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Galantas encouraged by latest gold finds

Published: 02:50 25 Jan 2016 EST

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In another encouraging development, the firm found new high grade vein called 'Kestrel' in an under-explored area of the formerly producing property...

Latest drilling at Galantas Gold's (LON:GAL,CVE:GAL) Omagh project in Northern Ireland has thrown up the largest accumulation of gold discovered so far, the company revealed.

A 13 metre intersection at the Joshua vein had gold grades of 9.9 g/t (grams per tonne), 30.3 g/t silver and 0.6% lead, at an estimated vertical depth of 117.2 metres.

In another encouraging development, the firm found new high grade vein called 'Kestrel' in an under-explored area of the formerly producing property.

Galantas was granted planning consent last summer for an underground mine at Omagh.

Roland Phelps, president and chief executive at Galantas said today: "I am delighted with the drilling results so far.

"They continue to demonstrate why we believe Galantas holds an important high-grade gold property which we expect to be brought into production in the near term.

"The discovery of a new high grade vein within our permitted mining area and the remarkable gold accumulation demonstrated by the recent core on Joshua, is the result of years of hard work by the Galantas geological team, building an ever more detailed picture of the Omagh gold deposits."

Kestrel was discovered around 70 metres west of the Joshua vein, and  assayed 35.8 g/t gold, 85.8 g/t Silver and 4.9% lead over 0.7 metres true width at an approximate depth of 42.4 metres.

Significantly, underground mining is permitted on this part of the land package.

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