2.4 metres, at a vertical depth of 51.4 metres and which included a 0.8m section reported at 64 g/t gold.
The cores reported 13 significant mineralised intersects. Intersects above cut-off grade (*as assessed within the Howe Technical Report detailed below), average a true width of 1.1m, 12.6 g/t gold, 25.6 g/t silver and 1.5% lead. Vertical depths range from 50 metres to 91 metres. The average sample grade (width weighted) of all intersects (including those below cut-off) was 8.6 g/t gold at average true width of 0.8m.
The Joshua vein is, so far, known to extend over 836 metres along strike. The southern-most of the Joshua cores so far reported appear to confirm two vein structures. Good gold accumulation (width and grade) has been discovered within 80m of the southern freehold property boundary (cores 12-122 and 12-134). Three cores reported herein (12-131, 12-140 and 12-136), show a reduction of width and gold grade near to the freehold boundary, below cut-off grade.
The current geological model indicates a high gold accumulation to occur along an approximate 325 metre southern strike length. To the north lies an approximate 90 metre strike length of apparently lower gold accumulation. Further north, the vein system is similar to the south in that it is comprised of two vein structures. Two shallow drill holes situated near the northern freehold boundary appeared to indicate a vein thinning in that area. However, the latest results have shown improved grades and widths in this part of the vein system, with core 12-95 reporting 7.40 g/t gold over a true width of 1m at a vertical depth of 91.4m. A second shallower intercept was reported in the same core, giving 7.0 g/t gold over 0.6m true width at a depth of 73.3m. An earlier reported core (11-101A, 11th June 2012), some 30m to the south, reported 7.5 g/t gold over 1.5m true width at 65 m vertical depth and 5.4 g/t gold over 0.9m true width at 74.7m vertical depth. Other cores previously reported (11-88 and 11-91, 5th April 2012) extend improved grades south-wards.
A total of 2,336.9 metres has been core drilled during the fourth quarter of 2012. This brings the total number of metres drilled, since the beginning of the 15,000 metre program, to 16,346.9m and completes that phase on target. Drilling continues using the company's own CS14 core drilling rig, manned by in-house drillers. Up to a further 1600 metres of drilling are planned in the short-term, extending the program to 18,000 metres, following up the high gold intersect reported today. When the remaining results are received, the company expects to arrange an independent re-assessment of resources to Canadian National Instrument 43-101 standard. The re-assessment will be timed to enable the follow up cores to be included. The majority of the program has targeted potential measured and indicated categories of resource, since active discussions with a major lender has shown that these categories are necessary to meet the lender's requirements.
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.
Mr. Phelps commented, "The latest excellent drilling results include the best result so far on Joshua Vein - possibly the best on the whole Galantas Northern Ireland gold license - so far. Further assays will be reported when received and are expected over the next 8-10 weeks."
*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.
Source: http://www.galantas.com/