- Microcap gold stock Galantas Gold (TSXV:GAL) has announced an updated NI 43-101 mineral resource estimate for its Omagh Gold Project in Northern Ireland
- The update is highlighted by a 77 per cent increase in total contained gold ounces
- Drilling is ongoing to further expand the property’s resources
- The microcap gold stock (TSXV:GAL) last traded at $0.275 per share
Microcap gold stock Galantas Gold (TSXV:GAL) has announced an updated NI 43-101 mineral resource estimate for its Omagh Gold Project in Northern Ireland.
The update includes 42 additional drill holes from the main Kearney and Joshua vein systems and a complete review of previous vein wireframe interpretations.
Highlights
- Total contained gold ounces have increased by 77 per cent from the 2014 estimate
- Increased strike and depth continuity of modelled veins in the Kearney and Joshua systems, demonstrating reasonable prospects for eventual economic extraction
- Deposit remains open along strike and to depth with downdip drilling planned on the Joshua vein to fill in gaps in its resource model
- The company will exercise permitted development rights for surface drilling after a meeting of the Fermanagh and Omagh District Council
- It may also test for potential resource extension down plunge to the north, in the host lithology favourable to better vein development
“The drill results from our most extensive exploration program since the 2014 resource estimate have increased our confidence in the high gold grades at the Omagh Project, further confirming its potential, particularly at the Joshua vein, which we are keen to explore,” Mario Stifano, CEO, said in a statement.
Mineral resources of the Kearney and Joshua vein systems, effective June 22, 2023
| Classification |
Vein |
Tonnage (tonnes) |
Gold Grade (grams/tonne) |
Contained Gold (ounces) |
| Measured |
Kearney |
94,131 |
6.73 |
20,371 |
|
Joshua |
18,381 |
6.59 |
3,897 |
| Indicated |
Kearney |
402,924 |
6.50 |
84,258 |
|
Joshua |
247,217 |
7.39 |
58,730 |
| Measured + Indicated |
Kearney |
497,055 |
6.54 |
104,629 |
|
Joshua |
265,598 |
7.33 |
62,627 |
|
Total Measured + Indicated |
762,653 |
6.82 |
167,256 |
| Inferred |
Kearney |
402,479 |
5.33 |
69,020 |
|
Joshua |
283,925 |
6.21 |
56,648 |
|
Total Inferred |
686,404 |
5.69 |
125,668 |
|
|
|
|
|
Comparison of 2023 MRE and 2014 preliminary economic assessment
Omagh Project mineral resource estimate
Galantas Gold focuses on operating and expanding gold production and resources at the Omagh Project in Northern Ireland. It is also exploring the Gairloch Project, which hosts the Kerry Road gold-bearing VMS deposit in Scotland.
The microcap gold stock (TSXV:GAL) last traded at $0.275 per share.
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