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Galantas Gold shares advance as sampling reveals high grade gold near Omagh mine

"This is a very exciting development and further supports the already strong potential for important additional gold mineralisation close to the Omagh gold mine,” said chief executive Roland Phelps.

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Galantas Gold (LON:GAL) shares advanced over 50% with the release of positive exploration results from the fringes of the Omagh gold mine, in Northern Ireland.

High grade gold has been measured in samples taken from an area of interest near the southern boundary of the site, the company revealed.

"This is a very exciting development and further supports the already strong potential for important additional gold mineralisation close to the Omagh gold mine,” said chief executive Roland Phelps.

The sampling took place on an area previously explored thirty years ago. Galantas decided to look at the area again following new resource modelling and planning activities for underground mining.

This area comprised two visible vein outcrops, known as ‘Discovery’ and ‘Sharkey’.

Galantas has, via sampling, identified two quartz veins to the west of ‘Discovery’ with grades of 13.5 and 0.4 grams per tonne respectively. Meanwhile to the east a separate zone was assessed with two samples returning respective grades of 23.6 and 9 grams per tonne.

The company said that several high grade boulders were discovered near ‘Sharkey’ with grades observed between 30 and 44.3 grams per tonne. 

It added that the boulders were comparatively large in size and are likely to be derived from a local source.

Phelps, in the statement, added: “The company recently completed a robust economic study and increased resource assessment based upon a successful drilling program. 

“We look forward to a determination of our underground planning permit in the near term.”

Quick facts: Galantas Gold Corp

Price: 21 GBX

AIM:GAL
Market: AIM
Market Cap: £6.79 m
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