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Galane Gold Ltd
Symbol GG
Shares Issued 146,804,760
Close 2018-04-27 C$ 0.06
Market Cap C$ 8,808,286
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Galane Gold drills 2,308 m at Tau

2018-05-01 12:06 ET - News Release

Mr. Nick Brodie reports

GALANE GOLD LTD. ANNOUNCES UPDATE ON EXPLORATION AT TAU

Galane Gold Ltd. has added positive exploration results as the company continues to delineate the extension of Tau at depth.

On Oct. 24, 2016, the company issued a press release with regard to the structurally displaced mineralized zone referred to as the C Reef, which represents a potential extension of Tau at depth. The C Reef mineralization characteristics are similar to those of the main Tau body; being a disseminated style in well-bedded, silicified quartz-rich parts of the graphitic iron formation. The C Reef can be subdivided into two distinct geological domains -- the west domain, which consists of a narrow high-grade mineralized zone, and the eastern domain, which is a wider zone with an average grade similar to that of the main Tau body based on metallurgical testwork conducted by the company at the Mupane metallurgical laboratory.

A total of 2,308 metres of C Reef focused drilling have been completed to date, this drilling has resulted in a total of 31 C Reef intersections, of which 22 are within the western domain and the remaining nine are within the eastern domain. The current drilling has been focused on the wider eastern domain with intersections in the western domain of:

  • 24.85 grams per tonne over three metres;
  • 11.99 g/t over 1.26 metres.

The corrected drill hole intersection length of the 22 intersections on the western domain is 2.54 metres at an average grade of 5.04 grams per tonne over 120 metres on dip. The eastern domain has a corrected drill hole intersection length for the nine intersections of 7.90 metres at an average grade of 2.68 grams per tonne over 120 metres on dip.

In addition, further reviews of the historical data revealed that the C Reef lithology associated with the wider eastern geological domain was intersected in two reverse circulation holes drilled in mid-2007 as part of the original Tau Deeps exploration program by the former owner Iamgold. The lithology intersections were at a vertical depth of 360 metres below surface, equivalent to mining level 580RL; which is 80 vertical metres below the current deepest planned mining level at Tau. The assay results are missing from the database and the company is currently reviewing alternatives to obtaining the results.

Galane Gold chief executive officer Nick Brodie commented: "The decision to move to underground operations has been further supported as the exploration results continue to support our view on the extension of the Tau mineralized body at depth. I believe we can now be more than confident in saying that Tau is expected to form the backbone of our operation past our current four-year mine plan."

About Galane Gold Ltd.

Galane Gold is an unhedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol GG. Galane Gold's management team comprises senior mining professionals with extensive experience in managing, mining and processing operations and large-scale exploration programs. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

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