Drilling Results - Gairloch Project in Scotland

GALANTAS GOLD DRILLS 34.25 METRES AT 1.87 GRAMS/TONNE GOLD, 1.17% COPPER, 1.20% ZINC AND 131 GRAMS/TONNE COBALT AT GAIRLOCH PROJECT IN SCOTLAND

OCTOBER 16, 2023, TORONTO, CANADA - 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:

• Reported intervals are downhole widths.
• 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.
• 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 27, 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.

Gairloch Project overview

The Kerry Road deposit is a stratabound, Besshi-style, VMS gold-copper-zinc deposit exposed at surface. It is one of the oldest known Besshi deposits, similar in age to the Sherridon district in Manitoba, Canada. The Kerry Road deposit was discovered by Consolidated Goldfields in the 1970s where 87 holes were drilled over 9,189 metres. No commercial exploration has taken place since then until 2018 when drilling by GreenOre Gold PLC ("GreenOre") confirmed the presence of mineralization at Kerry Road by intersecting 1.0 g/t gold, 0.9% copper and 0.6% zinc over 17 metres (see Galantas' news release dated January 27, 2023). Rock chip sampling conducted by GreenOre in 2018 also identified elevated levels of cobalt in the bedrock.

The Kerry Road deposit lies within the Gairloch Schist Belt, a Paleoproterozic volcanic arc terrane extending over 25 km. The unit of interest is a quartz carbonate schist with the main minerals being chalcopyrite, sphalerite, pyrite and pyrrhotite. Limited exploration has been conducted over the area in recent years. The British Geological Survey (BGS) identified an outcrop of 4 g/t Au in their MRP146 report of the area, associated with a significant geophysical anomaly approximately 10 km south of the Kerry Road deposit, yet the area remains untested. This area is one of multiple targets identified by Galantas for follow-up exploration.

Galantas has acquired a 100% interest and the exclusive rights to explore and develop the Gairloch Project, a 217 km² mineral licence area covering the Gairloch Schist Belt.

Qualified Person and Quality Assurance and Control

The technical and historical information in this release has been reviewed and approved by Gavin Berkenheger (CGeol, EurGeol) who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Berkenheger is not considered independent under NI 43-101 as he is a consultant of Galantas Gold Corporation.

Galantas Gold operates according to rigorous internal Quality Assurance and Quality Control (QA/QC) protocols with respect to the insertion of blanks, standards and duplicates into the sample stream prior to dispatch to ALS Laboratories, which are consistent with industry best practices. The QP has reviewed the QA/QC results in relation to these drill results and is satisfied that the results as reported are reliable.

Drill hole 23-GL-05 was positioned 22 metres east of hole 23-GL-04 and drilled at -90 degrees dip in NQ core size. Core samples were split in half in mainly metre-long samples, inserting regular blanks, standards and duplicates for QA/QC purposes. Analysis was conducted by ALS Laboratories in Loughrea, Ireland. Samples were prepared using PREP-31B crush to 70% less than 2mm, rifle split off 1kg and pulverize split to better than 85% passing 75 microns. Multi-element analysis was conducted using ME-ICP61 a four acid digestion with ICP-AES finish. Gold was analyzed using Au-AA25 ore grade fire assay.