Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) has unearthed a potentially substantial polymetallic opportunity at the Gairloch project in Scotland.
The exploration company, in a detailed geological statement, said cobalt and vanadium have been discovered at the project.
It highlighted that both cobalt and vanadium are on the UK’s critical minerals list and are important raw materials enabling the transition to clean energy.
Grades of copper, silver, titanium and zinc were also present in the project’s drill results.
These are the first results from a six-hole drill programme that targeted the project’s Kerry Road deposit which whilst the subject of historic drilling has never been the subject of a resource estimate.
"This is a fantastic result for our first drill hole in Scotland demonstrating significant polymetallic grades,” said chief executive Mario Stifano.
“The discovery of new critical minerals is a major development for the project, and we look forward to reporting further results as they become available."
Galantas noted the highlight of the drilling was hole 23-GL-01, which intersected 2.87% copper, 0.77 grams/tonne (g/t) gold, 0.46% zinc, 0.03% cobalt and 7.52 g/t silver over 17.90 metres.
It described that the mineralised horizon was discovered within a quartz carbonate-rich unit nestled between hornblende schist, dominated by pyrrhotite and chalcopyrite.
Galantas holds a 100% interest and exclusive rights to explore and develop the Gairloch project area which spans some 217 square kilometres covering a geological feature known as the Gairloch Schist Belt.