Galantas Gold PLC (LON:GAL CVE:GAL) said exploration last year had confirmed the potential of its Omagh gold mine in Northern Ireland
Production at the mine remains suspended but planning consent for an underground operation was granted last year subject to a judicial review after an objection to the approval. That review is expected to be heard in September.
Roland Phelps, chief executive said: "Our exploration efforts continue to bear fruit and demonstrate the potential of the area under license.
“The true width (13m) of the recent high grade (9.9g./t) gold intersect cored on Joshua vein gives us increased confidence that the geological model being developed will greatly assist our near term mining project."
Gold sales in 2015 totalled C$81,000 with a net loss of C$1.79mln.
Cash at the year end was C$1.5mln against short-term liabilities of C$5.4mln the majority of which are loans from the directors.