Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce the results of the fifth exploration drill hole at the Gairloch Project in Scotland.

Highlights:

• Hole 23-GL-05 intersected 1.87 grams per tonne (g/t) gold (Au), 1.17% copper (Cu), 1.20% zinc (Zn), 131 g/t cobalt (Co) and 7.06 g/t silver (Ag) over 34.25 metres with new mineralization identified a further 100 metres at depth.
• Recent and historical drilling have identified a mineralized trend with a strike of over 1 km and to a depth of 250 metres.

Mario Stifano, CEO of Galantas, commented: “Our first drill program at the Gairloch Project continues to exceed management’s expectations, as the results from this fifth hole has further solidified the high-grade copper-gold potential while extending known mineralization to depth. Mineralization has been drilled over an area 1 km in strike, up to 150 metres wide and to a depth of 250 metres, and remains open. The Company plans to conduct modern geophysics over the 10 km-long known mineralized belt to prioritize drilling targets for a planned new drilling program.”

Table 1: Summary of drill results.

Notes:

1. Reported intervals are downhole widths.
2. The copper equivalent values are estimated using approximate metal prices of $8,350/t copper, $2,480/t zinc, $1,900/oz gold, $23/oz silver and $33,140/t cobalt and are presented for ease of interval comparison only. Metallurgical factors are assumed to be 100% although recovery factors and smelter returns may vary significantly.
3. True widths are estimated to be 64.3% of intersection lengths. Hole 23-GL-05 was drilled vertical into the mineralized unit which is assumed to dip at 50 degrees.

Drill program

Drill hole 23-GL-05 was a vertical hole drilled 22 metres east of hole 23-GL-04, intersecting the mineralized unit at 10 metres down to 44.25 metres. This hole targeted a geophysical anomaly and also acted as a stratigraphic hole. Previously unknown zones of mineralization were identified for a further 100 metres below the main mineralized zone down to a depth of 144 metres.

This drilling program was localized within 100 metres of where the mineralized unit is exposed at surface. Historical drilling identified a 1 km-long mineralized trend which the Company will aim to explore and expand in the coming year (see Figure 1). The deepest intersection to date has been in historical hole GBH82 collared 620 metres to the southeast of the current hole, which intersected 5 metres at 1.07 g/t Au and 1.75% Cu at 250 metres depth.

Figure 1: Map showing drill hole locations at the Gairloch Project.

For more information about historical drill holes referenced in Figure 1, see Galantas’ news releases dated January 26, 2023 and August 29, 2023.

Figure 2: Uncut section of drill core from hole 23-GL-05 showing massive sulphide.

Table 2: Drill hole location.