logo-loader

Galantas Gold cuts first-half loss

Published: 04:43 26 Aug 2022 EDT

Galantas Gold Corp -

Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF) reported half-year results showing a cash balance of C$0.9mln at the end of June, which it has since said it is topping up with a C$6mln fundraising.

The cash balance compared to C$6.14mln at 30 June 2021.

A loss of C$3mln was reported for the first half of 2022, down from C$3.5mln a year earlier.

In the second half of the year, Galantas has announced results for three holes from its ongoing drilling program at the Omagh Project, including a hole that intersected 31.8 grams per tonne of gold and 39.2 grams per tonne silver over 4.4 metres, and more recently announced the private placement to fund the exploration and development of the Joshua target had been upped from a planned C$4mln to C$6mln.

The company said ongoing development of the underground decline will facilitate deeper drilling and more precise targeting to the south at Kearney, which are planned for later this year, as well as drilling planned to identify and delineate new dilation zones to the north.

The secondary egress has been commissioned and blasting of the first stope has commenced, it said.

“The company is reviewing its mine plan and production guidance for the next 16 months including the timing to advance development to the higher-grade Joshua vein to provide multiple mine headings as well as underground drill platforms to extend the mineralization to depth and test new targets.

“The company is experiencing cost pressures in fuel and energy costs as well as input costs including labor and supplies. The long-term impact of macroeconomic cost pressures are difficult to accurately assess at the moment and result from supply chain issues arising from the COVID pandemic and energy cost increases resulting from the war in Ukraine,” Galantas said in a statement in the results.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

2 hours, 16 minutes ago