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Galiano Gold Provides Miradani North Phase 3 Drilling Update

Gestapelte Goldbarren. ©unsplash.com

PR Newswire

VANCOUVER, BC, Feb. 1, 2021

VANCOUVER, BC, Feb. 1, 2021 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX:GAU) (NYSE American: GAU) is pleased to announce an update from the exploration program underway at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa. The AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE, NYSE: GFI), with the JV managed and operated by Galiano.

The Miradani North target is located approximately 10 kilometers south of the Asanko Gold Mine's processing plant on the Datano Mining Lease. A preliminary drilling campaign (Phase 1) was conducted in April 2019 (see news releases dated April 30, 2019) which demonstrated encouraging widths of mineralization and grade in multiple parallel zones. A follow-up drill program was completed in Q4 2020 (Phase 2) expanding upon the previous results (see news release dated November 30, 2020). A Phase 3 program to define mineralization at a 40m x 40m spacing has been underway for the past two months with three drill rigs in operation.

Phase 3 Highlights

Drilling 80% complete with 28 holes consisting of 7,896m total (1,233m reverse circulation and 6,663m of diamond drill)
Assays received for approximately 56% of the drilling to date with the remainder expected in February 2021. Select intervals are shown in Table 1 and a full set of intervals is shown in Table 2.

Table 1. Select intervals from drilling at Miradani North not previously released¹

Hole ID

From

(m)

ARIVA.DE Börsen-Geflüster

Kurse

Gold Fields Ltd ADR

12,50 €

-2,34%

To
(m)

Interval

(m)

Grade
(g/t) gold

Intercept

(m @ g/t gold)

TTDD20-032

342

358.7

16.7

6.3

16.7m @ 6.3 g/t

TTPC20-039

120

2.1

35m @ 2.1 g/t

TTPC20-041

107

1.9

36m @ 1.9 g/t

TTPC20-044

207

228.6

21.6

2.3

21.6m @ 2.3 g/t

TTPC20-034

175.1

191.4

16.3

3.0

16.3m @ 3.0 g/t

TTDD20-044

189.8

202.3

12.5

3.2

12.5m @ 3.2 g/t

"Miradani North continues to be our top exploration priority coming into 2021," said Greg McCunn, Chief Executive Officer. "Current drilling has filled in and expanded earlier positive drill results and completion of the Phase 3 program is expected to provide us with sufficient data to carry out engineering studies and an initial resource estimate to allow us to fully evaluate Miradani North for development. When complete, we plan to commence a campaign of step-out drilling to expand our knowledge of the >5km long Miradani Trend that makes up the broader, Miradani target."

About Miradani North - Geological Setting

Miradani North is located at the northeast end of an approximately 5 km long zone of artisanal workings. It is also the site of a shallow historic open pit operation and more recent artisanal workings. The shallow pit is currently flooded whichlimits drill access to the uppermost portions of the mineralized body.

Mineralization at Miradani North appears to follow multiple shear features within a shear zone which has been intruded by several narrow, tabular granitic bodies. Mineralization occurs in the granite and in surrounding sandstone, siltstone and phyllite sedimentary rocks. Stratigraphy and structure are both steeply dipping to the northwest as they do for most of the Asankrangwa Belt and at other Asanko Gold Mine operations.

Gold mineralization at Miradani North occurs in quartz veins and in association with silica flooding, pyrite, arsenopyrite, and traces of base metal sulfides along with broader quartz-sericite-pyrite and carbonate alteration. As mentioned above, mineralization occurs spatially within and adjacent to granitic intrusions, with two apparently different types of intrusive bodies present (Figures 1 to 8). Mineralization appears to occur within a subvertical mass. Completion of the Phase 3 program is designed to further clarify the extent and shape of mineralization.

The initial drill plan was designed to test a postulated steeply dipping tabular mineralized body as occurs at other Asanko operations. Early in the course of the Phase 3 program, it became apparent that the mineralized zone is a different shape than the anticipated tabular structure. A large (>250m x 150m x 200m) mineralized zone associated with the granitic intrusions appears to be associated with a gentle flexure in the mineralized trend. Drill collar locations have been amended to reflect the indicated configuration of mineralization yet retain the 40 x 40m data goal for intersection of mineralized material.

Qualified Person and QA/QC

Dr. Paul Klipfel, CPG, Senior Vice President Exploration of Galiano Gold Inc., is a Qualified Person as defined by Canadian NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Klipfel is responsible for all aspects of the work including the Quality Control/Quality Assurance programs and has verified the data disclosed. Dr. Klipfel is not independent of Galiano Gold Inc.

Certified Reference Materials and Blanks are inserted by Galiano Gold into the sample stream at the rate of 1:14 samples. Field duplicates are collected at the rate of 1:30 samples. All samples have been analysed by Intertek Minerals Ltd. in Tarkwa, Ghana with standard preparation methods and 50g fire assay with atomic absorption finish. Intertek Minerals Ltd. does their own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors.

Figure 1. Satellite photo map showing Miradani North, three stages of drill holes, and select results. Intersected granite is shown in pink and is surrounded by steeply dipping, northeast striking, interlayered sandstone, siltstone, and phyllite. Translucent blue outlines the model shell of mineralization. This shell has been useful in planning drill holes to intersect mineralization at 40m intervals. Salmon-colored callout boxes = Phase 2 drilling and yellow callout boxes = Phase 3 drilling. Small white boxes label section numbers shown below. Sections are at 40m intervals looking NE and commencing from southwest to northeast.

Figure 2. Section 691771 (see figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). TT21-058 is a planned hole. Yellow callout box = 2020 Phase 3.

Figure 3. Section 691800 (see figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Yellow callout boxes = 2020 Phase 3. Light green callout boxes show 2019 intercepts.

Figure 4. Section 691830 (see Figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Yellow callout boxes = 2020 Phase 3. Light green callout boxes show 2019 intercepts.

Figure 5. Section 691860. (see Figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Yellow callout boxes = 2020 Phase 3. Salmon callout boxes = 2020 Phase 2. Light green callout boxes show 2019 intercepts. Hole TTDD20_056 was terminated at 141 m with difficulties and will be redrilled.

Figure 6. Section 691890. (see Figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Yellow callout boxes = 2020 Phase 3.

Figure 7. Section 691949. (see Figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Salmon callout boxes = 2020 Phase 2. Light green callout boxes show 2019 intercepts. Planned hole TNT 109 lies within a flooded area of the pit and cannot be drilled at this time.

Figure 8. Section 691979. (see Figure 1 for location). Shows drill holes, mineralized intercepts, and model shell of mineralization (blue). Yellow callout boxes = 2020 Phase 3.

Table 2. Intercepts for Miradani North drilling^1,2

Hole ID

From
(m)

(m)

Interval

(m)

Grade
(g/t)

Intercept

Year Drilled

TTPC19-001

3.2

2m @ 3.2 g/t

2019 Phase 1

TTPC19-001

128

141

2.6

13m @ 2.6 g/t

2019 Phase 1

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