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Galantas Gold encouraged by progress with Omagh gold mine development

The company is advancing the Northern Ireland gold mine development, and it expects progress will accelerate in the coming weeks with the arrival of additional equipment

“Satisfactory progress continues to be made at the Omagh Mine”

Galantas Gold Corporation (LON:GAL) has given investors an encouraging update on its ongoing mine development activities at its gold project in Omagh, Northern Ireland.

In a statement, Galantas highlighted that it has now received a report from Northern Ireland Environment Agency, which has been monitoring operations, and, as the company expected, there is no evidence that activities at the mine site are having a detrimental effect on the chemical quality of the groundwater around the site or of the Kerr Burn.

READ: Galantas continuing to make good progress underground in Omagh

On-site, the company reports progress with the total development now reaching some 163 metres.

Galantas highlighted that work has recently been conducted using training equipment, while drilling equipment has been delayed (now due in March), however, a substitute rig is now anticipated before the end of this month.

It is expected that the rig’s arrival will see a substantial increase in the development rate, meanwhile, infrastructure works are underway to accommodate the changes.

Meanwhile, in the Republic of Ireland, the company’s geologists have found encouragement from two drill cores found in storage, which are believed to come from past drilling by a past licence holder near the Twigs Farm project.

The cores indicate what are described as “shallow working of Zinc and possibly lead”. The company described the find, and the subsequent analysis, as encouraging for the early stage exploration project.

READ: Galantas quarterly results show it poised for further development at Omagh

“Satisfactory progress continues to be made at the Omagh Mine,” said Roland Phelps, Galantas Gold chief executive.

“I note the continuing zero lost time accident record and I re-iterate the Company's commitment to safety and protection of the environment.”

He added: “On the exploration side, the results for the Republic of Ireland licenses are very positive and we will be looking at how we further progress these licenses to add value to the company as a whole."

Additionally, Galantas also noted that the Court of Appeal has set a date (February 6) for a hearing into a third party appeal against a positive Judicial review of the company's planning consent.

Quick facts: Galantas Gold Corp

Price: 16 GBX

Market: AIM
Market Cap: £5.62 m

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