Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) has received a boost after a new report by the British Geological Survey (BGS) revealed that the UK has the potential to become a major player in the global critical raw materials market.
The report, titled 'Potential for Critical Raw Material Prospectivity in the UK', identifies areas with critical raw material production in mid-County Tyrone, Northern Ireland, and the area around Loch Maree near Gairloch, Scotland, where Galantas' projects are located, as having geological prospectivity for graphite, antimony, bismuth, molybdenum, tellurium, cobalt, manganese, gallium, germanium and indium.
In a statement, Mario Stifano, CEO of Galantas, welcomed the report and highlighted the significance for the company, which operates projects in the UK. He said: "We are delighted to see the BGS report highlighting the exploration potential of our Omagh/Cavanacaw and Gairloch projects, and we believe that these projects can play a key role in unlocking the UK's supply of critical raw materials, while also providing a boost to the local economy through job creation and investment."
The CEO also commended the national-scale assessment in support of the UK Critical Minerals Strategy, which aims to improve the supply chain security of critical minerals by accelerating the UK's domestic capabilities.
The report is expected to attract increased investment in the sector, which could provide a much-needed boost to the UK economy.