GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS ADDS 13 NEW GOLD EXPLORATION TARGETS
7 January 2010
Galantas Gold Corporation (TSX Venture: "GAL") (AIM:
"GAL")(The Company) has received a report from its wholly owned subsidiary,
Omagh Minerals Limited (OML), summarizing results of exploration carried out in
the fourth quarter of 2009 on its three license areas in Counties Tyrone and
Fermanagh, Northern Ireland. OML owns and operates an open pit gold mine near
Omagh in County Tyrone.
Omagh Minerals geological staff assisted by an independent qualified prospecting
geochemist covered 180 square kilometres of their licences with infill soil
sampling and conventional prospecting. Analyses of the results has disclosed 13
new gold targets, additional to those drill-ready targets reported in 2008 by
ACA Howe (Press Release 12th June, 2008). The programme also enabled the Company
to test coincident targets identified from previous third party prospecting and
from "Tellus" data. (Tellus was a government-funded regional exploration program
that recently covered the whole of Northern Ireland). The total number of
targets for follow-up exploration now thus has risen to 122.
The highlights of the report are summarized in the following. Locations are
coded for commercial confidentiality.
LICENSE OM 1/03
A1 Follow-up prospecting on a stream containing a boulder train extending over
425 metres has revealed mineralized float further upstream. A Press Release of
16th September, 2009, reported that 8 float samples contained more than 0.5
grammes per tonne gold and peak values of 20.7 grammes per tonne gold and 79.6
grammes per tonne silver. Detailed prospecting has confined the target to a
particular stretch of the stream, enabling future work to be focused.
(Float is defined as loose rock considered to be relatively close to point of
formation, but whose specific bedrock source is uncertain).
G1 Prospecting in a stream bed north of the mine site where there are a number
of soil and deep overburden gold anomalies uncovered several pieces of
mineralised float containing anomalous gold and other metal values (peak value
of 218 parts per billion gold, 1.5 parts per million silver and 3.56 percent
copper), indicating a local source of mineralisation.
Earlier work, reported on 25th September, 2005, disclosed sampling results for a
boulder train which was the subject of a data verification programme on
historical data. Historic reconnaissance sampling of stream boulders produced
176 samples that assayed greater than 1 gram per tonne gold of which 15
contained greater than 73 grammes per tonne gold. The richest sample assayed 156
grammes per tonne gold. The stream beds were re-sampled and 19 samples submitted
for assay of which 7 assayed greater than 1.0 grammes per tonne gold, the
highest being 40.00 grammes per tonne. In addition to confirming historical
sampling data, gold-bearing boulders were also discovered in previously
unsampled stream beds 1.5 kilometres to the northwest.
Previous holders of the license (Riofinex) studied glaciation in the area and
concluded that glacial movement was not more than a few hundred metres from
bedrock source. The study is historical and the results have not been verified
by OML.
H1 Reconnaissance prospecting in a stream whose sediments contained anomalously
high gold values disclosed sheared rocks containing anomalous gold and silver
values (peak of 15 parts per billion gold and 0.6 parts per million silver).
Further prospecting is planned.
License OM 2/08 Over 60% of the License has been covered with regional soil
sampling, and targets have been defined, as follows:
A2 Quartz veins with anomalous gold and silver (peak values of 36 parts per
billion gold and 3.7 parts per million silver) were found in an area of high
geochemical gold and silver and associated base metal values.
B2 Gold was panned from a stream draining a hill with anomalous gold and base
metal values.
C2 Infill soil sampling over a 28 square kilometre area discloses a 3
kilometre trend of anomalous gold, silver and base metal values, the latter
considered pathfinder elements. Samples of outcrop and float show peak values of
0.5 parts per million gold and 2.7 parts per million silver. The target is
assigned a high priority for follow-up.
D2 Detail prospecting of a Tellus gold-in-soil anomaly has revealed a
coincident gold-in-soil anomaly with strong correlation with pathfinder copper
which is anomalous over an area of 25 square kilometres, in which has been noted
float with sulphide mineralisation.
E2 Massive sulphide mineralisation in outcrop has been discovered associated
with a regional fault which has been found to contain anomalous levels of gold
and local high silver values (peak value of 32 parts per million).
A3 A 60 square kilometre of anomalous gold-in-soil and in stream sediments has
been traversed and a follow-up prospecting programme designed.
Control Procedure
The exploration programme is under the supervision of the Company's geological
staff, who work under the general direction of L. J. Gunter, P. Eng (Ontario),
Chairman - Galantas Gold Corporation, the Qualified Person for the programme.
Sampling methodology, security and data verification followed standard protocols
as previously detailed on April 5, 2006. The samples were analysed (gold by fire
assay and other metals by ICP-ORE) at OMAC Laboratories Ltd., an independent
certified CCRMP & ISO 17025 laboratory located in Galway, Ireland.
Galantas Gold Corporation Issued and Outstanding Shares total 190,100,055.
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
Roland Phelps C.Eng - President & CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Blomfield Corporate Finance Ltd
Nick Harriss
Telephone: +44 (0) 20 7444 0800
Beaufort International Associates Ltd
Tanvier Malik
Telephone: +44 (0) 20 7930 8222