Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) told investors it was “excited” by results of a drilling programme in Scotland as it unveiled a narrowed loss in the second quarter.
The Canadian drilling firm said in the three months to June its net loss narrowed to to C$1.36 million from C$1.58 million while the cash outflow from operating activities totalled C$793,674 compared to C$1.74 million.
The narrowed loss reflected a reduction in the value attributed to stock-based compensation and an increase in financing activities from 2021.
No revenues were made in the quarter, it said, due to proceeds from concentrate sales being offset against development assets.
The firm also updated on its drilling programme at the Gairloch project in Scotland.
It said hole 23-GL-04 intersected 4.42 grams per tonne (g/t) gold, 0.71% copper, 0.52% zinc, 69 g/t cobalt and 3.74 g/t silver over 31 metres.
Mario Stifano, CEO of Galantas, commented: "We're excited by the high grade and thick zones from drill results to date at the Gairloch Project, indicating a potential large-scale mineralizing system."
The firm said five holes have now been completed over the main deposit area totalling 580 metres.
The company is now focused on generating additional drill targets along strike of the deposit.