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Galantas Gold Corporation (TSXV: GAL,OTC:GALKF) (AIM: GAL) ("Galantas" or the "Company") announces that the Company has begun drilling at its Andacollo Gold project near La Serena, Chile. This initial drill program of 15,000 metres is designed to test possible extensions of higher grade gold zones within the Andacollo Gold mineral resource, newly identified areas of higher grade gold mineralization, and copper mineralization (including possible porphyry copper mineralization associated with Teck's adjacent Carmen de Andacollo mine). An additional component of the program is infill drilling to increase confidence in the current resource model and support mine planning.
The first drill rig arrived yesterday and is setting up to begin drilling a possible extension of higher grade gold mineralization in the Tres Perlas pit area. This first drill hole will also test a recently discovered zone at surface of sheeted quartz-sulphide veins as well as a possible extension of chalcocite (supergene-enriched) mineralization from the adjacent Carmen de Andacollo mine. Two more drill rigs are expected to arrive within weeks, and the Company expects to have three drill rigs turning at the property by the end of September.
Mario Stifano, the Company's CEO, commented: "We are very excited to begin drilling at Andacollo Gold. The exploration team has defined multiple targets for higher grade gold mineralization within the current resource pit shell that could potentially increase the overall gold grade of the Andacollo Gold mineral resource. The team has also identified new targets that could potentially add substantial tonnage of near-surface, higher grade gold mineralization. The program will also test for possible extensions of Teck's adjacent Carmen de Andacollo porphyry copper deposit on our property with the objective of delineating a possible copper resource at Andacollo Gold."
Qualified Person Statement
The scientific and technical information in this news release has been reviewed and approved by Dorian L. (Dusty) Nicol, (P. Geo., Chartered Geo., FAusIMM), the Company's exploration consultant, who is considered, by virtue of his education, experience and professional association, a Qualified Person for the purposes of NI 43-101 and the AIM Rules for Companies. Mr. Nicol is a shareholder of the Company and acts as a Special Advisor on exploration to the Company.
About Galantas Gold Corporation
Galantas Gold Corporation is a publicly traded gold and copper company focused on the acquisition, development, and advancement of gold and copper assets in stable mining jurisdictions. The Company is currently advancing the development of the Indiana Project and the Andacollo Gold Project in Chile. Galantas' strategy is to build long-term shareholder value through disciplined capital allocation, technically rigorous project evaluation, and responsible development of high-quality mineral assets.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: info@galantas.com
Website: www.galantas.com
Grant Thornton UK Advisory & Tax 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 & Brokering)
Telephone: +44(0)20 3470 0470
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or the Company's future performance and reflect management's current expectations, assumptions and beliefs based on information currently available. All statements other than statements of historical fact are forward-looking statements.
Forward-looking statements are frequently identified by words such as "plans", "expects", "is expected", "estimates", "forecasts", "projects", "intends", "anticipates", "believes", "continues", or similar expressions, or by statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" occur or be achieved.
Forward-looking information in this news release includes, but is not limited to, statements regarding the size and scope of the drill program; the expected arrival of two more rigs and the expectation of having three drill rigs turning at the property by the end of September; defining multiple drilling targets design to potentially increase the overall gold grade of the Andacollo Gold mineral resource and add substantial tonnage of near-surface, higher grade gold mineralization; and delineating a possible copper resource at Andacollo Gold.
Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, including, without limitation, assumptions regarding: the Company's ability to satisfy its payment obligations under the applicable agreements; the availability of financing on reasonable terms; commodity prices; exchange rates; the receipt and maintenance of required regulatory approvals and permits; the accuracy of mineral resource estimates; and the Company's ability to execute its development plans as contemplated.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied thereby, including, without limitation: the risk that the Company may not be able to complete the staged payment obligations, which could result in the loss of all or part of its interest in the Andacollo Gold Project; risks relating to financing, development and operating activities; commodity price volatility; permitting and regulatory risks; uncertainties inherent in mineral resource estimates; and general economic, market and business conditions.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.
Neither TSXV nor its Regulation Services Provider, as that term is defined in the policies of the TSXV, accepts responsibility for the adequacy or accuracy of this news release.
The Company is admitted to trading on AIM and, accordingly, further disclosure may be found on the Company's profile on the London Stock Exchange website.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313748
