Galantas Gold Announces Geophysical Results for Key Exploration Target Area and Planning Approval for New Drilling Program at the Joshua Vein at Omagh Project

TORONTO, March 06, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of a recent gradient array induced polarization (IP) and resistivity geophysical survey five kilometres west of the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland.

The Company is also pleased to have recently received full planning permission to drill eight boreholes from three locations within the mine site. The holes will target a southern portion of the main Joshua Vein.

Mario Stifano, CEO of Galantas, commented: “It’s exciting to note that a strong north-south trending resistor was identified at the Cornavarrow target, with a similar signal to that generated over a gold-bearing structure close to the mine in 2021. Cornavarrow represents an exciting target that has never previously been drilled, and would be key in helping us to glean the wider potential of the gold district.

“We’re also keen to continue drilling at the main Joshua Vein which runs broadly parallel to and some 450 metres west of the other main Kearney Vein. Positive drilling results from the last few years have delineated trends of dilation zones, which have potential for higher widths of mineralization. Testing the down-dip potential of the dilation zones at Joshua could aid in resource expansion and ultimately add to the Omagh Mine’s production capacity.”

The effectiveness of the IP method for defining mineralization targets in this terrain was tested by the Company in 2021 when it ran a similar survey over the Elkins Vein. An apparent resistivity IP anomaly aligned north-south coinciding with known mineralization (see Galantas’ news release dated December 1, 2021). Another IP survey was completed over the Pigeon Top target (1.5 kilometres west of the mine site) in 2021, and also identified a strong north-south trending resistor over 500 metres, coinciding with base-of-till gold anomalies. The Elkins, Pigeon Top and Cornavarrow targets are shown in Figure 1 and are situated along a six-kilometre strike. According to Consulting Geophysicist Graham Reid of BRG Ltd., the geophysical anomalies identified during those earlier surveys most likely represent fault structures in the bedrock. North trending faults are a prime exploration target as these are the structures that host mineralization on the mine site.