Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) has upgraded its gold resource at the Omagh gold project, in Northern Ireland, lifting resources by 77% and increasing confidence in the mine's development.
The update resource estimate is based on data from 42 additional drill holes and a review of gold veins seen at the project, and, includes in detail, the extension and depth continuity of the Kearney and Joshua vein systems.
Significantly, Galantas highlighted that the robust estimate demonstrates Kearney and Joshua as ‘reasonable prospects for eventual economic extraction’.
"This resource update is the culmination of a tremendous effort by our team at Omagh,” Galantas chief executive Mario Stifano said in a statement.
“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," he added.
The estimate totals 167,256 contained ounces of gold in the measured and indicated resource categories, based on 762,653 tonnes of high grade mineralisation at 6.82 grams per tonne, plus a further 125,668 ounces in the inferred resource category (686,404 tonnes at 5.69 grams per tonne gold).
Galantas noted that the deposit remains open, along strike and to depth with downdip, and further drill operations are planned and permitted, following a meeting with the Fermanagh and Omagh District Council.