Galantas Gold (LON:GAL) chief executive Roland Phelps said he was ‘excited’ by the results yielded by early exploration work on its Republic of Ireland licence areas.
Outcrop grab samples from licence numbers 3039 & 3040 contained respectively 1.82 and 2.15 grams per tonne of gold as well as significant grades of silver (18.7 and 32.7 grams) as well minor traces of copper, zinc and lead. The results chime with previous field work on other licences.
Moving to licence areas 3235 and 3135, grab samples returned notable grades of chromium.
The package it owns in the Republic is just 33 kilometres from the firm’s Omagh mine.
CEO Phelps told investors: "We knew from our research and local knowledge that this package of licences was highly prospective for gold.
“To have identified gold and silver in outcrop so early in the program is exciting and I am delighted.
To have interesting nickel and chromium results, as well as gold and silver, in the same licence package, adds to our enthusiasm and demonstrates why we continue to explore the Republic of Ireland licence area.
“Despite our enthusiasm for these Republic of Ireland licences, our main focus is on expanding the resource base for our Omagh gold property and developing the recently permitted underground mine.
“This is because it is considered the quickest route to early profitability for Galantas. Drilling at the mine is on-going with three rigs currently on site."