25th Jan 2016 10:12
LONDON (Alliance News) - Ireland-focused miner Galantas Gold Corp said on Monday it has discovered a new high grade gold vein at its Omagh Gold Property in Northern Ireland, after drilling began in September.
The AIM-listed company said the drilling on the Joshua vein found the largest accumulation of gold on the Omagh property so far, with a gold grade of 9.9 grams per tonne. It represents the widest high-grade gold vein drilled on the Omagh property, with a 13 metre width intersect.
Further drilling in the same area discovered a second vein, 70 metres west of the Joshua vein, which assayed 35.8 grams per tonne of gold. The company said there is a possibility that this vein could extend north, and that further drilling was planned.
"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," said Chief Executive Roland Phelps.
Galantas shares were up 19% at 4.90 pence on Monday morning.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Galantas Gold