16th Sep 2015 07:33
LONDON (Alliance News) - Galantas Gold Corp shares rose on Wednesday morning after it said it has received high grade gold results from its exploration programme at the Omagh gold project in Northern Ireland.
Galantas shares were up 15% to 5.47 pence per share on Wednesday morning.
"Our main focus is on expanding the resource base for our Omagh gold property and developing the recently permitted underground mine," said Roland Phelps, president and chief executive of the company.
The miner said it discovered high grade boulders of 30.4 grammes of gold per tonne, 34.4 grammes of gold per tonne, 39.4 grammes of gold per tonne and 44.3 grammes of gold per tonne. All those boulders were found around 40 metres away from the Sharkey gold vein which was found in October 2014.
Galantas has therefore conducted further exploration work in the area where the boulders were found, where one outcrop and an associated boulder were discovered and grab samples taken. The results came in with grades of 67.5 grammes of gold per tonne, 81.2 grammes of silver per tonne, 24.2 grammes of gold per tonne and 6.8 grammes of silver per tonne.
An additional outcrop produced results of 11.8 grammes of gold per tonne and 19.9 grammes of gold per tonne.
"We have the opportunity to expand the known resources on Joshua and Kearney veins (the main veins) at depth. These new results mean we can also examine the possibility of a new vein within the mining area and look at southerly continuations of the main veins, which already have a strike length of around 850 metres," said Phelps.
By Joshua Warner; [email protected]; @JoshAlliance
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