Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) has agreed to acquire the Gairloch project, a 217-square kilometre gold-bearing mineral licence in the northwest highlands of Scotland.
The junior is paying an initial £347,000 for exploration and development rights plus annual payments of £69,000 beginning in year six.
Gairloch, part of the Mackenzie clan estate, has recorded indications of gold in previous drilling with 11.29 grammes per tonne (g/t) in one hole alongside copper silver and zinc mineralisation.
Mario Stifano, Galantas’ chief executive, said: "We are excited about this opportunity to secure rights to a highly prospective, 10 km-long gold-bearing volcanogenic-massive-sulphide trend that has had very little exploration since the early 1980s, with high-priority targets identified.
"We have seen high-grade gold intercepts at shallow depths in Gairloch's historical drilling records which were obtained from the British Geological Survey, and are keen to follow up with our own targeting and drill program.
“Along with our high-grade gold Omagh project in Northern Ireland, Galantas has secured two emerging underexplored districts with the potential to add significant shareholder value."