Business
Galantas Gold Provides Corporate Update on the Omagh Gold Project
TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (\"Galantas\" or the \"Company\") is pleased to announce that mining contractor QME Mining Services (NI) Ltd. Ireland (\"QME\") has provided a contract mining plan for the Company's Omagh Gold Project (\"Omagh\") in Northern Ireland, leveraging QME's highly skilled workforce and state-of-the-art original equipment manufacturer (OEM) mining equipment. QME's extensive mining experience across Europe, including its notable involvement in the development and bulk sampling of Dalradian's nearby gold project located just 20 km from Omagh, positions them as an ideal partner for this endeavour. QME would begin with development mining at the Kearney and Joshua veins for an expected period of 9 months, before anticipated ramp up to approximately 5,000 tonnes per month of both development and production (stope) mineralized material within 12 months of start-up. QME estimates the cost of development prior to achieving steady-state production is approximately US$12 million. The Company anticipates mining the high-grade dilation zones and has the goal of monthly production of 1,200 to 1,400 gold ounces after completion of development. With multiple mine levels developed at both Joshua and Kearney veins, and the experienced QME underground workforce, the Company along with QME are scoping an expansion to the existing permitted mill to increase targeted annual production of 30,000 to 35,000 gold ounces per annum. Update on exploration drilling at Joshua Vein Galantas has successfully intersected massive sulphides in drill hole FR-DD-23-196, a projected dilation zone at the Joshua Vein. This is the first exploration hole to be drilled from surface in 19 months, filling in a large gap in the earlier resource model. Assay results for this hole are pending. High-grade dilation zones at the Joshua Vein remain open along strike and down-plunge. Previously at Joshua, the Company successfully identified multiple wide high-grade intersections (see Figure 1) including: 9.9 grams per tonne (g/t) gold (Au) over a 21.6-metre intersection with hole OM-DD-15-155, 8.4 g/t Au over 26.6 metres with hole OM-DD-12-103, and 17.4 g/t Au over 13.1 metres with hole FR-DD-21-175. For additional information, see Galantas' news releases dated June 11, 2012, January ...