Galantas Gold Corporation’s (LON:GAL CVE:GAL) recent drilling at its Cavanacaw mine in Northern Ireland has unearthed a gold vein stringer to the south of the existing pit.
Surface samples for the stringer, lines of thin mineralisation embedded in rock, in the western part of the Kearney vein system returned very high grades of gold and silver.
The stringer is about 11 metres south of a planned underground development, so if sufficient vein continuity and mineralisation can be established, it may be possible to mine it ahead of plan and boost cashflow.
"Whilst there is still work to do to be certain that this Kearney stringer is viable to mine, its discovery is an interesting development that could prove very beneficial to the early cash-flow of the underground project,” said chief executive Roland Phelps.
The surface exposure of the vein stringer sits about 50 metres above the vein intersected by hole H159, although Galantas stressed that continuity and mineralisation of the stringer needs to be verified.
Shares rose 6% to 8.85p in London trading.